Avoid paycheck errors with accurate Human Capital Management (HCM)
A misspelled name. Inaccurate work hours. A miscalculation of state or federal taxes withheld.
These are among the common mistakes that can show up on an employee’s paycheck because data and pay information were entered incorrectly.
It’s why the ability to preview payroll is one of the simplest and best ways to catch mistakes before processing. According to IPS, a quality Human Capital Management (HCM) platform can curb those errors.
“A good HCM platform allows for various levels of review and workflows to ensure data accuracy,” says Pete Feaman, vice president at IPS. “We have numerous ways to import from, integrate with or even eliminate other software that clients are using to remove data entry mistakes.”
For example, Feaman says any changes to an employee’s payroll information can be submitted online by the employee. It could involve an update to their address, tax exemptions, or direct deposit. Once the employee enters that change in the system, Feaman says an administrator in Human Resources is notified of a pending revision and that employer approval is required. From there, HR staff can log in to review what was modified and examine any related documents to ensure everything is accurate before authorizing consent.
“What’s ideal is that this type of workflow can be setup throughout the system for many different applications – a time off request, 401K changes, benefits open enrollment, and more,” adds Feaman. “An HCM platform delivers employee data to one organized system. It streamlines data entry and notifies the right people to review it.”
For more on how to enhance your payroll needs with an HCM platform, contact your IPS payroll specialist.