Jira
monday.com
Team: CFO, Accountant, Human Resources
Problem
The finance team has over 100 processes that are run with different frequencies. Monthly payroll is a difficult, yet crucial process that involves various complex tasks, from collecting time data to issuing paychecks and ensuring compliance with regulations. Without a streamlined process, errors can occur, leading to employee dissatisfaction and compliance issues.
An inconsistent and manual payroll process not only drains valuable time and resources but also exposes the company to compliance risks.
Main challenges
- Managing payroll calculations, including all the components (net/gross payment amount, bonuses, tax, deductions, etc) without a clear workflow
- Data, required to create payroll, is scattered across different systems and documents
- Non-compliance with internal policies and external regulations payroll regulations can result in penalties and legal consequences
- Creating issues for recurring payroll processes is time-consuming and may lead to human error, especially in large organizations with multiple locations or departments.
- Requesting approvals and clarifications can add complexity and delays
Solution
Template entire processes: create a payroll template with a list of issues, structured hierarchy and text variables. Pre-fill fields and add checklists to the issues with clear to-do lists. Set up automation for issue creation on a monthly basis. This way you’ll save time, streamline the workflow, and minimize human error.
Company: Railsware, IT Services and Consulting, >200 people
The Finance Team leveraged the existing Payroll Process to create a comprehensive template that can be used company-wide. It includes:
- Validation of the contractor and tax information;
- Computing gross and net pay;
- Salary/compensation payment;
- Salary-related taxes payment (personal income tax and social contributions);
- Submitting required returns (to tax authorities and social services);
- Assisting in preparation of personal income tax returns.
Implementation of the dynamic value – text variable {{month}}, helped Railsware Finance Team to make one template applicable to all payroll cycles.
Result
In 2018, the Railsware Finance team spent about 12 hours per person per year to process the payments of compensation to contractors. By 2023, this number had decreased to 5 hours, optimizing the workflow by 7 hours. With more than 200 contractors, the company managed to save 175 working days per year thanks to the codified payroll process.
- One source of truth: Ensure compliance with internal policies and external regulations by accumulating all the knowledge in one comprehensive guide.
- Codified workflow: Eliminate human error and manage consistency as everyone clearly follows the steps in the right order.
- One template for all payroll cycles: easily manage text dynamic values, such as {{date-month}}, {{employee-name}} with template variables.
- Intuitive UI: The templates are easy to set up, adjust, maintain, and manage.
- Access the historical data for reports: Easily check the issues created from the template with template history.
- Scheduled issue creation: Automate processes with built-in schedulers.
Bonus tip
Avoid cluttering Templates epics with subtasks: integrate Smart Checklist to Break down complex tasks into clear ToDo lists to run the Payroll process even more efficiently.
