Amazon is a great convenience, and it shows – how often do you have a package show up at your door? If you’re anything like me, it’s a weekly event. Sure, I try to support local businesses as best I can, but the truth is, it’s just more convenient to have all my stuff coming from one place. It simplifies everything.
When it comes to outsourcing parts of your business, this is also often true. While it’s possible for various programs and platforms to communicate across businesses today, it’s infinitely easier just to have all your services in one place. That’s especially true for payroll. You want to know that your books are accurate every single pay period. That’s why it is SO important to have up-to-date reporting on your payroll software.
Today, I’m going to walk you through one specific benefit of working with the Patrick Accounting and Whirks teams: how we automate payroll information back into your books.
First, we match your payroll expense to your company’s specific needs
So you’ve partnered with Patrick Accounting and Whirks and you feel a huge sense of relief that your accounting and payroll are now being handled. But how does it all come together?
The first step in the process happens during onboarding. This is when you will discuss with your Accounting and Payroll team how to classify your payroll expense based on your specific company and needs. Do you have different job types, production vs nonproduction labor, owner’s comp, partner’s guaranteed payments, departments, or locations? All these things need to be determined and then mapped to a general ledger account.
Next, we map out your payroll for your accounting software
Once your setup has been finalized, your accounting team will create the required general ledger accounts in your accounting software and communicate back to your payroll team so they can map your pay items accordingly. This mapping of your payroll expense is crucial to getting the information organized in a way that makes sense for you and your books. Now that the information has been mapped into a journal entry, we are ready to get it into your accounting software.
One of the unique advantages of being a client of both services is our ability to use technology to integrate the data out of our payroll system and into your accounting software. Provided you are using either QuickBooks Online or Restaurant 365, with the use of FTP, we automate a journal entry for each pay date directly into your books. This is particularly helpful if you need to see your expenses in your books as they happen.
What happens if you use a different accounting platform than we do
If you happen to be on an accounting platform that doesn’t integrate, your payroll information still makes it into your books with the help of your accounting team. As they work on your monthly books, one of the steps they take is to enter that month’s payroll information using the same journal entry that was set up for integrated clients.
A more accurate, timely, and easy-to-read payroll system
When it comes to running your business, convenience is key. Although it can feel extremely complicated to making sure your payroll data gets to your books accurately when you work with the Patrick Accounting and Whirks teams, you’ll ensure clear communication and smooth processes handled from beginning to end. Accurate, timely, and easy-to-read. That’s exactly how your payroll should work. No one wants to waste time going back and making sure numbers have been entered correctly. Now you’ll be able to turn your attention to the things that matter to you: growing your business.
Looking for other ways to simplify your back office processes? Book a call with one of our team members today.