Allocating Payroll Expenses with MYOB Advanced: Simplifying the ComplexSimplify the complex process of allocating payroll expenses with MYOB Advanced Business.
Payroll expense allocation is one of the most complex tasks for businesses of all sizes. It involves recording expenses accurately and allocating them to projects and/or general ledger (GL) accounts. MYOB Advanced has introduced a new feature that simplifies the allocation of payroll expenses. This new functionality can help your business streamline payroll processes and improve efficiency.
The Complexity of Allocating Payroll Transactions
Allocating payroll expenses requires tracking multiple costs, including taxes, benefits, and miscellaneous withholdings. The complexity of the process is compounded when expenses need to be allocated to specific projects or GL accounts.
Traditionally, businesses have used spreadsheets and manual processes to allocate payroll expenses. This method can be time-consuming and prone to errors. It also limits the flexibility of the allocation process, making it difficult to adjust expenses as needed.
MYOB Advanced: The Solution to Payroll Expense Allocation
MYOB Advanced is a cloud-based Enterprise Resource Planning (ERP) system designed for larger and more complex organisations. It is the only Business Management Platform available to the Australian and New Zealand midmarket to manage your finances, payroll, and workforce from one place. One of the key features of MYOB Advanced is its payroll expense allocation functionality.
This functionality was introduced in the 2020.5 release version of MYOB Advanced. Payroll expenses can be brought into project accounting with a single click. This makes allocating expenses to specific projects or GL accounts easier without manually duplicating data across systems. The new feature also gives businesses more flexibility in allocating payroll costs throughout the MYOB Advanced system.
Fixed or Time-Based Payroll Expense Allocation
The payroll expense allocation feature in MYOB Advanced provides businesses with the flexibility to allocate payroll expenses on a fixed or time-based basis:
- Fixed allocation involves allocating expenses based on a specific amount or percentage. This method is useful when the expenses are consistent and do not change over time.
- Time-based allocation involves allocating expenses based on time spent on a project or activity. This method is useful when expenses are variable and change based on the time spent on a project.
MYOB Advanced Workforce Management has timesheet and time tracking functionality integrated directly into MYOB Advanced Payroll. A fully integrated system allows these costs to be allocated to your projects and accounts without manual duplication. With MYOB Advanced, you can efficiently onboard, roster, track, and pay your staff in the cloud.
Allocating Income, Allowances, and On-Costs
MYOB Advanced’s payroll expense allocation feature allows businesses to allocate income, allowance pay item types, and on-costs. This includes superannuation, WorkCover, and leave costs. Thanks to the system’s flexibility, all payroll expenses can be accurately allocated to the correct project or account. When combined with a solution that can help navigate payment challenges, you can see improved cash flow and reporting accuracy.
Benefits of Using MYOB Advanced for Payroll Expense Allocation
There are several benefits to using MYOB Advanced for payroll expense allocation. These include:
- Saving time and reducing errors by streamlining payroll processes,
- More flexibility in how expenses are allocated to specific projects or accounts,
- Ensuring that all expenses are accurately allocated,
- Tracking expenses and making informed decisions with MYOB Advanced comprehensive reporting capabilities.
Take advantage of MYOB Advanced’s Payroll Expense Allocation feature to simplify your payroll process. This can immediately impact your allocation workflow by reducing errors and improving efficiency.
Discover an integrated, cloud-based payroll solution.
Capturing time within your payroll system and seeing data flow directly into your projects-based accounting is invaluable for overall efficiency. Integrating the MYOB Advanced Payroll module into MYOB Advanced Business lets you benefit from real-time data across your organisation. Empower your team to use cloud-based software’s flexibility and enhanced functionality and access your data anywhere. The technology allows the open flow of payroll information, reduces duplication of effort and manual data entry, and provides real-time business information. When it is time to update your payroll system, know what to look for to set your organisation up for success.
Kilimanjaro Consulting is the largest and most experienced implementer of MYOB Advanced across Australia and New Zealand. Our team has the accounting skills and system expertise to guide your organisation up the technology mountain to improved efficiency.
Contact our team if you would like to learn more about how MYOB Advanced can improve your payroll and expense allocation workflows. Email firstname.lastname@example.org or call 1300 857 464 (AU) or 0800 436 774 (NZ).