If you are reading this blog article, like many other nonprofits, payroll management options are top of mind. As more and more nonprofits are moving towards managing payroll in-house, we wanted to compile our list of 7 Benefits of Managing Nonprofit Payroll In-House, to help you determine your priorities and next steps.
Before we dive into the day-to-day specific benefits of managing nonprofit payroll in-house, there are two big picture issues you will want to be mindful of:
- Be sure your payroll system understands your specific nonprofit needs, and
- Look for a payroll system that will continue to provide updates and support.
They are not mutually exclusive. Many nonprofits have specific reporting and payroll requirements and to optimize your in-house payroll management, you want to make sure your system speaks your same language and will continue to make investments in the solution to support you well into the future.
The decision to switch in-house payroll options or move to managing payroll in-house for the first time does not come lightly. It is a decision that should ultimately improve your workflow, save you time and money, and provide real-time access to operational data.
With that in mind, here are 7 Benefits of Managing Nonprofit Payroll In-House:
Benefit from one employee login – for timesheets, time off requests, reimbursement approvals, AP invoice approvals, company dashboards and reports – to access the information throughout each day.
Benefit from cost savings. It is much cheaper to run payroll internally than use a payroll service.
Benefit from increased control & efficiency around wage & expense distribution, allocation.
Benefit from streamlined efforts between payroll, accounting and other modules providing accurate general ledger postings and allocations, program statistics, billing and more.
5. Real-Time Access.
Benefit from live budget to actual checking access to data and real-time access to key decision-making.
6. Data Accuracy & Availability.
Benefit from dashboards and reporting that include payroll, HR and other key data points, to get a clear, accurate representation on how your nonprofit is doing.
Benefit from the ability to edit and customize the payroll system to meet your specific needs.
The advancement of robust in-house payroll capabilities that are part of a larger nonprofit-specific financial management / ERP system is causing many nonprofits to revisit the conversation around managing in-house payroll. However, not all in-house payroll systems are created equal.
Download our white paper, Payroll Shift – Nonprofits Trend Towards In-House Payroll.
The AccuFund Payroll Suite consists of modules for Human Resources, Employee Portal, Position Control, Employee Timesheet Entry, Employee Self Service, Web Clock, Soft Clock, Time Clocks (Hardware), Leave Requests, and Tax Management.
AccuFund Payroll Suite is available online/onsite and is a part of the AccuFund Nonprofit Financial Management/ERP solution.
AccuFund Nonprofit Financial Management/ERP solutions free your finance team, department managers, and project managers from the burden of maintaining spreadsheets. In addition to hundreds of reports that can be generated and distributed directly from the system, including FASB ASU 2016-14 reporting requirements, critical information can be displayed through dashboards so that every manager has their key data metrics visible throughout the day.
Register to attend an AccuFund Product Webinar.