When it comes to helping a company grow, CFOs and vice presidents of finance have a few methods to facilitate this process. However, few may be as effective as a properly managed payroll system. That's because payroll isn't just an essential function of these executives' jobs, it also improves companywide morale and makes people more effective. By streamlining this process in a few key ways, these leaders can help companies reach goals and expand their horizons.
When it comes to managing payroll to facilitate strategic growth, visibility is of the utmost importance. In recent years, there have been some issues associated with shedding light on payroll, especially given the need for employee privacy. However, people still want to examine and comprehend how businesses address this essential component of the workplace.
This deeper level of understanding has been proven to have a whole slew of accompanying benefits, including developing a culture of trust within a company given the sheer transparency, as well as motivating employees and curtailing turnover. There are varying levels of visibility, but this approach generally keeps employees informed and aware of the efforts of leadership.
More Overall Control
There are so many factors involved in payroll that it can be hard to accurately keep track of every moving part. That's why CFOs and finance VPs need a distinct level of control within the payroll system. That includes the ability to monitor from every angle, like regular audits, seeking out ongoing errors, handling tracking logs and other concerns. Having open access to the payroll gives these executives the power to handle issues as they occur and manage payroll in a way that is both efficient and cognizant of the needs of employees. It's when the system goes unmanaged that smaller issues balloon to a series of large-scale crises that can impact employees and prevent business from running smoothly.
While a proper level of control gives CFOs much-needed influence, it's only part of the equation. At some point, they can't just address hiccups as they occur, and they'll need to take the proper steps to establish payroll in a way that avoids these problems beforehand. The ability to forecast means understanding what holes exist in the payroll system, be it lags in communication or unnecessary steps and processes, and fixing them accordingly. Predictability also recognizes the needs of a specific company, and allows leaders to make decisions for the entirety of said organization. The more predictable a system proves to be, the better CFOs can work within it to the benefit of all employees.
To address each of those issues, technology can be the CFOs most useful tool. Cloud-based software solutions, especially, mean a greater scope into payroll, more nuanced control and the assistance needed to improve the process as executives see fit.
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