GoCo.io, a leader in modern HR, benefits, and payroll solutions, has announced its Fall 2024 product release. The update introduces innovative features aimed at improving payroll accuracy, enhancing financial tracking, and giving HR teams better control over payroll data. Key highlights include the launch of Labor Allocation, custom payroll reporting, and enhanced payroll permissions, all designed to streamline operations and improve efficiency.
- Labor Allocation: Bringing Precision to Payroll Management
- Feature Overview: The Labor Allocation feature allows organizations to allocate employee hours and earnings across different departments, cost centers, or projects. This tool is especially beneficial for industries like manufacturing and nonprofits where tracking expenses across various job functions or grants is crucial.
- Key Benefits:
- Distribute time and earnings across multiple cost centers, such as departments or custom groups.
- Track expenses based on hours or percentages, helping align with budget goals.
- Generate detailed General Ledger (GL) reports for accurate project planning, billing, and accounting.
- Integration with Payroll: For users with embedded payroll, Labor Allocation data seamlessly transfers to the GL report, providing real-time visibility into financials, and supporting informed decision-making and streamlined budgeting.
- Custom Payroll Reporting: Tailored Insights for Your Organization
- Customizable Reports: The new Payroll Custom Reports feature gives GoCo clients the ability to create payroll reports based on their specific needs. Drawing data from the General Ledger, users can tailor reports to include details such as 401(k) contributions, pay runs, taxes, deductions, and memos.
- Flexibility for Specific Needs: This feature enables HR teams to get deep insights into payroll data, ensuring that reporting aligns with unique organizational requirements.
- Enhanced Payroll Permissions: Secure and Granular Access Control
- Improved Access Control: GoCo’s latest release introduces more granular payroll permissions, allowing administrators to define access more securely. This enables organizations to assign payroll-related duties without granting full access, maintaining confidentiality and improving payroll processing efficiency.
- Key Use Cases:
- Assign payroll data preparation duties without submission rights.
- Create payroll-specific roles for designated admins.
- Restrict HR staff to non-payroll functions, preserving sensitive data and improving workflow security.
- Streamlined Workflow: By enhancing access control, this update helps companies maintain checks and balances, ensuring efficient payroll processing.
- Additional Fall 2024 Updates
- Microsoft Teams Integration: In-app notifications and reminders for surveys to boost employee engagement.
- Gross-Up Calculations: Automatic calculation of take-home pay for off-cycle payroll, including bonuses and special payments.
- Payroll Blockers Notification Center: Alerts to address issues that could delay payroll processing.
- Enhanced Document Access: Easier access to payroll documents, including the ability to add notes to pay statements for greater clarity and communication.
GoCo’s Fall 2024 product release introduces several key features designed to improve payroll accuracy, streamline financial tracking, and provide greater control to HR teams. With updates like Labor Allocation, custom payroll reporting, and enhanced access control, GoCo continues to empower organizations to make informed financial decisions and improve operational efficiency.
