Business intelligence reporting offers limitless potential to To gain insight into payroll, accounting and human resource data. By connecting to the correct data sources and reading them at the right times, reporting and analysis tools can display critical information required by management or external stakeholders.
What Reports can be Analyzed by Payroll and Accounting Teams?
Beyond the usual compliance reports required by government agencies, Payroll and accounting teams may want to gain insight into cost reporting or forecasting, advanced budgeting and variance reports to better understand current-period and also historic cost data.
- Payroll variance reports can highlight expected (or unexpected) changes in individual or departmental pay cycles based on historical data.
- Costing reports can be used to predict future costs, or understand costs over a given historic period.
- Forecasting reports can be used to predict project or salary costs based on custom input variables, for example costing a project we are rates may change over the next three years.
Why are Business Intelligence reports Useful, Even if Not Required for Compliance?
Whether analyzing the past or predicting the future, reports can become a useful and reliable tool for any payroll or accounting team. Even reports that are not required to meet compliance objectives can still be used to understand labor costs, overhead costs and coming changes that may impact an organization’s ability to incentivize employees and deliver projects within budget.
Are Custom Business Intelligence Reports Included With Valet?
Business intelligence reports can require as few as one or two data sources, and can be included in the basic edition of Valet. Advanced reports may require connections to additional data sources, which are still available through Valet.
Valet Data Platform
Ensure payroll accuracy and simplify HCM workflows with Valet – connect your HCM system to external data sources to verify rates, streamline employee data and more.
- Connect to external rate tables or applications
- Validate time card or payroll data early in your process before inaccuracies stay in your system
- Develop custom integrations or applications using Valet
- Experience fantastic ongoing support