Closed Loop Payroll
Why Closed Loop Payroll?
Managing and reconciling retroactive payroll deductions can be a tedious and time-consuming task for HR administrators. The manual handling of late life events and leave of absence adjustments is complex, prone to human error, and makes it even harder to keep payroll and benefits administration systems aligned.
PlanSource’s Closed Loop Payroll Tool simplifies this process by systematically comparing, on a benefit-by-benefit basis, the deductions that should have been taken from an employee’s paycheck with what was actually deducted by the payroll vendor. In addition, the tool automatically calculates adjustments to handle retroactive changes, applies catch-up deductions over multiple pay periods, and automates the process of issuing refunds when employees overpay. This streamlines payroll management, reduces errors, and ensures consistency between payroll and benefits systems.
The Challenge
The Solution
Challenge
Deduction discrepancies between payroll and BenAdmin systems
Solution
System harmony is achieved by automatically comparing data each cycle
Challenge
Recouping unpaid direct bill balances is tedious
Solution
Import unpaid balances to recover via payroll
Challenge
Lack of centralized data for efficient access and reporting
Solution
Comprehensive dashboard offers high-level information with additional reports for granular details
Challenge
Manual, time-consuming process calculating retro deductions / adjustments
Solution
Allows HR teams to automate the entire process, keeping benefits & payroll in sync