Roll out the virtual red carpet, our new Financial Workspace is here!
Gone are the days of using Excel for payroll import and cost reports, so you can say goodbye to those pesky ‘error’ messages. The workspace will digitise these processes and display your company’s financial data to give a complete picture of company costs, allowing you to make more strategic business decisions.
The best part? It’s intuitive design means you don’t need to be a financial whizz to use it.
What is the Financial Workspace?
Our Financial Workspace is a new space in the Factorial Finance App that will show managers their company’s financial data and allow them to work on it. It is first and foremost a tool to help managers make better, more profitable business decisions based on real-time data.
The workspace will give insights into relevant company costs such as managees’ costs, headcount and salary projections. This will provide increased visibility over how much your team costs, making controlling future costs and planning ahead simpler and quicker. Understanding headcount costs will also allow leaders to build more tactical hiring plans.
All of this key financial information already exists in the Factorial platform. The workspace connects the dots for you and presents the information ready for analysis, forecasting and planning.
What can you do in the Financial Workspace?
There are two separate views: one for managers to see the financial data of their managees, and the other for admin to see cost centre financial data.
The workspace uses balance sheets, income statements and cash flows to create financial reports. Together, this data presents the assets, liabilities, revenues and costs of your business, as well as its cash flows from operating, investing, and financing activities. Managers can then be assigned budgets, launch job openings and compare predicted vs. actual costs without spending hours in spreadsheets.
In just a few clicks, company leaders can discover:
- How many people will report to me this month?
- How much does my team cost this month? (Including a timeline)
- How is the company cost balanced among my direct reports?
- How much company cost do my direct reports manage?
- Detailed view of reports: Name, Role, Company cost, cost centre.
How is Employee Cost Calculated?
Financial accuracy forms the foundation of the Financial Workspace. For that reason, employee cost data is generated when you directly upload the payroll summary for a specific month. Using real-time data means you can feel secure and confident in your cost analysis.
Payroll summary is the first port of call for data, however, this isn’t always available. Luckily, Factorial can pull information from other data sources. If the information is missing, the workspace will provide an estimation based on the contract gross salary of each employee multiplied per 1.33 to get the estimated company cost.
Reporting with Factorial’s All-In-One HR Software
Factorial’s digital HR software allows HR professionals and company leaders to create reports and perform analytics with a few clicks. This fuels better business decisions about your workforce and your business based on real-time data. Our reporting and analytics software allows you to:
- Generate predefined or personalised reports and share them with your colleagues.
- View up-to-date company data with one click.
- Automate your org charts.
- Create reports using time-off data and group this by team or office.
- Centralise survey results and performance evaluations.
- Create performance management reports with data from surveys and 360 reviews.
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