MVP for COMPAS
The Minimum Viable Product (MVP) for CORE Payroll is a payroll solution that is configured to calculate payroll for all employee types and pay cycles. Payroll is essentially this:
Hours x Rate - Deductions = Paycheck
Minimally, the system needs to ingest the time and leave to know the hours worked. Then it needs to calculate the earnings and deductions. Then it needs to send the data to the bank and key areas for benefits, retirement, taxes, and reporting.
The MVP for reports focuses on the essential reports necessary for payroll professionals to perform their duties. Priority reports include those essential to ensure all employees who worked in the period receive an accurate pay check. Reports that help payroll professionals confirm accurate earnings and deductions are essential. Reconciliation and labor allocation are all among the MVP.
The Payroll Process
Time Worked: Intake Time and Leave data to know how much the employee worked in pay period.
Earnings: Calculate earnings based on the rate and earnings type (regular time, over time, etc.)
Deductions: Deduct the taxes, benefits, any wage withholdings (e.g. child support)
Pay: Send the pay file to the bank to pay the people!
Reporting: Send the right information to the financial system, retirement system, other systems to be recorded.
Page updated
Report abuse