Empowering payroll advisory with Wagepoint and Xero at King Business Solutions

Melissa Lenos, CPB, PCP, of King Business Solutions is a designated payroll professional and Certified Professional Bookkeeper who understands the implications of payroll details and the consequences of not meeting compliance or deadlines. Before using Wagepoint, the firm faced challenges with manual payroll processing. For one client alone, it used to take three-and-a-half hours a month to do their payroll using desktop-based software because of the manual work involved. The process required manual data entry, manual journal entries, and significant time spent on reconciliation and year-end processing.

Melissa is a big fan of Wagepoint and Xero and makes use of the integration between these two software with many of her clients. The Wagepoint and Xero integration eliminates manually inputting data from one software to another, making the workflow much more efficient. The integration pulls in reports automatically, and the bookkeeper can review them without having to go into Wagepoint. Wagepoint's customization options and the ability to connect with support for help with certain tasks has cut down on the time it takes to set up and input data or settings related to payroll. The employee portal gives clients' employees access to their pay stubs, meaning fewer reach outs because an employee lost their pay stub. At year-end, Wagepoint makes working with, changing and submitting year-end forms easier, with the ability to edit T4s and make adjustments for items like Individual Pension Plans (IPPs).

With Wagepoint, the same payroll that used to take three-and-a-half hours per client now takes about 45 minutes, saving the team nearly three hours of valuable time every month. King Business Solutions has one person on the team handling payroll processing for their clients, with about 60 percent of their time focused on payroll and 40 percent on other bookkeeping tasks. About 40 percent of the employee's payroll-focused time is spent processing for about 60 percent of their clients. Year-end work shows significant time savings, with Wagepoint decreasing the time spent on T4s by at least 50 percent if not 60 or 70 percent. The reviewing is easier, source deductions are always correct, editing is easier, and the release is simple with employees able to grab what they want from the portal. Melissa can create reports from Wagepoint data to provide clients with monthly or quarterly KPI reports showing information like employee terminations, turnover, and income allocation.