Tishman Speyer employs a business model that has a great number of employees where costs need to be allocated through the business based on a number of different scenarios.
Outcome
A web-based Time and Payroll Allocation System (TAPAS) was proposed allowing the allocation of costs to be transparent.
Business Case
Tishman Speyer employs a business model that has a great number of employees where costs need to be allocated through the business based on a number of different scenarios. Due to the significance of payroll/overhead/bonus costs, an increased need for employee allocation cost transparency was required. Open Box was tasked with proposing a more efficient and automated payroll allocation system.
Solution
A web-based Time and Payroll Allocation System (TAPAS) was proposed with the following objectives:
- Allow distributed allocation capture by each employee.
- Automated processing of payroll/overheads/bonus data based off employee allocations.
- Integration with the back office accounting system in order to streamline processing (journal, accounts receivable, accounts payable logging).
- Ability to budget and reforecast on payroll/overhead/bonus information.
- Global reporting of actual and budget allocation and payroll/overhead/bonus costs.
In addition to the above core criteria, the following items were also included as part of the full solution:
- Integration with other financial (non-payroll) applications as a source for allocation data.
- Integration with the HR system to ensure employee data governance.
The project was implemented into production following user acceptance testing and is currently operational.
Benefits
- Streamlined processing.
- Decreased debtor days.
- Cost savings.
- More accurate allocation management.
- Allocation adjustment with historical payroll correction.
- Increased transparency and efficiency of the allocation of global payroll costs.
- Greater accountability of allocation management.
- Centralized applications to be used globally increased the accuracy of global data.
- Detailed and flexible global reporting.
- Improved planning and tracking of payroll/overhead/bonus costs.
