GoCo's Fall 2024 Product Release

This fall, GoCo is thrilled to unveil new features designed to streamline payroll processes, enhance tracking, and give organizations unprecedented control over their financial data. The star of this release is the new Labor Allocation feature, but we’re focusing on maximizing payroll efficiency across the board. 

Let’s dive into what’s new and how it can transform your business operations.

Labor Allocation: Precision in Payroll

Labor Allocation in GoCo allows you to divide an employee’s time across multiple departments, cost centers, or projects with flexibility, tracking either by hours worked or percentage of time. Whether it's allocating time for job costing in manufacturing or grant tracking in nonprofits, this feature supports efficient resource management and accountability.

With Labor Allocation, users can allocate earnings, deductions, and taxes, eliminating the need for manual data merging across systems. For clients using GoCo’s embedded payroll, allocations flow seamlessly to the General Ledger (GL), offering visibility into financials by cost center and supporting accurate budget planning, project costing, and billing.

Key Benefits:

• Manual or automatic tracking toward cost centers (departments, divisions, or custom groups)

• Time split capabilities for embedded payroll clients

• Comprehensive GL reporting for cost center tracking and expense insights

Example Use Cases:

• Allocate by actual hours, such as 15 hours on Project A and 10 hours on Project B.

• Use percentage splits, like 60% to the sales department and 40% to marketing.

• Track across multiple tiers, e.g., Project 1 in Department A vs. Project 2 in Department B.

Custom Payroll Reporting: In-Depth Insights at Your Fingertips

GoCo’s new Payroll Custom Reports allow clients to access detailed payroll data configured in a way that works best for your organization by drawing from the General Ledger. This is great for building custom reports to review 401(k) contributions or to view details of both regular and off-cycle pay runs at the same time. 

For those using GoCo’s payroll, this feature adds layers of detail and customization to payroll reports, including access to specialized payroll fields in custom reporting, such as earnings, employee and employer deductions, taxes, memos, and more, in order to provide a holistic view of payroll data.

Custom Payroll Permissions: Granular Access Control

We're excited to introduce enhanced payroll permissions, providing greater flexibility and control for company admins. We’ve added new options to GoCo’s permissions feature so you can get more granular when granting access to payroll. With the new payroll permissions options, organizations can assign payroll-specific duties securely and efficiently, without granting full payroll access. This is great for:

• Preparing payroll without submission rights

• Handling HR tasks without any access to payroll

• Designating payroll admins who can focus solely on payroll duties

This enhancement fosters better checks and balances, streamlines payroll processing, and protects sensitive data with customizable user-level permissions.

Additional Updates

Other valuable updates included in GoCo’s Fall Release include: 

• Microsoft Teams Integration: Receive Team Surveys notifications and reminders directly in Microsoft Teams to increase participation in engagement surveys.

• Gross-Up Calculations: For off-cycle payrolls, GoCo automatically calculates take-home pay — ideal for bonuses and special payments.

• Payroll Blockers Notification Center: Proactively resolve issues preventing payroll processing, such as syncing errors and missing data.

• Enhanced Document Access: New quick access to payroll documents, plus the ability to add notes to pay statements and view all payrolls in one place.

Why This Matters

Clients have increasingly complex payroll needs, and GoCo’s fall release addresses critical pain points:

• Budgeting: Track department spending to ensure grants or project funds are used effectively.

• Project Planning: Gain insights into past project costs for accurate future budgeting.

• Billing: Assign project costs accurately, enabling precise client billing.

GoCo’s latest features empower organizations to streamline payroll, enhance data-driven decisions, and improve resource management. With GoCo’s fall release, your organization can experience payroll efficiency and customization like never before!