Your company’s compensation expense is likely the most significant line item on your P&L. But how closely is this figure being examined within your finance department?
Although Glean AI was built for Accounts Payable, its AI-powered engine can dive deep into any company expense, including compensation.
Your ‘compensation’ line item actually consists of a whole bunch of things, including salaries, supplemental pay, employer taxes, medical, dental, other insurances, severance, etc.
This means that if your ‘compensation’ goes up, there could be a variety of drivers behind the increase. Does it mean your headcount is increasing? Not necessarily, and, in fact, the opposite could be true. Perhaps your salaries have actually decreased but a large severance payment was paid to the terminated employees.
Glean AI can provide detailed monthly, annual, month-on-month, or quarterly analyses and trends for your compensation-based payments. With the click of a mouse, you will be able to dive into any given month to see the precise movement within each variable – what went up, what went down, and by how much.
Armed with these analytics, finance can liaise with HR to confirm that what is happening on the ground is matching with the data.
When it comes to compensation, one typically views HR as the arbiter of all things pay-related ー and in many ways, this is true.
HR’s duties include the development of competitive and compliant pay scales and the monitoring of compensation budgets.
But one thing HR is likely not doing is examining each separate compensation variable and tracking its movement over weeks, months or years. This fine-grained level of scrutiny is something to be embraced by a Finance Manager or CFO – and what better way to feel connected to your workforce, your organization’s most valuable asset.
Your payroll provider or PEO (Professional Employer Organization) likely provides on its website a monthly invoice that breaks down your total compensation spend. If not provided, this is an easy report your support team can likely provide.
Scan this report into Glean AI just as you would any invoice.
And voilà! You’re done.
Now you have direct access to your total compensation payments, the various elements included in each payment, and analytics on how these figures change over time.
Glean AI is the perfect tool for proactively monitoring - and staying on top of - your company spend, even when this spend is payroll! To learn more about Glean AI and everything it can do for your organization, contact us at firstname.lastname@example.org to schedule a chat at your convenience.