Accounting
ADP releases all-in-one generative AI platform for payroll, other needs
Lyric, the unified platform meant to bring these disparate solutions together, adapts to unique structures, workflows and practices. For instance, Lyric can manage work assignments that span multiple cost-centers, managers, and locations, applying the appropriate workflows to each job, as well as compensation rates, approvals, and policies. It can also authorize multiple managers for an employee’s timecard approvals, so having just one manager out of the office doesn’t disrupt the entire system.
Lyric also can draw on the user’s data environment to offer predictive analytics, real-time insight, forecasting of trends, anomaly detection and personalized recommendations. The AI does this by learning and interpreting complex organizational information such as policy documents, travel guidelines, and pay groups, and combines it with knowledge of local and global regulations, to proactively provide policy recommendations and ensure employee asks are compliant and aligned with business requirements.
It also sports automation capacities for various human capital management needs. Users can automate and personalize the onboarding process for new hires, structure their enterprise—through positions, jobs, and dynamic teams—to manage openings and vacancies, and execute mass changes; streamline job changes, transfers, leaves-of-absence, terminations and offboarding; ensure seamless distribution and acknowledgment of company policies; and maintain compliance using automated tracking and reporting.
This is all intended to create a more tailored, “human” experience in tune with each employee’s specific needs. ADP
“Lyric sets a new standard for the modern workplace by unifying advanced HR technology with a highly personalized approach,” said Sreeni Kutam, presiden of global product and innovation at ADP. “Today’s workforce is fluid and global. Businesses need tools to manage their workforce with insight, compliance and adaptability. Lyric solves for this by integrating industry-leading GenAI technology with ADP’s unmatched dataset, delivering HCM solutions that are flexible, intelligent and human-centric.”
ADP Lyric HCM can also support payroll in 75+ countries — and will expand into additional geographies each quarter.
The Governmental Accounting Standards Board issued guidance today that will require separate disclosures for certain types of capital assets for the purposes of note disclosures.
GASB Statement No. 104,
The statement requires certain types of assets to be disclosed separately in the note disclosures about capital assets. The intent is to allow users to make better informed decisions and to evaluate accountability. The requirements are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter, though earlier application is encouraged.
The guidance requires separate disclosures for four types of capital assets:
- Lease assets reported under Statement 87, by major class of underlying asset;
- Intangible right-to-use assets recognized by an operator under Statement 94, by major class of underlying asset;
- Subscription assets reported under Statement 96; and,
- Intangible assets other than those listed in items 1-3, by major class of asset.
Under the guidance, a capital asset is a capital asset held for sale if the government has decided to pursue the sale of the asset, and it is probable the sale will be finalized within a year of the financial statement date. A government should disclose the historical cost and accumulated depreciation of capital assets held for sale, by major class of asset.
BRIAN BOUMAN MEMORY CREATIO
Suha Uddin was hired as a tax partner at RRBB Advisors, Somerset.
Sax, Paterson, announced that its annual run/walk event SAX 4 Miler, supporting the Child Life Department at St. Joseph’s Children’s Hospital in Paterson, has achieved $1 million in total funds raised since its inception in 2012.
Withum, Princeton, rolled out a new outsourcing service offering as part of its sustainability and ESG practice designed to help companies comply with the European Corporate Sustainability Reporting Directive, the mandate requires reporting of detailed sustainability performance as it pertains to the European Sustainability Reporting Standards , effective January 2023.
Key Factors to Select for Optimal Bookkeeping Software Solution
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