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The Perfect Potion for a Payroll Solution
Year-end processing season can be just as frightful as the ghosts and ghouls of Halloween. You may have even come to the horrifying realization that your payroll solution isn’t the right fit for your company’s needs. But finding a great payroll partner doesn’t have to be as difficult as carving pumpkins.
Double, double toil and trouble,
Fire burn and caldron bubble.
Add a dash of accurate pay,
In the caldron to boil and saute.
Access from any device and a sprinkle of self service,
Reduced risk with a pinch of tax compliance.
Data integrations and 80+ reports,
Paycheck reconciliation and payroll-related exports.
Finish with a tax expert’s review,
Then your payroll solution is the perfect brew.
Brewing a Terrifyingly Good Payroll Solution
So what exactly does it take to create a spell-binding payroll solution that can meet your organization’s needs? Let’s take a look at some of the ingredients we’ve discovered over the years so you know exactly what to look for when you’re ready to make a change.
A Dash of Accurate Pay
The base ingredient of any payroll solution worth its salt is accurate and on-time pay. Without it, you’ll have upset employees haunting your doorway every payday. The best way to ensure accurate payroll processing is by using a solution with built-in automated processes to highlight errors and validation rules so you can fix mistakes before they happen.
- A secure, unified database eliminates duplicate data entry and the potential for errors.
- Easily manage your deductions, departments, and accrual plans to save valuable time during payroll processing.
- Calculate payroll in a fraction of the time so you can focus on more strategic tasks.
A Sprinkle of Self Service
Incorporate a self-service portal into your payroll solution that gives your managers and employees access to the information they need 24/7 from any device. Self-service tools also make it much easier to communicate important information to employees with less legwork. Look for a self-service portal that uses the same centralized database as the payroll solution to better streamline your workforce processes.
- Employees can view paystubs, tax forms, time-off requests, and more saving you valuable time spent answering questions.
- Managers can view important tasks and alerts for direct employee follow-up so you can delegate more tasks while maintaining control.
- Communicate important information with daily digest emails and company newsfeeds for a more engaged workforce.
A Pinch of Tax Compliance
It’s important to layer tax compliance into your recipe for the right payroll solution or it will fall flat. Your payroll provider should have a staff of tax compliance experts ready to help you with accurate, on-time payroll tax payments and filings. A pinch of tax compliance goes a long way to clearing the cobwebs of noncompliance.
- Year-end processing assistance for reduced compliance risk.
- Tax tables updated on your behalf, eliminating the burden of trying to stay on top of ever-changing laws.
- Tax compliance guarantee so if your payroll provider makes an error, they absorb the costs.
A Handful of Analytics
A balanced payroll solution potion must include instant analytics and dashboards so you know what’s going on with your organization. Easy access to real-time reporting promotes better decision-making and further supports accurate payroll processing. Look for a solution that allows you to view payroll reports like a payroll summary audit and net pay comparison before processing payroll.
- Dashboard views that make it easy to visualize your data so you can take quick action.
- Access a library of standard reports to eliminate the need for data mining and manual reporting, saving you valuable time.
- Run global reporting across locations and entities for a more transparent view of what’s going on in your business and more informed decision-making.
A Garnish of Data Integrations
The best way to finish off your recipe for a top-notch payroll solution is to garnish with data integrations. You more than likely have other payroll-related investments and it’s important to integrate those existing systems with your payroll platform. Look for a provider that has the ability to create custom integrations for you if needed.
- Integrating other systems like General Ledger, 401K, and attendance with a payroll solution will eliminate the time spent on duplicate data entry.
- Decrease the potential for errors when all data is housed in a centralized and secure database.
- Connecting your payroll solution with your other systems further automates your business processes for a healthier bottom line.
A Perfectly Crafted Payroll Solution
The ingredients we’ve listed above are key to brewing a hauntingly good payroll solution. If a payroll provider misses the mark on any of these components, your perfect potion just won’t be the same. We’ve crafted our recipe over the years and found these are the features businesses need to automate payroll processing, optimize business workflows, and nurture strategic growth. So take this perfect potion and find the right payroll solution for your business.
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