Viewing a pay stub on your smartphone in Zenefits ( Source ) What to look for when comparing ESS features
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By giving your workers their own login to your payroll software to do some of these important payroll tasks, ESS also gives them an important level of autonomy.
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(Source: Paychex) Why ESS is importantĭo you want to spend your valuable time jumping into your payroll software every time an employee has a question about their salary or wants to update their contact information? I didn’t think so.ĮSS can take the significant burden of being the payroll point-person off your plate. workers expect employee self-service options to complete HR-related tasks themselves. Ask vendors if they offer this capability. Yes, it’s confusing.īut the best compliance management features tend to run in the background-updating the rules in your system to automatically flag non-compliant entries and explain how you need to fix them with every payroll run. The feature we call “compliance management” can actually run the gamut from a digital handbook that users have to refer to manually to embedded compliance training courses, depending on the vendor. Payroll compliance updates in Workday Payroll ( Source ) What to look for when comparing compliance management features Compliance management features can automatically update your software when any local, state, or federal employment law changes are enacted to help ensure your time entries, payroll data, and tax returns are in line with the laws in your area.
Rather than fret over all this alone, let your payroll software help you. The Tax Cuts and Jobs Act of 2017 has already ushered in a number of changes, and if a new overtime rule ever passes, that will wreak even more havoc on payroll runs. It’s not just you: Employment laws are getting more and more complicated. (Source: Kronos) Why compliance management is important Compliance managementĥ4% of HR and payroll professionals say that it costs their organization $40,000 to $100,000 to prepare for each labor-related regulatory change. This option is usually referred to as “full-service payroll.” 3. You can also pay to have tax experts at your payroll provider file your taxes for you. These can vary drastically from product to product. If you have a remote workforce or operate internationally, you should ask payroll software vendors about their multistate and multicountry tax filing options. Generating employee W-2s in CheckMark Payroll ( Source ) What to look for when comparing tax filing features No one wants that, which is why it’s ideal to have a software check in place. Any savings you can get by bundling your payroll and tax preparation needs in one package is worth it.Īnd if you do your taxes yourself, know that any errors can lead to a delay on your return, or worse, garner an audit from the IRS. Sixty-three percent spend more than $1,000 every year on federal tax administration-and that’s before counting the actual taxes they owe. This is important because taxes represent a significant sunk cost for small businesses in not just time but money. Tax filing functionality in payroll software will allow you to calculate the local, state, and federal taxes your business owes, file your return, and generate W- forms for your employees. (Source: National Small Business Association) Why tax filing is important One in three small businesses spend more than 40 hours every year calculating and filing their federal taxes. Vendors know this and many are happy to cover these costs, but ask to make sure. Banks can charge setup fees that range from $50 to 149, and a transaction fee of $1 to 2 is also common. While direct deposit is generally cheaper than other payment options, it isn’t free. Lastly, direct deposit ensures you have a digital record of every transaction for bookkeeping purposes.Ī list of direct deposit transactions in Payroll by Wave ( Source ) What to look for when comparing direct deposit features It’s also cheaper and makes the funds available to people sooner-something your employees will surely appreciate. For one, direct deposit is safer-there’s no risk of losing a check in the mail or opening yourself up to costly check-tampering fraud (which can result in losses upwards of $150,000). It’s the most common and preferred method of payroll payment for a reason. (Source: QuickBooks Payroll) Why direct deposit is importantĭirect deposit ensures that money from your company bank account goes directly (see what I did there?) to your employees’ bank accounts. workers are paid by direct deposit, compared to only 21% by check, 4% by cash, and 3% by payroll card.
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