Is It Time for a New Payroll System? - Hagel and Company

July 24th, 2012 by Hagel and Company

As a busy payroll manager, it is critical to have an easy, flexible solution that helps you process payroll accurately and quickly, every time. Your payroll solution should help you stay up to date with changing compliance requirements and accurately manage taxes. It is also important to keep your employees happy by providing secure access to payroll information and offering a variety of pay options.

What type of payroll system is used at your company? Is it paper-based? Do you run a legacy system or utilize payroll capabilities in your small business accounting solution? When was your system implemented or updated?

In today?s business climate, companies are facing a variety of budgetary and regulatory constraints that may not have existed when your payroll system was first put in place. Here are five signs it may be time for a new payroll system:

1. Old system, bigger company. If your company has grown, chances are you?ve outgrown your old payroll system. Your system should be able to accommodate demanding requirements including a wide range of earning types, including base pay, premium pay, and tax only. Make sure you can meet the unique needs of each employee by offering a variety of pay options such as unlimited direct deposit accounts or PayCards.
2. Compliance issues. Many government agencies are stepping up the enforcement of employment laws and issuing fines for violations. Can your payroll system handle the reporting requirements of the U.S. Fair Labor Standards Act (FLSA) and Equal Pay Act? Will you be able stay compliant with new regulations like the Patient Protection and Affordable Care Act (PPACA)?
3. Taxes and filing complications. Managing taxes is probably the most difficult part of the payroll process. Are you confident that your system is accurate and keeping your company up to date with payments? From federal and state tax tables to FICA wages and tax withholding, if your payroll taxes are prone to errors, your company can face steep fines and penalties for mistakes.
4. Payroll stands alone. If your payroll system isn?t integrated with HR, time and attendance, or accounting systems, it?s time for a change. An integrated system eliminates duplicate data entry, simplifies reporting, and automatically links benefit plans in HR to deductions in payroll.
5. Employees aren?t connected. HR and payroll managers are being asked to increase employee satisfaction whenever possible. Does your payroll system have self service capabilities? Using a self service portal, employees can view and print pay stubs, W-2s and authorize W-4 form changes. Investing in self service technology is an investment in your employees.

An industry-leading, customizable HRMS solution, Sage HRMS Payroll helps companies maximize their Return On Employee Investment (ROEI)?, as well as optimize their HR and payroll business processes. With Sage HRMS Payroll, you can successfully meet and respond to the HR and payroll management challenges you face every day. In addition to automating and streamlining your day-to-day HR and payroll business processes, Sage HRMS Payroll provides you with the tools and critical analytical workforce information your organization needs to drive business objectives, so you can focus on the business asset that is most vital to your company?your employees.

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Source: http://www.hagel.net/blog/is-it-time-for-a-new-payroll-system/

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