We recently published a blog post addressing Oregon minimum wage increases that went into effect on July 1. That post discusses increases that are scheduled to continue until the year 2022. These types of payroll concerns can be a huge administrative burden for your workforce in terms of keeping track of the increased amounts and effective dates; not to mention implementing the changes across all employees that are affected.
A Human Capital Management (HCM) system offers a good solution to this concern as well as many others in the realms of payroll and human resources. The system can be configured to automatically notify appropriate staff of the changes when the time is right. Workflows can be created for pay change approvals, and then mass updates can be made real-time in the system to update pay amounts; avoiding having to go into each individual employee record to make the change. This is all done electronically, so there is no need for manual entries to complete the process.
Even beyond that, how does having a stress-free payroll sound? Payroll is more than just creating a paycheck on payday. HCM systems drives payroll accuracy by providing:
- Continuous payroll processing
- Real-time calculations
- Versatile pay rules engine
- Notifications and alerts that flag issues
- Automated tax table updates
- Perfect Paycheck Analysis report
People Savvy HCM, in particular, offers solutions to common concerns when processing payroll for organizations of all sizes and industries.
Concern: Time Consuming
Payroll and payroll tax administration is one of the most time-consuming tasks for small business owners and HR/Payroll professionals in large organizations, resulting in a high cost of payroll administration.
With continuous and real-time processing, payroll data is available whenever you need it. People Savvy HCM puts you in complete control of your payroll and greatly reduces processing time with configurable checklists to keep you on track. People Savvy HCM’s unified, cloud-based platform helps your organization deliver the perfect paycheck and reduce compliance risks.
Concern: Tax Regulations
Tax tables constantly change, and employees frequently work and live in different states.
Solution: Geospatial Technology
Tax data built into People Savvy HCM supports multiple regional requirements and tax structures. The system uses geospatial technology to determine what taxes should be applied when looking at the employee’s home address as well as the company’s address. Automatic tax table updates help ensure the accuracy of employee withholdings. The system includes everything you need to complete and file tax forms in-house.
Concern: Payroll Reports
Payroll reporting is difficult to generate and extract from the system.
Solution: Flexible Reporting
Payroll Quick Links in People Savvy HCM take you to pre-created reports within the system, such as the Payroll Register, Labor Distribution, General Ledger, Retirement Plan, Vendor Payments, Funding, and Payroll Recap & Funding. Reports pull real-time information and can be formatted based on the accounting software’s specifications. Custom reports can also be created quickly and easily from any screen of information.
Payroll Quick Links
Payroll Register Report
Payroll Recap and Funding Report
People Savvy HCM also provides Employee Self Service (ESS) functions, including electronic access to paycheck stubs and W-2s. Data is never purged from the system, so your information will be available year-over-year, as long as the employee is employed with the company.
Please contact us to learn more about how People Savvy HCM can address any payroll concerns you may be having.