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Why is it so Important for a Business to Process Payroll Correctly and On Time?

February 20, 2025 Kevin Kenealy Payroll Problems, payroll processing, Uncategorized Comments Off on Why is it so Important for a Business to Process Payroll Correctly and On Time? ,
Why is it so Important for a Business to Process Payroll Correctly and On Time

In current business setting, timely and accurate payroll processing has become a key to success for any company’s business therefore more than ever Payroll management is an essential component which needs to be taken care of.

Hence, in this article, we will underscore how employee satisfaction, legal compliance, healthy financial status, operational efficiency, and organizational stability, depend on the precision in payroll processing.

These principles provide a framework for engendering innovation and operational efficiency in enterprises.

Critical Points

Well-structured payroll processing is timely and accurate and will keep the Organization financially secure and planned efficient utilization of resources.

With a proper payroll processing minimizes the chance that businesses will find themselves not complying with the law and will face only a handful of the penalties in 2022.

By optimizing processes and minimizing costs, these solutions can also help to improve operational efficiency.

Punctual and correct payroll processing further motivates employees, improves job satisfaction, and increases engagement−reducing attrition rates and driving productivity.

Employee Satisfaction

An employee satisfaction is very key to make sure that a company’s workforce is efficient and productive. Employees are satisfied with the job when their morale is high. This ultimately culminates in increased productivity and performance.

A worker who is happy is also more likely to do what is needed and brings their organization innovations that they won. They are also less likely to quit the organization for other opportunities, which means lower turnover costs and a more settled workforce.

Lastly, happy employees have lower absenteeism and presenteeism rates, which creates better productivity and minimizes workflow interruptions.

And finally, increasing employees satisfaction can be the difference between a productivity increase which will speed up the the revenues or sales of the organization as a total.

Legal Compliance

In order for companies to comply with legal regulations and obligations, payroll must be processed promptly and correctly. Payroll Processing Compliance– A mandatory approach in which there are many payroll processing companies

First, businesses must properly calculate and withhold taxes from employee wages. Failure to comply with it can result in penalties and lawsuits.

The other area where they must keep their guard up is that businesses must properly classify their workers for tax purposes separating independent contractors from employees.

They also need to make sure that they follow and comply with the wage and hour laws that govern them, Wages and hours law compliance means that the company pays their employees in the right amounts at the right times when they work overtime.

Financial Stability

Paying payroll on time and correctly will ensure that the companies keep their finances on time and with less chances of failure. Keeping finances clear means that you want your business to work so you know how to think, and plan. Since all cash commitments emanate from payroll practices (because payroll is, for most institutions, the largest expense), this invariably translates into cash flowing into the organization, the entity.

Financial stability against debt creates impactful experience.

Financial Stability Benefits

Enable Strategic Budgeting – Assume that goals are aligned with realistic financial analysis, and that stakeholders can act confidently

  • Ensures consistent cash flow — the lifeline of business operations and growth projects
  • Demonstrates investor confidence — Attracting investors and lenders, enabling businesses to raise capital
  • Reduces financial risk — Lessens the likelihood of bankruptcy or insolvency

Operational Efficiency

One key to streamlining your company and extracting the most out of it is paying employees efficiently. It minimizes cost and enhancing productivity by streamlining payroll processing.

Payroll automation can also help minimize the potential for errors by streamlining your payroll process and ensuring that employee pay is processed accurately and in a timely manner, allowing staff to focus on more strategic functions. This translates into higher productivity as employees are putting in less time in tackling payroll-related issues and more time towards value-added activities.

Similarly, proper and accurate payroll processing ensures that employees are paid correctly and at the right time, which can improve morale and motivation. A good payroll system will also identify fund opportunities to save; prevent overtime calculation errors, or detect unneeded charges, for instance.

Organizational Stability

To maintain organizational stability, companies need to run payroll accurately and on time, setting the stage for success going forward. It reduces employee turnover and boosts productivity by ensuring that employees get paid correctly and on time. So, employee turnover can be an expensive thing to deal with in the zone of investing in recruitment, talent acquisition costs, training, and Institutional knowledge loss as well.

Also, when paying employees correctly, on time, they became more happy with their job, and this in return takes them to best productivity. As per a research conducted by the American Payroll Association, firms that correct and process payroll on time led to higher engagement level and productivity among employees. Therefore, a well-processed payroll initiated on time and done perfectly leads to a steadywork atmosphere to ensure long-term sustainability.

Frequently Asked Questions

How Does Timely and Accurate Payroll Processing Affect Employee Engagement and Morale?

Payroll is an aspect of employee experience that, quite literally, determines employee satisfaction and morale; and it is also time-sensitive. While the effects of payroll mistakes can create feelings of financial distress and employee dissatisfaction, proper and timely payroll processing helps ensure that employees are paid correctly and on time, both essential for engagement and morale.

What Are the Potential Legal Consequences for a Company if Payroll Is Not Processed in a Timely and Accurate Manner?

What are the company risks if payroll is not accurate and timely? This can lead to poor employee satisfaction and a drop in organizational morale.

How Does Payroll Processing Impact a Company’s Ability to Maintain Financial Stability and Meet Its Financial Obligations?

Processing payroll is essential for a company’s financial condition to meet its responsibilities. One of the primary responsibilities of an organization is the accurate and timely processing of payroll so that the employees receive the correct amount on payday, applicable laws (for example: employment standards) are followed and budget and forecasted computations can be prepared for future planning.

What Are Common Challenge or Risk Elements of Payroll Processing Can Impact Operational Efficiency?

All these Payroll Processing challenges and risks easily can lead you to the operational efficiency problems. That means worrying about errors in data entry, adhering to tax-mandated regulations, offering employee benefits, and making payroll on time. These issues are important as they allow you to keep a smooth process of payroll.

How Does Payroll Processing Impact a Company’s Ability to Maintain Financial Stability and Meet Its Financial Obligations?

It has the ability to process payroll accurately and at a reasonable time to ensure employees are paid as they want it. It also helps with compliance with regulations by ensuring the correct calculation and reporting of taxes and deductions. It promotes organizational stability and success at an organizational level.


Why Outsourcing Payroll Services Makes Perfect Sense

November 29, 2024 Kevin Kenealy Uncategorized Comments Off on Why Outsourcing Payroll Services Makes Perfect Sense
Why Outsourcing Payroll Services Makes Perfect Sense

Today, the life of business is not that much as easy as it seems to be. As a business owner, you have countless balls in the air from budgeting and running operations to providing for your employees.

A good payroll service can take some of the burden off your shoulders. Besides the peace of mind that your employees are in expert hands, there is a range of other benefits to outsourcing your payroll completely.

Pros of Using a Payroll Service Provider

There are many advantages to payroll services and the Watkins & Co accounting experts highlight how to help your business grow with a professional payroll service provider.

Regulatory Compliance

Tax rules and regulations are in a constant state of flux, and keeping up with these could easily be a full time job! A good payroll service provider can help you keep your business compliant and avoid dealing with expensive legal issues and penalties.

To Process Payroll Accurately

Outsourcing payroll services also provides greater accuracy and reduces payroll processing errors. This process will aid your company to maintain a peaceful work environment and help you continue developing trust with your employees, steering clear of conflicts, and improving the positive factor of interaction in an atmosphere based on transparency.

Time and Cost Efficiency

Outsourcing payroll gives you time and spare resources for the company. Outsourcing payroll task gives you no need to hire an in-house HR team, which is expensive and does more than just this task Well not only is payroll service provider competent but also save the cost of using in house HR staff Outsourcing allows you to free up your resources to focus more and invest more in core business activities and growth.

Satisfaction and retention of employees

Nothing says your company cares about its employees more than on-time, error-free payroll. When your team sees that their compensation matters to you, it drives trust and loyalty causing high retention, motivated employees, and employee satisfaction.

Technology Integration

It is of utmost importance to be up-to-date, especially these days in the business world and the use of most advanced technology for payroll services is something that any quality provider will incorporate so that your team does not have to learn all about new technology. This reduces the cost of payroll services, facilitates secure data exchanges, and allows for flexibility in payroll processing.

Tax Efficiency

An expert payroll services provider understands the loopholes and how you could pay less tax through proper adjustment of salaries, benefits etc. In other words, using these services helps your company remain competitive and ensures the business continues to advance its economic development.

Comprehensive Reporting

Having a professional service taking care of employee payroll will provide you with an in-depth reporting with which you can gain insights into your labor costs foreseeing optimizations for future budgeting and better business-decision making.

Information Security and Privacy

Professional payroll services utilize extensive data protection programs to ensure that private employee information is well hidden. This can help decrease the risk of a data breach or unauthorized access to sensitive data, which also safeguards your employees and business in return.

Adaptability to Remote Work Trends

Changes in workplace trends have posed challenges for the payroll department and employee time recording, especially during a post-COVID era. This is also helpful for other feasible work structures like if you have remote workers or ours flex schedules, ensuring accurate time keeping recording across dispersed mutually gives an added benefit entails impending accountability having a quality outsourced payroll service provider while being in different locations ready to be compensated timely on all delivered services rendered;

Auditing and Recordkeeping

Payroll demands a staggering amount of busy-work record-keeping, and it can be one of the most difficult and time-consuming aspects of operating a business. Professional payroll providers are really good at maintaining detailed records which you can utilize during audits to eliminate any concerns regarding regulatory compliance as well.

Best Payroll Service Provider Jackson, MS

If outsourcing payroll services in Albuquerque or, for that matter, anywhere else around New Mexico could benefit your company contact us at The Payroll Company.

We are an experienced team that provides complete payroll services to help companies of all sizes streamline their payroll processes.

Sooner or later, you will get the enhanced employee satisfaction, high payroll efficiency with thorough labor reporting and a peace of mind that earns its weight in gold!


Why Providing Employee Benefits is a Huge Plus for Your Company

September 2, 2024 Kevin Kenealy Uncategorized Comments Off on Why Providing Employee Benefits is a Huge Plus for Your Company
Why Providing Employee Benefits is a Huge Plus for Your Company

Employee or Worker Benefits: Why Your People are the Pillar of Your Company and Why Benefits Can Make a Huge Positive Difference

Your people are the critical component underpinning your organization’s capacity to grow and thrive. So just how crucial are employee benefits to accomplishing your firm’s goals as well as purposes? They are extremely essential.

What is employee or worker benefits?

Business owners typically get asked, “What are the fringe benefits or employee benefits being offered by your company?” when interviewing prospective employees. Employee benefits, also referred to as perks, benefits or fringe benefits, are given to workers over and above salaries and earnings. These fringe benefit bundles might include overtime, health insurance, paid vacation, revenue sharing and 401k or 403b retirement plan benefits.

Why is providing a package of fringe benefits essential?

Providing benefits for your staff members is important because it communicates to them you are committed not only to their total health and wellness, but also their future. A solid fringe benefit, a employee benefit plan can aid to draw in and retain quality employees. Benefits can help you distinguish your business from industry rivals.

Employee benefits can enhance your company’s bottom line by encouraging staff members to join programs for improving wellness. Healthier staff members can possibly reduce healthcare costs for your company. Workers participating in wellness programs often experience fewer days out ill, fewer trips to the medical professional like a doctor or urgent care centers, and often it allows employees to invest more time working at your company, bringing the best version of themselves to work each day.

Employee Perks or Fringe Benefits Program

Depending upon the type of company and the work, fringe benefits vary from company to company. Government employee benefit packages for full-time staff members look extremely different from the packages provided to permanent part-time employees. Fringe benefit packages are usually discussed during the final interview or when a job is being offered. The best fringe benefits or employment perks package can offer your business a distinct advantage when it comes to winning the recruiting battle for good employees.

States in the U.S. vary unquestionably when it comes to benefits, but by law there are a basic set of benefit laws and regulations all businesses must follow across the board. Mandatory benefits required are as follows:

  • Give workers the needed time to serve in the military, do jury duty and to vote in all elections.
  • Adhere to all workers’ compensation laws and guidelines
  • Pay both state and federal unemployment taxes
  • Pay into state mandatory short-term disability insurance programs
  • Adhere to the Federal Family and Medical Leave act
  • Companies are not mandated by law to provide the following benefits
  • Retirement plans.
  • Health Insurance Coverage (other than in Hawaii).
  • Dental Plan
  • Vision Plan
  • Life Insurance
  • Paid Holiday

In conclusion, providing employee benefits is not just an added perk but a strategic investment in your company’s success. When you prioritize the well-being and future of your workers, you foster loyalty, attract top talent, and boost productivity. A well-rounded benefits package can give your business a competitive edge, improve employee morale, and even lead to cost savings through healthier, more engaged staff. By viewing your employees as the pillars of your organization, you’ll find that investing in their benefits is a win-win for everyone involved.


Major Payroll Problems and How to Fix Them

August 5, 2024 Kevin Kenealy Uncategorized Comments Off on Major Payroll Problems and How to Fix Them
Major Payroll Problems and How to Fix Them

Payroll mistakes suck. Big time. And they seem to be happening more these days.

You’ve probably seen those news stories about huge companies messing up paychecks. Employees had money actually taken back out of their bank accounts! Can you imagine if that happened to you?

Let’s walk through some of the major ways payroll can go wrong. More importantly, we’ll talk about how to make it right.

Shortchanging Employees

The Problem

Recently, some big accounting firms really screwed up. Employees got their paychecks like normal. But a week later, the money was gone from their bank accounts! The companies had to scramble to fix it.

You might think something like this could never happen to you. But even small underpayments hurt. With budgets tight, most people don’t have wiggle room in their finances. Consider this: About half of families have less than $500 in emergency savings. Half of monthly earners say they run out of money between paychecks.

For most folks, every single paycheck matters. If something goes wrong, even by a little bit, it can be devastating.

The Solution

Making sure employees get their full pay means being super vigilant:

  • Double check pay rates every year. Job duties and pay grades change over time. If payroll systems aren’t updated, people get shorted.
  • Confirm any new tax forms ASAP. When exemptions, deductions, or status changes, the update has to flow through to payroll seamlessly. No lags!
  • Watch overtime policies like a hawk. OT rules vary for different roles. Make sure payroll systems calculate OT perfectly for each employee group.
  • Review complaints about pay carefully. If multiple people report short checks, dig into the payroll process. It could expose bigger issues.

With a system of thorough checks, you can catch underpayments before payday rolls around. Employees need you to have their back on this. Don’t let them down!

Miscalculating Tax Withholding

The Problem

Taxes are a freaking nightmare. Payroll systems have to account for federal, state, and local taxes. And rates or deductions change all the time! It’s so easy for something to get screwed up.

For example, one large retailer switched to a new payroll system. It messed up tax calculations for thousands of workers. People were missing $200 per paycheck. Just imagine budgeting for your normal take-home pay, then having way less in your account each month.

Tax errors slam employees’ wallets hard. By the time someone speaks up, the damage is done.

The Solution

Payroll taxes are complicated, but you can avoid math mishaps:

  • Update rates immediately whenever tax laws change. Don’t let old info linger in the system!
  • Have employees verify withholding every quarter. Tax situations can change during the year, so check in.
  • Randomly audit a few employees per pay period. Verify their taxes paid line up with personal tax status.
  • Document all exceptions and modifications. Note how the payroll system handles unique tax situations.

Being vigilant about taxes means more money in employees’ pockets. They’ll thank you for watching out for them!

Processing Payroll Late

The Problem

For most employees, payday might as well be a national holiday. They depend on checks arriving like clockwork. A delay disrupts budgets and plans.

But payroll systems hiccup sometimes. Recently a hospital’s payroll crashed. Employees went weeks with zero income. Some couldn’t pay their mortgages or buy groceries!

Late paychecks cause real suffering. They also obliterate employee morale and trust. Not cool.

The Solution

Payroll needs to run flawlessly, every time. Avoid lateness with these tips:

  • Build in a few days buffer before payday as a cushion. That way, hiccups don’t turn into disasters.
  • Have a backup plan with vendors ready in case the payroll system tanks. Know your emergency options.
  • Set up alerts if payroll doesn’t run on time. Then you can jump on issues before payday.
  • Keep employees in the loop about potential delays. Transparency maintains trust.

Getting people paid on time is Payroll 101. With intention and planning, you can totally nail it.

Final Thoughts

Payroll problems are no joke. They hurt employees and companies too. Many mistakes can be avoided though. Just stay vigilant, act quickly when issues arise, and keep people in the loop.

If you make accuracy and timeliness your priorities, you show employees you have their backs. That builds trust and a workplace people love.


Top Payroll Challenges Faced by Small Business Today

December 8, 2023 Kevin Kenealy Payroll Problems, Uncategorized Comments Off on Top Payroll Challenges Faced by Small Business Today ,
Top Payroll Challenges Faced by Small Business Today

Small businesses out there usually have to deal with numerous challenges these days. For example, they have to make quick decisions to adapt according to the rapidly evolving business environment. Without making such decisions, it is challenging to remain competitive. In the meantime, it is also important to make the right moves at all times.

Payroll processing internally is one company procedure that exemplifies the complexity issue in a great way. There are many moving pieces in payroll, so it makes sense that processing payroll accurately and on schedule can be somewhat difficult. In addition, if anything goes wrong, it can result in a number of additional issues, such as low staff retention and compliance infractions.

Given the inherent complexity of managing payroll internally, there is no way to avoid frequent payroll difficulties. However, you also understand as a small company owner how crucial it is to do it properly. Today, we’ll examine the top five payroll issues and discuss how payroll software can help you resolve them by streamlining and simplifying the payroll processing process.

Hybrid Work Environment

You are in charge of a hybrid workforce if you have some workers who work from home and others who work in the office. Nowadays, a greater proportion of workers at small and medium-sized companies (SMBs) work remotely or in hybrid workplaces (63%) than at a single site (37%). Although a mixed workforce gives workers the most freedom, it can also lead to the most payroll-related hassles.

Your remote workers, whether part-time or full-time, are subject to the minimum wage, paid time off, tax withholding, and other requirements of each state in which they work. Payroll complexity can be further increased if you had different payroll regulations for employees who work remotely from different states and one set of standards for employees at your physical site.

Adhering to Laws and Regulations

Business compliance often becomes more difficult with time, not easier. Each year there are new laws and amendments to the ones that already exist. A number of new laws were implemented during the pandemic to accommodate for the significant changes that were occurring in the workplace. Growing your firm can even expose you to new and distinct rules. There are now around 180 federal labor rules that apply to different types of enterprises.

The Family and Medical Leave Act (FMLA), which regulates unpaid leave, the Fair Labor Standards Act (FLSA), which controls salaries and overtime, and several other laws that apply to contract workers make payroll compliance a complicated process in and of itself. Maintaining payroll and human resources (HR) compliance is a complex task that need for legal expertise and meticulous attention to detail in order to avoid fines for non-compliance. However, this means that your payroll team will have extra work on their hands.

Overloaded Payroll Administrators

As we’ve seen, payroll administrators have a great deal of duty. It’s difficult to maintain track of payroll records, make sure direct payments and paychecks arrive on time, and manage daily record-keeping. However, a lot of small organizations just have one employee designated to the HR department rather than a whole team. Regardless of the size of your team, they almost never have time for strategy or other high-value jobs since they are too busy with the daily administrative duties that are essential to the smooth operation of the office.

One of those jobs that takes so much time and energy to do that there isn’t much time left over to examine the procedure and see how it can be made simpler or better. This is payroll. Insufficient resources and a plethora of conflicting objectives cause the resolution of payroll process issues to fall farther and further down the list.

Usage of Manual Methods

The fact that many firms still manually handle payroll using a mix of data entry techniques like spreadsheets and antiquated payroll software with limited features is one of the reasons payroll is more time-consuming and difficult than it needs to be. If that describes your employees, switching from many payroll spreadsheets in and out of various software programs could be comfortable, but it also raises the possibility of payroll problems, which take longer to diagnose and correct.

The uneven nature of human paycheck processing is another prevalent issue. Rather, each payroll employee probably does the procedure in a unique manner. Producing consistent payroll data and important employee information that can be used for reporting and beneficial workforce research becomes almost impossible as a result.

Complicated Work-tech Environment

Even if you’re prepared to move payroll service providers, it might be intimidating to learn about the world of outsourcing. A lot is happening in the world. Payroll solution providers, for instance, provide a payroll system for smaller and medium-sized organizations. However, some systems are designed for huge corporations and hence include an overwhelming number of bells and whistles.

This complicates the process of selecting a supplier. How do you be sure you’re not overspending and that the solution you choose is the best fit for your company? However, how can you be certain that the solution you choose will be able to grow and change with your company as it does? And how can automation be provided by the system when required?

Using a System to Manage Payroll Complexity

Difficulties with the payroll process don’t have to be something you simply put up with. Payroll solutions exist that consider these difficult times, enabling payroll and HR personnel instead of adding to their workload.

You can optimize and simplify your company’s whole payroll process with the proper HR and payroll technology system designed with SMBs in mind. You can:

  • Using a single, automated system with paperless processes and consolidated payroll and HR data
  • Pay workers on time and ensure that payroll, taxes, benefits, and other items are computed accurately.
  • Employee data is simple to find, handle, update, and communicate with other departments within the company.
  • Regardless of where you have workers, adhere to pay and tax regulations.
  • Obtain essential insight into your personnel, generate reports, and assess your people operations.
  • Expand your enterprise as required, unafraid of the system’s inability to keep up.

There are so many advantages to outsourcing your company’s payroll that you shouldn’t hesitate to profit from your partners’ experience!


Payroll Issues Top Business Matters to Know in 2024

November 2, 2023 Kevin Kenealy Uncategorized Comments Off on Payroll Issues Top Business Matters to Know in 2024
Payroll Issues Top Business Matters to Know in 2024

There are many regulatory concerns that businesses in the US must deal with, and it may be challenging to stay on top of them. The most significant compliance-related concerns that employers may encounter in 2024 are listed below, together with an analysis of the legal and regulatory framework in which these challenges are situated.

As company leaders faced with the economic effects of inflation and resorted to programmes like the Employee Retention Tax Credit and the Inflation Reduction Act, financing and eligibility for tax credits jumped to the top of the list this year. In the event that laws or rules are implemented, firms should be prepared for issues pertaining to worker categorization, compensation, and paid time off.

The company’s compliance specialists have determined that the following subjects should be taken into account by employers in 2024:

Small Business Financing

Even if there are now no new government programmes, enterprises may still take use of financial options that were left over from the COVID-19 epidemic, like:

The Employee Retention Tax Credit (ERTC)

Companies can file amended returns and retroactively claim the credit for paying qualified wages to keep employees working from March 12, 2020, through September 30, 2021 (and for some specific businesses identified as Recovery Startups, wages could have been paid through December 31, 2021). Businesses have until either April 15, 2024 (for three quarters of 2020) or April 15, 2025 (for all four quarters of 2021).

Equity in Pay

Equality in pay was back on state and municipal legislative agendas in 2022, and additional jurisdictions were expected to approve legislation in 2023. Seven states and a number of municipal governments will have enacted laws requiring employer pay disclosure by the end of 2022. Employers must also be aware of federal and state measures aimed at reducing racial and gender pay discrimination that may become laws in 2023. These initiatives target pay equality via yearly reporting comparable to the Illinois Equal Pay reporting and the present California Pay Data reporting.

Worker Classification Guidance

In late 2022, the U.S. Department of Labour released a proposal to revise the Department’s guidelines on the classification of people as independent contractors or employees for the purposes of the Fair Labour Standards Act (FLSA). The final rule from the U.S. Department of Labour will be published in 2023, but it won’t take effect until it’s applied to determining an individual’s status as an employee for the purposes of federal wage and hour law.

Employers are required to keep diligent awareness of and adherence to the extra demanding examinations for determining worker status in accordance with the many other federal, state, municipal, and industry-specific rules, and regulations.

Encouraging the Saving for Retirement

It’s likely that SECURE 2.0 will be out before the year is over, which will have a big effect on the retirement market. Expanding eligibility for the tax credit when a business establishes a workplace retirement plan, increasing the RMD age, requiring automatic enrollment in certain retirement plans, and even requiring student loan payment matching—which aims to address two crises at once: student loan debt and retirement savings—are just a few of the significant provisions of SECURE 2.0, which builds on the framework of the SECURE Act of 2019.

Wage and Hour Regulations

Following hearing sessions in the middle of 2022, it is expected that the US Department of Labour will present suggested changes to the federal overtime laws. One of the changes that would be made to reflect the current state of the labour market is raising the income threshold for exempt workers. It is projected that there would be more federal, state, and municipal regulations in areas such as fair scheduling legislation, the repeal of sub-minimum wage rates, and the removal of tip credit in some regions.

There might be an increase in industry-specific regulations following measures like the California FAST Recovery Act, which would establish a council with the power to establish fast food industry wage and hour standards and is potentially up for voter approval in 2024. This is especially likely to affect the hospitality, retail, and healthcare sectors.

Paid Leave

Although it doesn’t seem that a federal paid leave programme will be implemented in 2023, some states in the US studied passing laws in 2022 that would have allowed employees to take paid time off to care for themselves and their qualifying family members. The most recent states to enact legislation mandating paid family leave are Maryland, the District of Columbia, and nine other states. Thanks to laws established in New Hampshire, the first opt-in, optional paid family leave insurance programme will begin in 2023. Employers and direct workers will both have access to this programme.

Security and privacy

Given the growth and enduring prevalence of a hybrid and remote workforce, businesses must modify their privacy policies and cyber security protocols to properly balance their demands against employee and consumer expectations around the protection of personal information. Companies need to be transparent about how they collect, process, use, keep, and dispose of data. The absence of federal privacy legislation hasn’t stopped state governments from expanding their data protection measures.

Other issues that employers should consider include healthcare reform, tax modifications, and remote and hybrid work.


Top Factors in 2023 Why Changing to Online Benefits Enrollment System is a Game Changer

May 20, 2023 Kevin Kenealy Uncategorized Comments Off on Top Factors in 2023 Why Changing to Online Benefits Enrollment System is a Game Changer
Top Factors in 2023 Why Changing to Online Benefits Enrollment System is a Game Changer

Have you ever considered changing your regular HR processes to an online benefits enrollment system instead? There are numerous reasons why an online benefits enrollment system could be valuable for your business – and we’ve outlined some of the key things you should know to help.

Why Choose an Online Benefits Enrollment System?

There are many different reasons as to why businesses might choose an online benefits enrollment system. Just a few of the most common advantages, however, are summarized as follows.

Enhanced Accuracy

Mistakes can be a major issue with traditional benefits enrollment. Fortunately, by removing paper enrollment complications, it’s much easier to ensure that employees receive the benefits to which they are entitled.

Indeed, there are many common issues that could cause problems with paper forms, such as illegible handwriting. Moreover, lost forms can require completion again, and this can take up even more time (and resources). Fortunately, when these activities are taken online, things become substantially clearer and easier to manage overall.

Effective Communication and Efficiency

A major limitation with traditional benefits enrollment is that communications still need to be done in person. But, with online systems, sending out a notification to employees is easy – speeding up the communications process.

This is also true when it comes to the overall efficiency of the system. Indeed, benefits enrollment with an online system is substantially quicker and more efficient than paper-based forms, ensuring that the HR team’s valuable time is spent on the most important tasks.

Valuable Data

Did you know that many online benefits enrollment systems can also provide highly useful reporting systems? These help businesses make more informed choices on their own approach, going forward.

Designed with HR Professionals in Mind

Your business deserves the best. Luckily, an online benefits enrollment system is designed with professionals like you in mind!


Top 10 Wages on Demand Providers in 2023 & Why Companies Should Offer It as a Payroll Option for Employees

April 8, 2023 Kevin Kenealy Uncategorized Comments Off on Top 10 Wages on Demand Providers in 2023 & Why Companies Should Offer It as a Payroll Option for Employees

In recent years, wages on demand have become a popular payroll option for employees. Wages on demand allow employees to access a portion of their earned wages before their payday. This service can be beneficial for employees who need money to cover unexpected expenses or emergencies. In this article, we will look at the top 10 wages on demand providers in 2023 and why companies should offer wages on demand as a payroll option for their employees.

Top 10 Wages on Demand Providers in 2023

  1. DailyPay
  2. PayActiv
  3. Even
  4. Earnin
  5. FlexWage Solutions
  6. Instant Financial
  7. Kashable
  8. PayNearMe
  9. Rain
  10. Wagestream

Why Companies Should Offer Wages on Demand as a Payroll Option

  • Employee Satisfaction – Offering wages on demand as a payroll option can increase employee satisfaction by providing employees with greater flexibility and financial stability.
  • Financial Wellness – Wages on demand can help employees avoid high-interest loans or credit card debt, improving their financial wellness.
  • Retention – By offering wages on demand, companies can improve employee retention rates by showing that they care about their employees’ financial well-being.
  • Recruitment – Companies that offer wages on demand may attract more job applicants by offering a unique and attractive payroll option.
  • Cost Savings – By reducing the number of employee requests for payroll advances, companies can save time and money on administrative costs.
  • Compliance – Many wages on demand providers handle the compliance aspects of the service, ensuring that the company remains compliant with all relevant regulations.

Conclusion

Wages on demand is a popular payroll option that provides employees with greater financial flexibility and stability. By offering wages on demand as a payroll option, companies can increase employee satisfaction, improve financial wellness, and reduce administrative costs. The top 10 wages on demand providers in 2023 include DailyPay, PayActiv, Even, Earnin, FlexWage Solutions, Instant Financial, Kashable, PayNearMe, Rain, and Wagestream. Companies that are interested in offering wages on demand as a payroll option should research these providers to determine which provider best meets their needs and the needs of their employees.


Major World-Wide Payroll Developments to Watch for in 2022

April 14, 2022 Kevin Kenealy Uncategorized Comments Off on Major World-Wide Payroll Developments to Watch for in 2022
Major World-Wide Payroll Developments to Watch for in 2022 by The Payroll Company 505-944-0105
Major World-Wide Payroll Developments to Watch
for in 2022 by The Payroll Company 505-944-0105

Technology and digitalization have made it increasingly difficult for company executives and decision-makers worldwide to keep up with the pace of change in the global economy. Despite this, planning is becoming increasingly challenging in a continuously changing environment. The future is more unpredictable than ever, particularly considering the significant disruptions generated by the coronavirus epidemic. Global payroll will be no exception.

In the wake of COVID-19, payroll executives worldwide are presented with a slew of unanswered issues that need to be answered: What innovations are expected to affect global operations in the future? What are the most significant changes in the world’s payroll that we should be aware of? In 2022, where do you think the worldwide payroll will be?

Planning for the future means company leaders need to consider several essential elements.  This subject will be discussed further here.

In 2022, the payroll business will be influenced by several global developments.

The impact of COVID-19 on businesses and the workplace has been significant. Although the epidemic is nearing its end, its legacy is predicted to have a lasting effect on the way companies operate in the future. As a result of the epidemic, there has been a rise in the use of intelligent and artificial intelligence technology and cloud-based solutions. According to several industry analysts, working from home or remotely is expected to remain popular in the next year. Employee satisfaction is now more vital than ever because of the pandemic’s profound effect on employees’ perspectives. In 2022, these global changes will heavily influence the global payroll environment, which may be seen on an industry-wide level.

1. On the road to next-generation payroll

Next-generation technology is steadily finding its way into every industry and business sector. And the payroll industry is no exception. According to the 2020 Deloitte Global Payroll Benchmarking Survey, 15% of businesses have already implemented next-generation payroll systems. Furthermore, another 49% of companies hoped to deploy innovative technology in three years. It was a typical response from corporate leaders when asked which technologies they were planning to implement in the future: engagement platforms, robots, and automation. Hyper-automation and machine learning, such as continuous payroll processing and fraud detection, is getting much attention early on.

2. Cloud-based solutions will be prevalent.

Cloud-based technologies will be a critical component in making global payroll appropriate for the “new normal.” the use of cloud-based solutions to support payroll activities is another technological development that is predicted to become even more critical. According to the Deloitte survey, 57 per cent of the firms polled had already implemented or planned to deploy a payroll cloud solution over the next three years, while another 27 per cent had already implemented or were preparing to implement one.

3. Data will be critical.

An essential takeaway for company executives concerning payroll is that access to consolidated, real-time data for their whole global workforce is vital to making educated business choices and managing global payroll expenditures. According to Gartner analysts, global payroll data has become a significant resource for labor management after COVID-19.

4. Alternative payment methods are on the rise.

Shortly, payroll processing will be fully automated, and data driven. However, what happens when the payroll computation is completed? According to the experts, there will also be a significant shift in the way employees are paid. Currently, on the horizon, new payment methods such as earned wage access are projected to be adopted on a broader scale in places like the Asia-Pacific. Alternative forms of paying employees are the same. The use of digital wallets and other alternative payment methods is expected to rise dramatically in the global payroll sector as a solution to delayed and costly cross-border payments.

5. Employee satisfaction is more important than ever.

It’s no surprise that improving the employee experience (EX) is a significant priority for company executives in the wake of the pandemic’s continued struggle to attract and retain top-tier employees in 2022. It’s becoming more and more common for employees to ask for time off, change their personal information, or see their pay stubs online. Payroll plays a critical part in the active effort to create a good experience for workers. However, this is only one part of fulfilling the aim of ensuring that worldwide teams get paid on time and in the correct currency.


Strategic Steps to Follow When Hiring a Payroll Processing Company

March 24, 2022 Kevin Kenealy Uncategorized Comments Off on Strategic Steps to Follow When Hiring a Payroll Processing Company
Strategic Steps to Follow When Hiring a Payroll Processing Company by The Payroll Company 505-944-0105
Strategic Steps to Follow When Hiring a Payroll Processing Company by The Payroll Company 505-944-0105

Payroll processing service providers offer services levels of varying quality. Certain payroll processing service providers are super customer service oriented, and others teach their customers how to use their system and are not much help to speak of after that when problems arise. Here are a set of positive payroll processing attributes businesses and organizations like county governments need to seek and find in place when choosing a payroll processing provider.

  • Payroll Processing Service Level Components: In addition to managing your company’s FICO taxes, FICA taxes, workmen’s compensation, and payroll processing, factor in if the company provides payroll debit cards, paper payroll checks, and a selection of payroll payment choices. You will also want to know if the company provides services that include several payroll wages rates, management of unemployment insurance and quality payroll reporting reports.
  • User-Friendly: Payroll services should be easy to use for its users. The
    dashboard should be intuitive where payroll processing and other functions are straight forward, including running reports and adding new staff onto the system.
  • Price Affordability:  Logically companies desire finding a service that fits into their budget. On top of price, learn if the service requires a long-term contract. These days many payroll processing agreements offered by payroll service providers are not set up as long-term contracts, but as month to month. Be sure to confirm if you pay for the service monthly, or on a pay period basis. The payroll payment frequency will affect a business directly financially.  This could impact how much it will cost the business per year to pay for payroll processing services.
  • Good Standing: Locate a payroll processing provider with a solid business record and a positive set of reviews online from more than one review source. By doing your due diligence on the companies you are considering you will know the company you choose has been doing a great job for the companies they do payroll processing for and that they have a good reputation.  
  • Payroll System Integration: If the payroll processing service provider integrates the system they offer via direct integration or by open API, you must have a system that works with your company’s bookkeeping, time keeping and accounting system.
  • Customer Service: Seek out a system has a reputation for providing excellent ongoing personal customer service. Check with the company’s you are interviewing to hire for to be your payroll service provider will assign a dedicated customer service representative to your business.  
  • Downtime & Maintenance: Payroll service providers today are online which means they are cloud-based. If your payroll service provider’s system goes down, you will not be able to do payroll for that payroll period. Ask the payroll service provider you are considering hiring to do your payroll how often their system does down, and how many times they go down due to scheduled maintenance.
  • Employee Online Payroll Dashboard: Online payroll service providers offer a employee online dashboard that gives them access to prior period paycheck stubs, year-end W-2s, paid time off totals and sick leave information.
  • Supplemental Services: Many payroll service companies provide a suite of services that include benefits management, human resources management and government timekeeping services.

Take the time to do your due diligence when making the decision to hire a payroll processing provider. Be sure to create an outline of the list of services your company needs such as payroll processing, benefits management, timekeeping, human resources. From there make a list of companies to consider hiring for the services your company needs. Check out each on using the list provided here, make notes about each one and then use your notes to make a relative comparison of the companies to make a smart choice for your company’s payroll service provider.   


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