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Simplifying Year End With Our HCM Solution

Posted by Amber Walton on Jan 14, 2021 11:29:25 AM

Payroll taxes can be, for lack of a better word, taxing. Reporting those wages, earnings, taxes, and deductions on employees’ year-end W-2s can be even more of a challenge. 

With our HCM solution, you can process year-end with ease, since payroll is automatically and constantly updated. The system allows your employees to consent for electronic delivery from their desktop. It also allows you to edit, approve, and submit W-2 forms with just a few clicks of your mouse. The same goes for closing out your payroll year. If there are any errors, the system lets you quickly rebalance. 

Earnings and Deductions. One of the most difficult parts of filing W-2s are the earning and deduction codes. Our Payroll module helps you easily create these codes by allowing you to specify a particular W-2 box for that specific code. Any time after you have created these codes you can easily go back and edit them, if the code has been tied to the wrong W-2 box. Our system also allows you to set up to do 1099 and draw processing.

Real Time Updates. Our Payroll services provide real time updates to create a cumulative W-2. Every employee has a running W-2 that HR or payroll can review at any time. This also means that when you add a new earning or deduction code, you can immediately ensure it’s being captured in the correct W-2 box. Our system will ease your year-end burden by allowing you to review and approve separating employees’ W-2s when they terminate, rather than waiting until the end of the year when you are focused on your active employees.

Year-End Processing. Our HCM solution makes processing year-end seamless and easy, with a checklist to keep you focused and organized. It allows you to preview employees’ W-2s and edit them directly on the W-2 before approving. You can also mass approve, rather than going employee by employee. Not only can you preview the W-2, it will also populate as a report, so you can easily export data to cross reference with the YTD payroll registers or other payroll data to ensure accuracy. The system also helps you adjust YTD numbers and with a click of a button all W-2s will be recalculated. You can easily change the W-2 box by going back to the earning/deduction code, then recalculate the W-2s to capture any changes.

Timeline. Unlike with most HCM solutions, our timeline is not as condensed. Our system looks at tax years separately, so all your W-2 and year-end work does not need to be completed prior to your first new year payroll. To capture additional information, such as third party sick pay, you can backdate a payroll to the previous tax year. This gives you more time to review for accuracy and prevents having to issue W-2 corrections. 

Save a Tree! Employees can opt into Electronic Delivery of their W-2, saving you both time and money (paper and postage costs). Also, we offer print services, so you can ensure that the W-2 forms are distributed by Jan 31st. Your employees can easily access their W-2s from their desktop and mobile device and the forms can be downloaded to PDF as soon as you sign off on the year-end process. 

You can access all of these amazing benefits when you choose to partner with CSP. Our system was created to help ease HR burdens, like year-end processing and W-2s. To schedule a demo, contact us at www.csphcm.com/contact.

Topics: HCM, HRTech, Payroll

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