You have just finished processing payroll for the week. You’re thinking about starting another project or maybe take a quick break. But before you move on, there are few things you can do to improve your overall post-payroll process. Here are some best practices you can follow that will optimize your post-payroll submission experience.
The first quarter is coming to an end and that means filing taxes. CSP can help you file your company’s taxes in a time-efficient manner. Based on your company’s preference and business needs, we offer three options for tax management: Full Tax Management Service, Partial Service, and Client Managed.
While each option has a different level of support, the CSP team is always ready to help set up your tax configuration in our HCM platform, no matter what option you choose. W-2s and 1099s will be directly populated within the system, so it will be the ultimate source of employee information. You can choose whether or not to have these forms printed and shipped to you or to print them yourself.
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.
As the workforce becomes more and more connected, organizations are searching for new vendors that understand their business and its needs. As you search for the right solution, the question of unified or integrated inevitably pops up. It’s crucial for payroll professionals to understand the difference between the two and how they each significantly impact the payroll process.
Unified: A unified human capital management (HCM) solution is developed by one vendor and has a single employee record, database, and codebase which provides payroll, HR, and workforce management services. An all-in-one solution.
Many companies use multiple HR systems or rely on spreadsheets in order to reconcile different sources of data. This leaves you with no single source of truth for employee data, which causes administrative and procedural issues, limited visibility, and inaccuracies. With paychecks and multiple levels of compliance at risk, it is essential for Payroll data to remain transparent and correct. So, how can your organization’s Payroll system evolve to run at its smoothest? Easy, an HCM solution!
You can simplify your entire payroll process while ensuring accuracy and minimizing compliance risk. Our Payroll module in the unified, cloud-based Workforce Ready suite, calculates payroll in real time so it’s ready for you to view at any time. With complete automation, Payroll processing is streamlined to alleviate inconsistencies and ease administrative burdens. This real-time reporting allows your team to analyze Payroll activity and trends, verify benchmarks, and aid regulatory compliance. The easy-to-use Payroll solution provides you with automated tools and high-quality information needed to help control labor costs, minimize compliance risk, and improve your overall workforce productivity.