How to ConquerCommon PayrollChallengesBoost Performance and Mitigate Riskwith Cutting-Edge Payroll Solutions
With more remote workers than ever before, companies mustadapt to survive the rapid changes in today’s environment.When it comes to payroll, businesses are thinking beyond the basics likeautomating and going paperless. In particular, when investing in a payroll solution,platforms that have the flexibility to deliver more for the modern workforce arerising above the rest.It goes without saying that payroll is a crucial business function — the agility itprovides (or doesn’t) in the areas of calculations, compliance, and reporting hasmajor implications for both your organization’s profitability and your employees’morale and function.Payroll is a team sport, and the difference between surviving and thriving intoday’s unpredictable business climate comes down to partnering with the rightpeople and using the right technology.To empower your organization to adapt seamlessly to tomorrow’s unforeseenchallenges, you’ll need a flexible, all-in-one solution with tools that help you keepup with changing regulations, easily report and forecast critical organizationaldata, and put power back into the hands of your workers through employeeself-service options.The good news? Today’s HR and payroll software offer all these capabilities —and more.
Don't Let Calculations andCompliance Slow You DownIf today’s payroll functions have you feeling a little apprehensive, you’re notalone. Deloitte’s 2018 Payroll Operations Survey1 revealed compliance andcontrols as the top area for improvement among respondents, and with goodreason. Compliance and tax issues are two of the most complex elements ofthe HR and payroll function — and can also have the steepest consequencesif not done correctly.One organization2 that made a seemingly innocuous 608.05 overtime payerror wound up paying 70 times more in legal fees and penalties3 than theoriginal error itself. And then there’s the undeniable link between payrollerrors and employee morale. Over half of employees have had a paycheckissue — inaccuracies in payroll issues don’t just mean one bad day for anemployee. Automated, digital employee data and document managementhelps prevent the domino effect of wasted time, money, and energy. Prorationand retro pay calculation tools, for example, minimize opportunities forhuman error and streamline and simplify processes so that teams can stayagile with the ebbs and flows of business and the workforce.How Payroll Inaccuracies Impact Employees54% of Americans have had a paycheck issue56 million American workers have paid apersonal bill late because of a payroll error82 million workers would leave their job if theirfirst paycheck was wrong26% of hourly workers have been paid too little,while 15% report they’ve been paid too lateCourtesy of Workforce Institute1 survey.pdf2 ts/texas/txndce/3:2015cv00213/255700/114/3 com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.20% of gig workers have been paid late 20% of gig workers have been paid too little16% of gig workers say they’ve had theirpaycheck deposited into the wrong account
Stay Compliant withChanging RegulationsCompliance is crucial in protecting your employees and your organization.In addition to keeping pace with local and state regulations, companies mustensure they’re up-to-speed with federal regulatory bodies, including theACA, IRS, and USDOL. Even before the COVID-19 crisis, the trend towardsincreasingly complex sets of compliance regulations was already accelerating,with new rules springing up, including:New paid sick leave legislationNew tax codesNew ACA policiesAnd this is just the tip of the iceberg. This trend of complicating compliancemandates is only expected to continue growing.Today’s HR and payroll solutions have come a long way and offer some trulyimpressive compliance capabilities and technologies that empower yourcompany to react quickly to curve balls. For instance, select platforms nowprovide capabilities that keep organizations up-to-date on regulations comingfrom all avenues, including check stubs, time off, retirement plan limits, taxlimits, wage-based limits, and even hyper-specific, current organizationalneeds, like PPP loan forgiveness applications.Modern tools like these help you get payroll right the first time, while keepingyou compliant with regulations at all levels. When done right, complianceprovides the stability and assurance your company needs to grow, scale,innovate, and attract top talent.Learn about our Compliance Dashboard.3paylocity.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Master Tax Functions withExpert Tax AssistanceWhile they say death and taxes may be the only certainties in life, the same couldcertainly be said about changes to tax laws and regulations. Accuracy and efficiencyare crucial for business and the solutions you rely on to provide flexibility and agility.Yet for many businesses, tax regulations can be a major obstacle.A 2018 survey by Deloitte revealed tax regulations are a hurdle for organizations,with respondents reporting struggling with three main tax compliance issues:4 Employee mobility and determining tax withholding Reporting of local, payroll taxable income Year-end processingWith complex structures and rules that are difficult to navigate, it’s no surpriseorganizations struggle with these aspects of payroll and taxes.It's past time to reconsider solutions that do more than simply keep you on pacewith core payroll functions and include advanced tax assistance capabilities thataddress and streamline tax issues and processes — protecting companies like yoursfrom costly mistakes, penalties, and audits. Some will even offer tools that keep youcurrent with changes in state and federal tax laws as they happen — without theneed for manual intervention.These platforms provide the flexibility for rapid development and multiple,customizable deployment options in these critical areas to ensure your HR andpayroll solution can evolve with your organization and meet the ever-changingneeds and requirements of your business.Learn about our Tax Services.4 survey.pdf4paylocity.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Stay Above-Board withContract WorkersIn addition to the large number of moving parts already in place,compliance has become even more critical — and complex — with a globalpandemic ushering an exponential increase in the number of independentcontractors and independent contractor roles.“Besides the threat of class action lawsuits, misclassification of workers canlead to liability for unpaid tax withholdings, unemployment insurance taxes,workers’ compensation premiums, overtime, minimum wages, sick andvacation pay, among others. Penalties and interest may also be assessed,”writes Lisa Higgins of HR Daily Advisor.5In a landscape where an increasing number of workers are scattered acrossthe country, it’s critical to employ a system designed for multi-state tax filingand multi-entity accounting.This way, you can equip yourself with tools and assistance that protectyour organization from misclassification errors, including tools that furnishand file 1099-MISC forms (employee and employer copies), and providequarterly and year-end reporting through our dashboards, making it easyfor HR pros to visualize year-end tasks.5 isclassification-freelanceeconomy/#: :text vacation%20pay%2C%20among%20others.5paylocity.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Empower Employees withSelf-ServiceHR professionals these days have the overwhelming job of covering basics,like payroll, while also developing strategies and initiatives to drive theircompanies forward and keep their organizations competitive. Put simply:it’s too much for one person to handle.But when employees have access to their own information, they can answertheir own payroll-related questions and autonomously perform actions thatwould have historically eaten up precious HR labor hours, including Viewing online pay statements Viewing annual tax documents Updating their banking details (direct deposit) Updating their home address Updating personal and emergency contact information Electing and/or updating voluntary deductions.Employee self-service portals not only save time for HR professionals, butalso provide workers with the type of consumer-driven experience they crave.In fact, Deloitte’s 2018 Payroll Report6 found that “89% of respondents offeronline payroll self-service with a 21% increase in the option to elect and/orupdate voluntary deductions online in the past three years.”Supervisors benefit, too, with the ability to approve schedule changes ortime-off requests. The time your employees (and you) save with modernsolutions enabling the self-service function is a win-win for everyone involved.Learn about Employee Self Service.“It used to take multiple staffmembers close to three full daysto process and reconcile payrollevery period. With Paylocity, ittakes one team member no morethan 90 minutes to complete itfrom start to end.”Peter Chen Vice President, Finance,The Kennedy Group66 survey.pdfpaylocity.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Tell Your Organization’sStory with Cutting-EdgeReportingIn a world that’s been flipped upside-down by a global pandemic, quick,effective decision-making is critical to the survival of an organization.But effective decision-making needs to be driven by so much more thangut instinct.The key? Data.“Just as marketing became a data-centric function about 25 years ago (thebeginnings of market segmentation, customer scoring, customer relationshipmanagement), so is HR beginning to go down the same path,” writes Bersinby Deloitte founder, Josh Bersin.7High-impact organizations are well ahead of their competitors when itcomes to analytics and workforce planning, he says, pointing out that“These companies are already making the shift toward ‘datafying HR’.”In other words, for your company to be truly successful, data must be at thecore of your organization’s forward-looking HR and payroll strategy.Learn about our Data ylocity.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Keep the C-Suite in the LoopWithout Wasting TimeEasy access to meaningful data helps drive your company forward. Organizationalleaders want to see a clear picture of how costs like labor, cash requirements,turnover, and other critical metrics are affecting the bottom line, but they don'thave time to sift through or interpret spreadsheets.Advanced reporting and data visualization capabilities make the differencebetween information that exists and information that impacts. The right HR andpayroll solution will allow you to easily forecast and visualize critical payroll data,including: Turnover and separation trends Monthly and annual payroll trends Overtime and headcount information Workforce demographics Employee pay and salary distribution Labor expense management And many more“We are an inherently visual world, where images speak louder than words.Data visualization is especially important when it comes to big data and dataanalyzation projects,” writes Adam Heitzman of Search Engine Journal.8However your workforce is comprised — operating remotely or in a single location,salaried or hourly — the key to making impactful decisions is in intuitive reportswith tables, graphs, and other visualizations that tell an easy-to-understand storyabout your organization.8 city.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Go Beyond PayrollPayroll is complex and time-consuming, but it’s a team sport. Ensuringyour payroll function is accurate, compliant, and effective in drivingyour organization forward is more than one person can manage.Enlist the support of a powerful solution that keeps up with the changingdemands of today’s complex business landscape backed by servicepartners committed to your success.Today’s HR leaders can leverage all-in-oneHR and payroll solutions to: Automatically stay compliant with local, state, and federal regulations Leverage tax assistance capabilities that keep you current with changesin state and federal tax laws as they happen — without the need formanual intervention Keep you above-board with independent contractors through multi-statetax filing and multi-entity accounting Save labor hours and improve employee experience with employeeself-service Access and manipulate data Present polished, easy-to-digest payroll reports and information tostakeholders at all levels of the organization9paylocity.com 877.727.8636 Copyright 2020 Paylocity. All Rights Reserved.
Powered by our culture of caring, our modernworkforce solutions set you up for successtoday and well beyond tomorrow.Paylocity solves today's employee lifecycle and collaboration challengesand helps drive future organizational success by expanding meaningfulHCM experiences through the highest-caliber technology and service. Our all-in-one HR and payroll solutions combine next-generationcollaborative video, engagement, and education tools with tr