The COVID-19 situation is changing by the day. And so is the compliance and regulatory landscape. Businesses are hard pressed to navigate these new compliance challenges.
Staying afloat during the COVID-19 pandemic has been the biggest challenge for any business in the U.S. If yours is the one in that lucky tribe, you know well that payroll is more critical than ever. You might, thus, want to refactor your payroll processing model.
Within a few weeks of the WHO declaring COVID-19 as a global pandemic, an estimated 16 million U.S. knowledge workers started to work remotely to flatten the curve of the health crisis, according to a new survey by Slack.
This new work model of remote work and telecommuting has triggered new changes to the existing federal, state and local employment laws. In these volatile times, businesses need to be penny wise.
So now some of the moot questions are:
a) Is your current payroll processing model fully compliant, cost effective and productivity multiplier? Or
b) Is your in-house payroll processing team skilled enough to navigate the complexities of changing compliance laws? What’s the cost involved to maintain the in-house, fully remote payroll team? Have you done your cost-benefit analysis yet? Is your current team able to answer questions being posed by anxious employees during these tough times?
When stuck between the in-house vs. outsourced payroll model debate, the best is to do a thorough analysis of your exact payroll processing needs and the resources available to consider either of these as a viable model.
In case you choose to outsource your payroll function, you can further decide if you want to outsource your whole payroll in one fell swoop to the service provider or only some of your payroll responsibilities such as tax filing, benefits administration, workers’ compensation management, time and attendance or unemployment insurance administration. Remember all these functions fall under the umbrella task of payroll management.
Mostly businesses prefer to outsource time-consuming, tedious and error-prone tasks like salary calculations to an external service provider. An erroneous wage calculated means an annoyed employee. It’s a costly error indeed that no business would want to afford.
However, if you still choose to keep it in-house but do not want to compromise on the productivity of your in-house payroll team, a payroll software is a must.
Regardless of the size of your business and industry, a good payroll software would manage and automate all your expenses and remuneration functions. It will save your business’ time, and enable hassle-free, accurate management of employee pay-cycles.
Despite the necessity of payroll automation software, it’s a complicated space out there. Let’s help you feel confident choosing the one that’s tailored to your business’ and team’s requirements.
A reliable payroll management platform (take UZIO, for example) often includes modules for employee self-service, tax deductions and year-end reporting, and ACA compliance. It’s likely to step up your business’ legal footing by accurately calculating and filing state and federal taxes and creating tax compliant pay slips. Different employee salary documents such as W-2s and contractor 1099s can be freely accessed by your employees. So here it solves your seemingly gargantuan challenge of compliance changes during the ongoing corona storm. Bingo!
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