Easier Payroll Management, Reporting, and Compliance

As year-end approaches, many accounting departments work overtime to ensure payroll, taxes, and reporting are updated and compliant.

There is an easier way to manage payroll, provide reports, and ensure compliance. Acumatica Payroll streamlines payroll setup, management, and reporting.

Save Time, Gain Insights

Payroll systems can do more than track hours worked and wage information. They can also be used to manage human resources, ensuring that enough personnel are available for projects. When using a system like Acumatica Payroll, your team will have updated information at their fingertips. There is no need to reconcile manual payroll reporting paperwork, spreadsheets, or similar methods because all the information is in one place.

Seamless Integration

Another benefit is seamless integration with Acumatica ERP. ERP stands for enterprise resource planning system, a powerful accounting and finance tool that enables you to process information rapidly and gain valuable insights into your business through data. Payroll systems that are integrated into the ERP ensure a comprehensive data view, eliminating data silos and the missed opportunities that accompany them.

Eliminates Cost and Complexity of Third-Party Payroll Systems

Many companies opt for third-party payroll management systems to handle daily payroll needs. Although convenient, many of these systems are costly and complex to manage. Employees may need help accessing them through their dashboards or have questions about reports.

By using Acumatica Payroll, you will have one integrated system that encompasses accounting, finance, payroll, and reporting. Such integration ensures that payroll data is synchronized with the general ledger, accounts payable, and more. This helps maintain accurate and up-to-date financial records, reduce the risk of errors, and improve overall financial management.

Here is how to set up payroll preferences in Acumatica Payroll.

Industry-Specific Payroll Needs

Acumatica also makes industry-specific software, which makes payroll reporting more efficient. For example, the construction industry may have complex payroll reporting, including hourly workers, overtime calculations, etc. Acumatica Payroll makes it much easier and faster to calculate workers’ pay and ensure reporting is current.

Curious? Here’s how time tracking works in Acumatica Payroll.

Improves Compliance and Accuracy

Another feature many companies like is the ability to handle complex payroll calculations, tax regulations, and compliance requirements. Acumatica Payroll helps you adhere to local, state, and federal regulations. The system automates tax calculations, deductions, and other payroll-related calculations. This reduces your risk of mistakes and helps avoid potential penalties.

Offers Employee Self-Service Features

Most payroll processing and reporting platforms, including third-party platforms, offer some version of an employee self-service portal. Your employees can access payroll information, tax forms, and other documents. At this time of year, when employees may gather documents for tax reporting or think ahead, features like this that enable employees to look up their own information save a great deal of time for the human resources and accounting departments.

Acumatica Payroll: Great Time Saving and Improved Reporting

As you can see, Acumatica Payroll offers many benefits. If you are currently using Acumatica, adding this powerful feature to your ERP system is a simple step. You will save time, gain improved visibility into your payroll data, and improve compliance and reporting in one simple step.

By Mindover Software – Acumatica Gold Certified Partner

The post Easier Payroll Management, Reporting, and Compliance first appeared on ERP Cloud Blog.

The post Easier Payroll Management, Reporting, and Compliance appeared first on ERP Cloud Blog.