The responsibility for timely, accurate payroll management rests with the chief financial officer (CFO). Processing payroll can be complex, especially with changing variables that often arise with employees or with regulatory requirements. The Affordable Care Act (ACA) introduces an even greater burden for capturing and reporting payroll data. Since the buck stops with the CFO, are you ready for these new payroll reporting requirements?
As businesses grow, payroll processes can become more complicated. Employees may work across multiple departments or projects; you may have overtime rules to enforce; and preparing direct deposit statements, W-2s, and the new ACA 1095-C and 1094-C forms can take additional time. Delayed or inaccurate paychecks could frustrate employees and land your business in hot water. Although processing payroll can involve a team of talented employees, the CFO is ultimately responsible for the paychecks that go out each pay period. Download the article “The buck stops here,” to learn how the right technology can provide the CFO with greater control and visibility throughout the payroll process.
Modern software solutions can add time-saving automation and streamline many challenging payroll processes. CFOs can manage data required by the ACA reporting, for example, by enhancing the accounting systems found in many enterprise resource planning (ERP) solutions. With the right payroll enhancements, you can control the time and costs that are dedicated to tracking employee and payroll data each month for ACA reporting. By monitoring this data, you can minimize the risk for penalties that can arise with inaccurate recordkeeping and reporting. You can also use your payroll data to budget full time equivalents (FTEs) by year, department, or position. This visibility can support forecasting efforts to plan and control the potential impact of benefit changes over time. You can also save valuable time by replacing paper-based systems with electronic recordkeeping. Email direct deposit statements, tax forms, or other information to employees instead of printing these documents and stuffing envelopes.
The CFO has a lot of responsibilities that can’t be trusted to inefficient software or manual processes. Download “The buck stops here” and contact Integrity Data to learn about the payroll enhancements that can strengthen payroll processes so you can be confident fulfilling your responsibilities.
By Integrity Data, a Microsoft Dynamics GP ISV out of Illinois