If you think that just because your organization is small in size, it is not generating a considerable amount of payroll data every year, then get your basics right! Every organization's goals, regardless of its size, is to increase productivity and revenue. To achieve these goals, you need to take some burden off your employees to allow them to invest their attention in the creative fields of your business by entrusting a Payroll Management System to manage cumbersome payroll administrative and compliance tasks.
Running a business isn’t easy. From figuring out how to get your idea off the ground, to remaining competitive in your market and continuing to push your company to the next level, you may be feeling a strain on your resources. Many businesses that are just starting out or are only a few years old strive to handle nearly every business-management responsibility in house with a small, but dedicated team; however, this can prove to be a detriment to your company.
In honor of National Payroll Week last week, employees at organizations throughout the U.S. spread the payroll love by taking a few moments to nominate and share some kind words about payroll professionals that continuously go above and beyond for their people and organization.
Please help us in celebrating and giving kudos to the following payroll professionals:
In 2013, the Cole Memorandum, which advised U.S. attorneys to refrain from prosecuting state-licensed marijuana businesses unless they violated a federal law was signed by the Obama administration. The Cole Memorandum has since been rescinded in 2018 causing uncertainty among the industry.
Running a business consists of thousands of little steps every day. There are many tiny tasks that make up the overall organization to keep things moving forward. Payroll is an important one.
Like many areas of business operations, technology is changing how businesses process payroll. This change not only stems from the pertinent technology developments regarding how payroll is processed, but also how said technology is changing the world as a whole. More businesses are abandoning the traditional 9-5 salaried worker model and using remote capabilities.
With that in mind, here are four payroll trends that prove that the future is happening now:
It’s probably fair to say the basic premise and fundamental focus of HR automation is process improvement. After all, if it doesn’t make your day-to-day HR life easier, why have an HRMS in the first place? And it seems many would agree. According to the Sierra-Cedar 2017-2018 HR Systems Survey, 67% of organizations have “business process improvement” as a priority for their HR technology investment (with “HR systems strategy” a distant second place at 40%).
In early 2018, the IRS took the first step to reflect the Tax Cuts and Job Act by releasing the new withholding tables. PeopleGuru implemented the 2018 Withholding Calculations immediately following the release that reflected in payroll as early as Saturday, January 13, 2018.
On January 11, 2018, the Internal Revenue Service (IRS) released Notice 1036, which updates the income-tax withholding tables for 2018. The new table reflects the changes in the Tax Jobs and Cuts Act of 2017 that was enacted by legislation last month.
Payroll processing is an important aspect for every organization. It’s the way you reward and retain your people for all of their hard work. Failure to accurately pay your people can result in penalties, fines, and disengaged employees.
Without the right resources and knowledge, processing payroll can be frustrating, time consuming, and complicated. This is why many organizations choose to outsource payroll and tax management to a third-party provider. Whether or not your organization outsources payroll or performs processes in-house, here are 5 things you need to know and the top resources to help: