Improve Your Payroll Management Process
Nov 09, 2020
Improve Your Payroll Management Process

Payroll can prove to be a challenge for many businesses. A task that is so regular should be something that runs efficiently, but unfortunately that doesn’t always happen. 


As businesses grow, payroll management can also grow to be frustrating. Does being on the phone for hours trying to fix issues with your payroll company sound familiar? Or maybe you need a more robust payroll platform in order to be more productive? Maybe you have the technology, but you’re left figuring out how to use it on your own and not using it to its full capability? Time and attendance, ​GL integration, reporting, and other record keeping can quickly become a frustration.

 

Here’s Some Helpful Ways to Create a More Efficient Payroll Management Process


1.     Outsourcing to Save Time and Money

Many companies do not have the resources or bandwidth to manage the payroll process. Outsourcing your payroll is a cost-effective alternative to having your own payroll team. Depending on how in depth your payroll needs are, from direct deposit, W-2 processing, compliance, timekeeping, tax filing, reporting, 401(k) administration and other tasks, you can have access to both payroll technology and the support you need. 

 

You might not have the necessary time needed to stay on top of all the laws and regulations to maintain compliance, or the knowledge of the best payroll platform solution for your business, or finding the best structure for your payroll process. Outsourcing your payroll to SimcoHR can give you peace of mind when you just don’t have the time or the finances to handle ​these ​tasks on your own.  SimcoHR can also integrate, beyond payroll, other services within HR and employee benefit operations to manage and streamline your systems resulting in increased productivity.

 

2.     Simplify and Streamline Your Payroll System

There are several benefits to using a payroll platform. You can decrease the risk of human error; you can make it easier to control and maintain time and attendance that would allow you to discover trends that could lead to cost saving opportunities.

 

Streamlining your payroll system is a solution to improving your payroll management process. A professional overseeing your payroll can also advise you on ways to improve your existing system. You can accomplish this through technology. Not only will your payroll process be more manageable ​than a paperless system, but it will save you a significant amount of time. A paperless payroll process utilizing an online platform will offer a secure way of handling your payroll data. 

 

3.     Is Your Payroll Software Up to Date?

When is the last time you investigated payroll software options? Upgrading your platform can allow you to be more productive at your business. If you find that you’re spending too much time on payroll, then it’s worth looking into. There ​are a variety of platforms now available to fit different sized businesses and their needs. From basic payroll platforms for small businesses, to large robust platforms that integrate benefits and HR to help streamline your business. 

Spending less time processing your payroll, with increased accuracy in entering in data and processing is a win! Technology alone may not be your answer, but when it’s backed by a service that can walk you through getting the most out of your technology, or teaching you how to use it, ​it can make managing your payroll a much better experience.

 

4.     Simplify Your Pay Schedules

Weekly, bi-weekly, bi-monthly, hourly and any combination of pay schedules can be difficult to manage. If you are a business who has to stay on top of several pay schedules, consolidating everyone to one type of pay schedule is more efficient, easier to maintain and creates less room for errors. ​SimcoHR can assist with this.

 

5.     Payroll Education and Continuous Learning

Continuous learning is vital for any business, and any industry. Payroll management is no exception. There are always technological advances to stay on top of, or new rules and regulations that are always changing. It’s a best practice to educate and train yourself on an ongoing basis about the latest things happening that could either make you compliant, or simply more productive. ​

 

6.     Payroll and Compliance

A big part of managing payroll is tax filing. It can be extremely costly and devastating to a business who fails to ​be in compliance with laws and regulations or meet required deadlines. Be sure your payroll processes have incorporated into it your state and federal payroll, and tax regulations and apply any necessary changes.

 

SimcoHR can help you with all of these tasks by being your full-service payroll company. They also have several other platforms available in HR, employee benefits, and risk management that all work together to help your business. Contact SimcoHR at (585) 750-3246 for a free consultation and discover how streamlining your day to day management tasks can save you time and money.

 

You might also be interested in reading about “Costly Mistakes - Failing to Remit Payroll Taxes and Retirement Plan Contributions on Time” available here.

Sign up for our newsletter.

Important Updates to New York State and NYC Labor Law Postings

03 Jun, 2024
Keeping up with labor law changes is crucial for employers to ensure compliance and protect employee rights. Recently, both New York State and New York City have introduced significant updates to their labor law postings. These changes reflect new protections and requirements that all employers must adhere to. Here’s a breakdown of the latest updates. New York & New York City Labor Law Posting Changes New York State Change New York has released an updated Fair Employment / Discrimination required notice. The notice now includes citizenship or immigration status as a new protected category, prohibiting employers from discriminating on these grounds. Additionally, the update extends the statute of limitations for discrimination claims under the New York State Human Rights Law from one year to three years. New York City Change New York City has introduced the Workers' Bill of Rights required notice. This notice serves as a gateway to a comprehensive guide to rights in the workplace in New York City. Employers must both post and give each employee a copy of this notice. Additionally, the poster must be made available on any online platform used to communicate with employees. Staying informed about these changes is vital for maintaining compliance and fostering a fair workplace. The updated New York and New York City labor posters are now available, ensuring that your business meets the latest legal requirements. For further details and to access the new posters, contact Simco.

HSA/HDHP Limits Will Increase for 2025

02 Jun, 2024
On May 9, 2024, the IRS released Revenue Procedure 2024-25 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2025. The IRS is required to publish these limits by June 1 of each year. These limits include the following: The maximum HSA contribution limit; The minimum deductible amount for HDHPs; and The maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. Eligible individuals with self-only HDHP coverage will be able to contribute $4,300 to their HSAs for 2025, up from $4,150 for 2024. Eligible individuals with family HDHP coverage will be able to contribute $8,550 to their HSAs for 2025, up from $8,300 for 2024. Individuals age 55 and older may make an additional $1,000 “catch-up” contribution to their HSAs. The minimum deductible amount for HDHPs increases to $1,650 for self- only coverage and $3,300 for family coverage for 2025 (up from $1,600 for self-only coverage and $3,200 for family coverage for 2024). The HDHP maximum out-of-pocket expense limit increases to $8,300 for self-only coverage and $16,600 for family coverage for 2025 (up from $8,050 for self-only coverage and $16,100 for family coverage for 2024). Action Steps Employers sponsoring HDHPs should review their plan’s cost-sharing limits (i.e., the minimum deductible amount and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2025. Also, employers allowing employees to make pre-tax HSA contributions should update their plan communications with the increased contribution limits. HSA/HDHP Limits The following chart shows the HSA and HDHP limits for 2025 as compared to 2024. It also includes the catch-up contribution limit that applies to HSA-eligible individuals age 55 and older, which is not adjusted for inflation and stays the same from year to year.

EEOC Releases Workplace Guidance to Prevent Harassment

22 May, 2024
On April 29, 2024, the U.S. Equal Employment Opportunity Commission (EEOC) published its final guidance on harassment in the workplace. The guidance explains how the EEOC may enforce equal employment opportunity (EEO) laws against an employer when workplace harassment is alleged or suspected.  Background The EEO laws are a collection of federal laws that prohibit covered employers from discriminating against or harassing individuals based on certain characteristics. These characteristics, also known as protected traits, include race, color, religion, national origin, sex (including sexual orientation, gender identity and pregnancy, childbirth, or related medical conditions), disability, age (40 and older) and genetic information (including family medical history). Between 1987 and 1999, the EEOC issued several documents designed to guide agency staff members who investigate claims of harassment under EEO laws. The agency issued proposed enforcement guidance on these topics on Oct. 2, 2023. This final guidance consolidates and replaces the earlier documents. Final Guidance In its final guidance, the EEOC provides several updated examples to reflect a wide range of modern scenarios and address emerging issues, such as how social media posting and other online content may contribute to a hostile work environment. It also incorporates current case law, including the U.S. Supreme Court’s 2020 decision in Bostock v. Clayton County, that discrimination on the basis of sexual orientation or gender identity constitutes sex discrimination in violation of Title VII of the Civil Rights Act of 1964 (one of the EEO laws). The final guidance focuses on three main considerations to analyze in any workplace harassment claim: Whether the conduct is based on the individual’s legally protected trait; Whether the conduct resulted in a hostile work environment or explicit change to the terms or conditions of employment; and Whether there is any legal basis for holding the employer liable. The guidance explains that an employer may be liable for workplace harassment under several legal standards that often depend on the harasser’s relationship with the employer. The guidance also describes preventive and corrective actions an employer may take to help establish defenses against liability for workplace harassment. Employer Takeaways Although the final guidance is not legally binding, it provides insight into how the EEOC will investigate harassment claims. The EEOC also identifies a number of steps employers can take to prevent harassment, such as: Establishing a clear, easy-to-understand anti-harassment policy; Having a safe and effective procedure that employees can use to report harassment, including having more than one option for reporting; Providing recurring training to all employees (including supervisors and managers) about the company’s anti-harassment policy and complaint process; and Taking steps to ensure the anti-harassment policy is being followed and the complaint process is working. Employers should consider reviewing and familiarizing themselves with the updated guidance. For additional information, employers may review other EEOC resources regarding workplace harassment, including: EEOC Harassment Home Page EEOC Sexual Harassment Home Page Summary of Key Provisions : EEOC Enforcement Guidance on Harassment in the Workplace Questions and Answers for Employees : Harassment at Work

Have a question? Get in touch.

Share by: