Closing out the end of one year and beginning the next one are hectic times for business owners, especially those who are not using payroll software solutions. First, employers are tasked with closing out payroll for the year, in compliance with both state and federal regulations; then, as the following year begins, they must send W-2s to every employee, postmarked by January 31.
Payroll Software Solutions
Perhaps when your company was first form edit made sense to print all W-2s, put them in envelopes, address them, and mail them. However, as your company grows, automation is a necessity if you are going to keep pace with the modern business world. Today, there are programs available that enable employers to create tax forms and file them electronically. Some programs even incorporate services, for a nominal fee, that will not only file your W-2s, but will also mail them to your employees, and then post them online for future reference. This is a boon to employers, who no longer have to waste resources and staff on this tedious and time-consuming task. In addition to efficiency, these programs reduce the possibility of human error, which could cost the company fines and penalties.
While tax time can be the most hectic period for HR departments, it is not the only time that HR software can increase your company’s efficiency while cutting costs. Payroll administration, new talent recruitment, time management, and benefits administration are some of the duties that can easily be handled either by using software or by outsourcing to a HR solutions service.
A recent study by PricewaterhouseCoopers found that those companies who conducted human resources duties in-house spent an average of 18 percent more than those who outsource. A large part of their expense is keeping up with the latest tax codes. By either using software that is designed to be compliant with current tax code, or utilizing the services of an HR outsourcing service companies are able to keep current with regulations and ensure compliance, therefore avoiding potentially costly fines and penalties.
If you are looking for payroll software solutions, contact OneSource Virtual for more information. Founded in 1990, this privately owned company understands the needs of business owners, and can help you design a strategy that works for your business.