Whether your company is large or small, it has its unique way of handling payroll. Your business’s payroll policies determine when and how you pay employees and contractors.
The financial success of your business depends on how your organization ensures that its payroll policies align with compliance laws and that employees and contractors are paid quickly and efficiently. There are many complex procedures involved in payroll, and the tax laws concerning payroll are constantly changing; while distributing salaries may seem simple, processing payroll is challenging. NetSuite payroll is a powerful tool that can allow you to process your payroll efficiently to maintain morale and keep your business compliant with tax and labor laws.
Avoid legislation and statutory compliance issues
Legislation issues and statutory compliance are two of the biggest payroll challenges. State regulations, labor laws, federal regulations, and statutory compliances are just a handful of the rules that impact how you do payroll. Following these laws isn’t optional. It is a must.
Many organizations find themselves out of compliance, not because they choose to ignore the law, but because they lack an understanding of intricate, constantly changing regulations. Failure to comply with payroll laws can result in penalties and fines for your company.
NetSuite payroll integration offers enhanced compliance. It automates deposits for state, federal, and local taxes. It can do the same for annual and quarterly local, federal, and state tax form filings. Additionally, NetSuite payroll processing can prepare and populate 1094C, 1095C, W-2, and ACA forms for your employees and 1099 MISC forms for contractors.
Makeup for the shortage of payroll professionals
There is a shortage of talented professionals that work in the payroll field. Your organization may find it a challenge to hire and retain trained and experienced payroll professionals. However, using the right technology and working with an outsourced CPA, who can help you set up this software, might help to mitigate this challenge.
NetSuite SuitePeople Payroll simplifies the payroll process. Commenting on its use, a VP of administration stated, “We can have your payroll done in 10 minutes.” Previously, it would have taken an organization more than an hour to do payroll. Once a CPA sets this software up with your business’s payroll needs in mind; NetSuite SuitePeople Payroll can automatically process payroll, withhold mandatory taxes, calculate gross to net earnings, schedule and issue payments, and deduct benefits. This platform may help you save on the HR resources you dedicate to payroll and make up for any shortage of payroll professionals.
Simplify payments for remote workers
COVID-19 has led to an increase in employees working from home or overseas. Payment administration has become more complicated. You cannot use sign-in forms or card readers for attendant management. Hardcopy management of compensation and leave is complex when dealing with remote workers. Email processing can be a disaster because of the number of verifications, submissions, and necessary manager approvals.
Does NetSuite do payroll for remote employees? While it does not have features specifically designed for remote workers, many of its existing features can easily be parlayed to simplify payment processing for remote workers. These include:
- A Variety of Payment Methods. Employees can choose to have their pay deposited directly into up to 10 bank accounts. They have complete control over editing their account information and direct deposit.
- Flexible Payment Schedules. NetSuite allows you to pay salaried and hourly employees monthly, annually, weekly, or daily. You can run off-cycle payments as needed.
- Employee Self-Service. Remote employees can manage their information and keep their accounts updated. They can see up to five previous paychecks, view their W-4 information, and accurately monitor expense reports.
Also read: NetSuite Reporting Features and Tips
Get a faster time to value
At Fusion CPA, we can help companies like yours integrate NetSuite into your payroll process. We can help you review and reconcile your payroll and advise you on how using the right technology can help you run your payroll correctly. Are you ready to take the stress, confusion, and complexity out of the payroll process? We can help.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.