So far, 2020 has been a big year for new features and the development of Acumatica ERP. But one of the biggest announcements was the introduction of the new Acumatica Payroll module which rolled out with the recent Acumatica 2020 R1 software release.
This new, exciting addition to the powerful Acumatica Cloud ERP line up brings organizations the freedom to finally bring end-to-end, robust payroll capabilities in-house, saving time and simplifying payroll processing. Let’s take a look at what the new module it does.
What is Acumatica Payroll?
Acumatica Payroll is a newly-added Acumatica module that simplifies and automates the in-house payroll process for organizations across a range of industries, including manufacturing, distribution, construction, and professional services.
Acumatica’s Payroll module features the seamless mobility, full customization capabilities, flexible deployment options, and unlimited user pricing that business leaders have come to expect from Acumatica offerings – now applied to payroll functions.
Here are a few standout features of the new payroll module:
- Tax calculations are built in and automatically updated, requiring little setup from you and almost no maintenance (even handles multi-state and multi-entity calculations!)
- Tax filing is easy with help from the optional eFiling package from Aatrix featuring hundreds of state and federal forms
- Payroll updates, changes, entries are fast and easy – Acumatica even handles upcoming changes such as future pay raises with ease
- Mobile access and cloud-based ERP supports work-from-home (WFH) environments and flexible workspaces
- Payroll integrates seamlessly with time-card entry from the Acumatica mobile app as well as GL and other accounting features, delivering full end-to-end in-house payroll capabilities across the organization
All you need to run Payroll from Acumatica ERP is core financials – no special setup or additional Acumatica editions are required.
Bringing Payroll In-House
After years of outsourcing payroll functions, many business leaders don’t realize just how much outsourcing is costing them to relinquish control. Not only does payroll outsourcing require constant management, monitoring, and other effort from your in-house staff, it also limits cash flow because many outsourced payroll companies require advance pre-funding for wages and payroll taxes.
In addition, there’s often a base account fee and a fee per paycheck, along with additional fees for tax-related paperwork or services. And if you need a report that you can’t produce with their standard reporting tool, tack on another fee for custom reporting. At best, these costs remain the same year after year. But in many cases, they tend to increase regularly and you have little control over it.
By bringing payroll in-house using a powerful and modern solution like Acumatica ERP, savvy business leaders can save big on their bottom line.
Already Running Payroll In-House? You Deserve to Simplify
For those of you who are already running payroll in-house because you handle project-based work, union workers, agricultural employees, or other payroll complexities, you deserve a better payroll system.
Sadly, most solutions on the market are outdated, legacy payroll systems that run on desktop and struggle to perform basic business functions, such as Excel exports or data integrations with other financial systems. To keep up in today’s busy business landscape, an updated cloud-based payroll solution like Acumatica that works seamlessly from anywhere and on any device can make payroll processing a lot easier, more efficient, and cost-effective.
Set up multiple pay groups so that you can process different pay period schedules (such as weekly, bi-weekly, or semi-monthly) and include different deductions and benefits depending on the specific group and period.
Set defaults that will apply at the time of employee setup. These defaults include hours worked per week and year, location, WC Code and PTO accrual.
An outside service provides tax rates at no additional cost to you. This ensures that the tax tables will always be up to date with federal, state, and local taxes.
Earning Type Codes
Earning type codes are easy to define. Unlike with other systems, you don’t need hundreds of pay codes—you can just use a few easy-to-remember earnings codes.
5 Reasons Acumatica Makes Payroll Processing Easy
Simply put, Acumatica’s Payroll solution takes care of everything for you, including:
1. Tax rate calculations
With a built-in tax engine featuring automatic updates, you can ease your worries and rely on accurate tax calculations.
2. Filing deadlines
Optional eFiling services from Aatrix take care of the details and the deadlines for you, delivering built-in state and federal tax forms, including all state and federal certified forms.
3. Benefits tracking and management
Gain instant insight and full control over employee contributions, employer contributions, and comprehensive tracking for changes to benefits over time.
4. Payroll-related Accounts Payable (AP) processing
Need to cut a check during your payroll process? Acumatica Payroll helps out by making AP invoices related to payroll automatically ready when you need to pay them.
5. Time-tracking and -entry
Capture time the quick and easy way using real-time employee-entered or supervisor-entered tracking using the Acumatica mobile app – and then watch as your labor data seamlessly flows into your payroll solution when you need it.
Ready for Acumatica Payroll?
Click below to find a Top Acumatica Partner and consultant in your local area that can answer your questions, provide more detailed functional documentation, provide a quote, or setup an in-depth demo to help you determine whether the new Acumatica Payroll module can save your business time and money!