Payroll Year-End: It’s All About The Tools!
Those that know me, understand that I am not a payroll or tax expert by any means. When I started here at SpinifexIT I was primarily a PA, OM and Benefits guy. That is what I knew. I could run time, calc a payroll and post it, but if anything went red I would typically have to call someone. Even with my limited payroll knowledge, taxes (especially in the US) were still a black box to me. In some ways they still are. I can’t even begin to tell you about the tax knowledge I’ve learned since I’ve worked here as we have some of the best SAP payroll tax people on staff I’ve ever met. The reason I can get by now with taxes is because of our Easy Balance solution. Easy Balance contains some powerful tax reports that even I can understand and is designed to assist companies in balancing their quarter/year-end reconciliations.
For example, I can verify if all my wage types that I’m putting in gross are being appropriated correctly into their respective /7xx wage type in order to balance. I no longer have to download the configuration or figure out processing classes and tax models. Again, for an experienced payroll professional or a payroll neophyte like me, it’s pretty darn easy.
When I worked in support, we would get questions from employees asking “What monies were included in my box 1 on my W-2?” At worst, that question was a nightmare to resolve and at best it took quite a bit of research to answer. Once again, Easy Balance delivers that in both a report format (see below) but also in a document that you can easily send (email or via portal) to an employee to answer their questions.
Easy Balance is delivered with a number of reports for various payroll tasks. There are reports that balance many of the payroll technical wage types, FICA and Medicare (my favorite) and we even have reports that balance what is coming out on Tax Reporter as well. If I’m proof of anything, it’s that Easy Balance lets you take even an OM guy like me and get him validating year-end tax results very quickly. Best of luck to all of my friends and colleagues in payroll during this time of the year. I hope you have the tools you need to help you out and a very smooth year-end!!