With so many choices in the world of online payroll services, how do you know which company is best for your business? Here, we will examine what factors should impact your decision to move to a cloud based system. Kronos Saashr is a trusted name in the realm of payroll, time and attendance, and HR. Here are some key features that make their software the right choice for any business.
- Payroll Processing- The basic function of an online payroll service is to pay employees each pay period. Kronos’ engine will take into consideration shifts, overtime, bonuses, and taxes (using geospatial technology), as well any garnishment or deductions. The cloud-based technology allows for real time updates and processing. Kronos also has a built-in test environment, allowing end users to get comfortable with the system. Because no two payroll engines were built the same. The system generates pay stubs that can be printed out or accessed through the online portal. All employees can be paid by either direct deposit, live checks, or pay cards as it is completely up to the employer.
- Payroll Reporting- One major innovation that Kronos has over many vendors, is that every screen is a report, making all data easily accessible. From payroll statements to cross-year reporting, all screens can be exported to an excel file and easily passed along to the proper authority.
- General Ledger, Taxes, and Year End Processing- Integrating the general ledger process with accounting firms is as easy as creating an excel spread sheet that can be formatted to the client’s needs. When it comes to employee taxes, the software automatically withholds per pay period, state and federal taxes are paid, and quarterly taxes are filed. And with the year-end process, W-2’s and 1099’s are issued to all employees. And the system is constantly updating, keeping you compliant with evolving tax laws.
- Payroll Setup and Benefits- The use of geospatial tax identification allows for the system to automatically populate information from local tax authorities, taking all the guesswork out of filing and potentially making a costly error. The software calculates both the employees address as well as the address of the company. Another great feature is the labor distribution and cost center tracking which can be as robust or as simple as a business would like. Again, this feature, along with all the others, is completely customizable to fit the individual’s needs. Workers compensation, benefit and insurance management, and carrier connections are included and easily maintained with the Kronos package as well.
- Security and Software- the hosting environment is built upon a secure infrastructure, constantly being audited by an in accordance with the AICPA’s SSAE16 (i.e., SOC 1). The Kronos Private Cloud (KPC) is located in a third-party data center which also undergoes an independent examination in accordance with the AICPA’s SSAE16 standard. As for clients, they decide the level of security granted to each employee or group of employees. As for the software itself, Kronos can be run separately as payroll, time and attendance, or HR. The real beauty is that all of these systems are naturally integrated with one another with the flip of a switch. So, at any time, a client can decide to add services without the headache of compatibility issues.
Contact us here at Charlotte Payroll and let us show you the true power of Kronos Saashr, and how it can have a profound impact on your business.