The Christmas season is officially behind us. Now we start looking for the credit card bills we know will eventually come due. In the meantime, many of us are also working on keeping those New Year's resolutions made in the waning hours of 2017. As luck would have it, New Year's resolutions are not confined to individuals. Payroll departments can make them too.
Payroll is one of the most important in-house functions of any business. Without efficient payroll, companies would be left with unhappy workers looking for other jobs because they never know whether they will be paid on time. Even if all other back-office functions fail, the one thing that cannot fail is payroll. That's a fact.
As a national provider of payroll and benefits administration and an industry leader, we want to encourage America's employers to consider the following New Year's resolutions for payroll:
Get ACA Compliance Right
Despite the GOP tax bill eliminating the Affordable Care Act's (ACA) individual mandate, the repeal is not effective until 2019. That means employers still have to worry about ACA compliance for the 2017 and 2018 tax years. By default, that means maintaining ACA compliance – in terms of reporting – both this year and next.
Make 2018 the year that you get ACA compliance right. Commit to accurate and timely reporting. Make sure you get the required forms in the hands of your employees before the deadline hits.
Start Preparing for 2019
As long as we are talking about the ACA, resolve to start preparing for the 2019 tax year. Your company may have to make changes to its health insurance benefits in light of the individual mandate's repeal. Along with those changes, be prepared that some of your workers will choose to not continue participating in your health insurance plan. You need to determine ahead of time what that means in terms of compensation. Do not wait until open enrollment this fall to try and figure it out.
Embrace Payroll Technology
Technology is making payroll more efficient and accurate with every passing year. Make 2018 the year your company gets away from legacy systems and turns toward technology-based payroll. That could mean anything from purchasing a new digital time clock to getting payroll off local computers and into the cloud. Make technology work for you; use it to facilitate more efficient payroll processing with fewer mistakes.
Offer Employees a 401(k) Plan
Now that the GOP tax plan has been made law, both businesses and individuals are expressing renewed hope for the future of the economy. Some companies are even responding by increasing compensation to workers. You could get on board by offering your employees a 401(k) plan. Here at BenefitMall, we work with a national financial services company to offer clients a revolutionary 401(k) plan that is highly flexible and very affordable.
Work with Us to Master Your Payroll
Our final New Year's resolution for payroll is the one we feel is most important: your company should resolve to work with BenefitMall to master payroll. Let's be honest; payroll is getting more complex and time-consuming as the years go by. Things are not likely to change for the better either.
One of the best things you can do for your payroll department and your employees is to let BenefitMall help you with payroll. We offer a range of payroll solutions that can involve your payroll department as little or as much as you desire. From basic cloud-based payroll to full-service solutions, BenefitMall offers it all. We even have specialized payroll solutions for the restaurant and construction industries.