Leave Your Payroll System to the Pros

For growing businesses, paying employees might not be as easy as before expanding. Payroll management includes handling sensitive data, complicated calculations and state and/or federal reporting requirements. The time investment can be substantial.

Payroll management is complex.

Hourly rates, time off and retirement contributions are just some of the data included in employee pay. And calculations must be accurate, as well as state and federal taxes.

Paying and reporting taxes is one of the most challenging tasks for small business owners. In a recent survey, 42% of participants said they wanted help with state tax registration and 41% want assistance with tax credits.1

Failure to calculate, withhold and report taxes in a timely manner can be costly. Businesses can be penalized depending on the error, size of the company, amount owed and timing of payment. There are also penalties for improperly filing W2s. Penalties may include up to 15% plus interest for late filings, as well as property liens, civil and criminal sanctions, even jail time. After looking at these risks, payroll automation makes sense.

Automation improves payroll management.

Whether your payroll system is in-house or outsourced, there are key benefits to automation. Automated payroll systems can help you save time and money while improving accuracy, as well as provide a more satisfying employee experience.

1. Saves time and money.

   Consider all the manual tasks involved in payroll processing — tracking benefit deductions, wage garnishments, new hires and terminations, paid time off, etc. These are important but repetitive duties that require keen attention to detail and accurate data inputs. Automating these responsibilities frees employees to focus on more strategic efforts.
   
   Consider the staff, wages and benefits manual labor requires. Payroll automation can reduce expenses, as well as improve efficiency.



2. Improves efficiency and accuracy.

   Manual payroll systems are prone to mistakes, which can negatively impact employees’ trust if they aren’t paid correctly. Compliance with tax laws and regulations is also a risk when manually entering sensitive business and employee data. Automated payroll systems improve accuracy, as well as reduce the risk of non-compliance.
   
   Payroll service providers stay informed of government regulations as part of their business. In addition, most payroll companies have teams of experts who can research questions and provide answers to employers and employees.



3. Enhances employee experiences.

   Employees want self-service access to their payroll information. An integrated payroll platform enables employees to print their own tax documents, preview pay information, access pay stubs, change tax allowance forms, and update personal contact information.



4. Increases security.

   Payroll data is particularly sensitive because it contains personal identifying information. Automated payroll systems include fraud prevention technology, including redundant systems and data storage protocols, for a greater level of security.

Get the payroll system you need.

Employees expect accurate, timely compensation. You want to meet these expectations, as well as satisfy compliance and reporting requirements. An automated payroll system can do both, and more. Synovus will evaluate your payroll processing needs and help select the services that are right for your business. Additional options might include new-hire reporting, software integration, vacation management, employee self-serve and mobile access.

If you’d like to discuss next steps, call 1-888-SYNOVUS (1-888-796-6887) today or stop by one of our local branches.