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Is processing payroll expenses taking up a lot of your time? NetSuite SuitePeople Payroll can help you automate payroll processes, calculate detailed payroll transactions, and make sure your employees get paid on time and in full.
This article will share the benefits of the NetSuite Payroll platform, such as tax compliance, reduced payroll processing times of up to 84%, and more accuracy, control, and happier employees.
NetSuite Payroll Overview
NetSuite Payroll is a full-service payroll solution for US businesses. It works well with other NetSuite features, such as finance, accounting, purchasing, planning, and budgeting. This process eliminates double counting and other errors that slow financial transactions.
NetSuite SuitePeople automate payroll processes while:
- Withholding mandatory taxes
- Calculating earnings
- Deducting benefits
- Scheduling and issuing payments.
Also, NetSuite customers can instantly match payroll transactions with the general ledger, which gives them a real-time view of how their business is doing financially.
Additionally, thanks to the robust reporting functionality, business leaders have a granular view of payroll, down to individual paychecks. Everything is stored in the cloud, so people who are allowed to can access payroll data from anywhere.
Finally, NetSuite Payroll supports flexible payment schedules and provides support for employees across US states. Payroll departments can calculate taxes, pension contributions, benefits, healthcare contributions, year-end filings for contractors, and more.
NetSuite Payroll Functions
Every business needs to process payroll expenses so they can pay employees. However, spreadsheets struggle to manage detailed payroll data. While outsourcing to a managed payroll services solutions can work, several drawbacks exist—for example, high costs, complex integrations, manual data entry, and costly, inaccurate calculations.
Payroll process simplification is critical for modern businesses. Otherwise, accurately reporting finances and paying employees becomes an unwelcome business challenge.
While stand-alone or integrated payroll applications can work, they're expensive and error-prone, not to mention the lost work hours spent reconciling payroll data on a separate application.
NetSuite Payroll offers an on-platform payroll solution that helps companies manage payroll processing. You can automatically reconcile payroll and accounting data, eliminating the need for an integrated payroll processor. This process cuts costs and improves accuracy while giving workers more time to work on tasks that add value.
The significant benefits are:
- Save money on the annual license fee for a separate payroll software
- Lower IT costs associated with integrating, managing, and supporting existing payroll integrations
- Quicker closing periods
- Ensures you pay employees on time and on schedule.
Can NetSuite Integrate With My Current Payroll Software?
NetSuite is a hugely flexible platform. It can integrate with various third-party applications, including most payroll software. However, while these integrations are possible, the real question is: Are they the best way to manage and run payroll processing?
As we've seen, running a third-party payroll application can cost more and might not be as accurate as it could be. Additionally, it requires time-consuming manual data entry. The benefits of SuitePeople Payroll reduce and get rid of these problems, letting you be much more efficient and in charge.
NetSuite Payroll Features
SuitePeople Payroll is full of features that help you keep track of payroll costs and run the administrative tasks that go along with them.
Employee self-service: Employees can see and manage their information, ensuring it's accurate and up-to-date. Additionally, they can access W-4 information and monitor their expense reports.
Support various pay methods: NetSuite offers a complete HR solution for payroll. Employees can enter and manage banking details to receive direct deposits. They can add up to 10 accounts, with the additional option of being paid via check.
Tax filings and deposits: NetSuite automates tax form filing and deposits for quarterly and annual local, state, and federal taxes. Additionally, it fills out 1095 c, 1094 c, W-2, and 1099 forms.
On top of automating filings and deposits, NetSuite Payroll supports multi-state taxation. It can use company and employee address information to figure out tax jurisdictions automatically, saving time and making sure everything is correct. Finally, NetSuite Payroll handles the tax implications involved with mid-year transfers.
Flexible payment schedules: NetSuite Payroll offers employers tremendous control over payment schedules. You can schedule payments daily, weekly, bimonthly, and annually. Additionally, the payroll platform allows you to run off-cycle payrolls when needed.
Robust variable payments: Variable payments, like commissions, incentives, bonuses, and expense payments, can be paid into or excluded from paychecks.
Analytics, dashboards, and reports: NetSuite's SuitePeople Payroll contains many options for running reports. It comes with more than 100 customizable reports and KPIs to help monitor and track payroll data and trends.
Additionally, highly customizable dashboards break down your payroll expenses across departments, locations, or subsidiaries. This feature allows for incredible levels of control and insight into payroll expenses.
First-class support: NetSuite customers get access to expert APA-certified payroll support, meaning guidance and advice are never far away.
NetSuite Payroll Benefits
NetSuite Payroll offers some excellent benefits for broader businesses, alongside accounting, finance, and human resources staff. Here are some advantages that NetSuite customers can enjoy.
Lower costs: Automating payroll processes allows you to reduce the costs associated with inputting and editing third-party files and then updating them to your general ledger.
Quicker, more reliable payroll runs: Preparing and executing payroll runs can take a significant amount of time and energy. Automating these processes dramatically improves accuracy, freeing up your staff to contribute in more meaningful ways.
Enhanced payroll expense control: Business leaders need up-to-the-minute, reliable data and insights to make informed decisions. NetSuite Payroll offers control and visibility of payment data across departments, locations, subsidiaries, and the entire company.
Increased compliance: Keeping up with compliance and regulatory requirements is a burden. If you also have to manage and file payroll taxes, it can make it hard to focus on other business tasks. SuitePeople payroll lightens the load while reducing the likelihood of running into issues.
What Businesses Need NetSuite SuitePeople Payroll?
NetSuite SuitePeople Payroll is the perfect HR solution for businesses of any size dealing with the following issues.
Manual payroll processing: Manually entering payroll data is time-consuming. Also, mistakes can be made by people, which can be expensive and make employees less happy. By automating your payroll process, you can use batch previews to their full potential and cut down on mistakes.
Unreliable payroll data: Business leaders need an accurate, up-to-date picture of their finances at all times to make the right decisions. NetSuite Payroll facilitates real-time and precise posting to the general ledger. Additionally, it means that financial reports accurately reflect payroll costs.
Regulatory compliance: Tax and regulatory compliance have never been more critical. NetSuite Payroll helps you manage and file payroll taxes, eliminating fines and penalties.
High payroll management costs: Businesses with a cluttered software stack can streamline their operations by eliminating third-party payroll software integrations and moving everything under one platform.
Expensive payroll management solutions: While payroll management solutions have their benefits, they can be costly. Additionally, transferring data can lead to errors and delays. NetSuite Payroll gives you more control and self-reliance, and because it updates in real time, you'll have better oversight of your financial data and reporting.
What About International Payroll?
Each country has its own payroll and tax obligations and regulations, which can be efficiently managed alongside NetSuite's accounts payable automation features. Additionally, there are various rules around electronic submissions to regulatory bodies. So while NetSuite's SuitePeople payroll solution is perfect for US-based companies, there are solutions for other parts of the English-speaking world.
Infinet Cloud Payroll
Infinet Cloud Payroll is available on SuiteApps. It's packed with features that help with the payroll process, leave management, and local tax form filings for the UK, Australia, and New Zealand.
The Infinet Cloud Payroll solution is built on the NetSuite platform. This makes sure that payroll documents and employee data are safe and secure.
Is NetSuite Payroll Easy To Use And Deploy?
Like all Oracle NetSuite solutions, NetSuite Payroll has powerful functionalities that can take some time to learn and deploy. If you want to get the most from your implementation, the best path is to access the experience and expertise of certified NetSuite professionals, like the Seller Universe.
Software investment and deployment carry some risks. However, you can mitigate these downsides with the help of teams that have handled similar deployments and are well-versed in best practices.
Seller Universe
Seller Universe exists to provide world-class service solutions that help businesses grow and scale. A large part of our work centers around making your company more efficient.
NetSuite Payroll lets you automate the payroll process, connect real-time data to the general ledger, meet tax compliance, and save money on third-party software or payroll management services. More insights, more control, and much less hassle.
Running a business is complicated enough already. Streamlining your payroll will free up time and resources while ensuring employee satisfaction.
