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Use Our Online Tool to Better Understand Government Funding Programs
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Access vital funding to help your business remain open, continue paying your employees, and recover from unplanned circumstances due to the COVID-19 pandemic.

Paychex has created an easy-to-use online tool that details the specific federal relief programs and refundable credits available through the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES). The tool includes helpful links to applications and a comparison chart of loan programs (Paycheck Protection Program and the Economic Injury Disaster Loan program) to help you address what would best meet the needs of your current circumstances.

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We recommend discussing these options with your accountant or trusted advisor to determine the best course of action to leverage the incentives available.

Paychex is actively working to help make the PPP loan application process simpler. If you’re a Paychex client, we’re creating a report and ensuring it reflects changes introduced April 2 by the federal government. To utilize the report, your business or your clients’ business must have run payroll with Paychex in 2019.

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Bring These Big Business Benefits to Your Small Business with HCM

Payroll
Article
03/08/2016

Human capital management (HCM) software was once available almost exclusively to large companies looking to bring automated efficiency to specific business operations like payroll and human resource administration. With the advent of cloud-based solutions, HCM software is now both more affordable and accessible to small- to mid-sized businesses aiming for the same efficiency in their own administrative operations.

Attending to HR, payroll, and related areas of the business can occupy employees' time that could be better used elsewhere. Small to mid-sized businesses can attempt to manage these functions using paper forms, spreadsheets, Word documents, or other labor-intensive processes; however, this can be inefficient. It may also pave the way for data entry errors that could result in costly legal and/or compliance issues.

Some HCM solutions only require data to be entered once in order to propagate through different business functions. As a result, there may be less risk for data errors including mismatched employee Social Security Numbers  that can get in the way of employees receiving their paychecks.

Here are six more areas in where HCM solutions may provide key benefits to small- to mid-sized businesses:

1. Employee Recruitment and Applicant Tracking

When a position opens, an HCM solution allows administrators, recruiters, supervisors, employees, and applicants to more easily access the specific information they need. Job openings could be distributed through:

  • Job posting templates
  • A careers web page
  • Free job board postings
  • Social media

2. Administrative Access to HR Data

In terms of time and labor, it's far more efficient for your HR staff to distribute accurate data and communications from one centralized location. With an HCM solution, employees could enjoy self-service access to information such as:

  • Personal and emergency contact information
  • Check stubs
  • Form W-2
  • Total compensation summary
  • Company forms and documents

Also, HR managers can use HCM software for these critical functions and materials, among others:

  • OSHA tracking and reporting
  • Company document management
  • Benefits coverage tracking and costs
  • Employee profiles and licensure expiration date notifications
  • Cross-organizational task creation, delegation, and deadlines
  • Blank forms and posters including the FMLA, federal minimum wage, and OSHA posters

3. Benefits Administration

Business owners may appreciate having complete control over the information needed to manage their benefit plans. With a single automated platform, it's easy to update employee profiles-of-record. These enterprise-grade automated tools can provide real-time data, which could help lead to:

  • Greater accuracy and accountability
  • Assurances in meeting benefits requirements and deadlines
  • Savings in administrative and employee time as well as associated labor costs
  • Control over benefit costs, invoicing, and bill reconciliations

4. Compliance with Employment Regulations

HCM solutions can support your small business efforts to remain compliant with ever-changing employment laws and regulations. You could conduct due-diligence in areas such as new-hire reporting, background screenings, and employee separation processes (SUI claims administration, workers’ compensations, and COBRA administration).

5. Management Visibility

Through an HCM solution, managers and supervisors can determine whether active employees are on the premises and working.. With some systems, managers can also access information needed for strategic decision-making through custom analytics and advanced key performance indicator tracking.

6. Automatic Expense Reporting

Full-featured HCM solutions can enable employees to submit expense reports and be reimbursed from anywhere with web access. Data could be automatically populated from a wide range of sources, including:

  • Airlines, cars and hotel itineraries
  • Personal and business credit card transactions
  • Checking accounts
  • Scanned receipts

Expenses could be pre-approved, and any violations of the expense policy could be called out for easy adjustment or removal.

When researching HCM solutions, consider that Paychex FlexSM enables you to take advantage of the benefits listed above through a mobile, end-to-end, integrated platform that can help provide the "large company benefits" of HCM to small businesses.

 

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This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.