East Granby, CT - August 10, 2020 –
REPORT ARTICULATES HOW EMPLOYERS CAN REAP BUSINESS BENEFITS FROM EXCELLENCE IN PAYROLL ADMINISTRATION
The Coalition for Payroll Excellence is pleased to announce the release of its latest VIEWPOINT articulating how employers can reap business benefits from excellence in payroll administration. The marginal return on the dollar invested in payroll administration can contribute to both top line and bottom line. A financially stressed workforce, unable to save adequately for emergencies and retirement can result in lower productivity and lackluster competitiveness.
The VIEWPOINT titled “INCREASE RETURN ON INVESTMENT WIH PAYROLL EXCELLENCE is posted HERE.
Moreover, inadequate resources for payroll administration can expose an employer to risks in functional areas. For instance, improper administration of 401(k) plan contribution calculations or faulty loan administration exposes the firm to possible breach of fiduciary duty or the loss of tax-favored status for the plan.
The VIEWPOINT report advocates for strong internal payroll practices in areas such as payroll processor selection, talent management, compensation, systems infrastructure, and resource allocation. In particular, the report supports strong data syncing and reconciliation practices between payroll and 401(k) plan systems. The report calls for client, 401(k) plan recordkeeper, and payroll platform to clearly state and assume their respective responsibilities in data entry, verification, synchronization, and reconciliation.
"Small business owners wear many hats. By selecting the right plan sponsor and vendors for payroll administration and 401(k) plan services, the small business owner is able to spend more time doing what they do best — running their businesses,” says Melissa Srica, Ubiquity Retirement + Savings, Manager of Financial Operations.
This VIEWPOINT directed to Chief Financial Officers, Chief Executive Officers, and Businessowners is the fourth in a series the Coalition for Payroll Excellence plans to publish in 2020 and 2021 to guide employers, payroll platforms, and retirement plan service providers in establishing best practices for data exchange. Future VIEWPOINTS will examine potential improvements in processes and relationships between these three parties.
About the Coalition for Payroll Excellence
The Coalition mission is simple: to advocate for payroll administration excellence, to define payroll administration excellence and best practices and finally, to encourage employers and their payroll providers to adopt those best practices. Ultimately the intent of the Coalition is to sustain the dialogue between retirement plan service providers, payroll service providers and payroll administration software firms. The Coalition for Payroll Excellence is a brand of EACH Enterprise, LLC.
For more information or to become a member, contact:
Eric Henon, President and Founder
Coalition for Payroll Excellence
Office: 860.653.1705 Cell: 860.221.4449
Find out more: www.payrollexcellence.us