Enhancements Deliver Expanded Flexibility for Payroll Processing, ACA Reporting, and Partner Integrations
DENVER, Colo. – September 7, 2016 – SyncHR®, a leader in Human Capital Management (HCM) cloud-based software, announced enhancements to its fully automated SaaS technology platform today. This release delivers new and expanded flexibility for retroactive payroll processing, Affordable Care Act (ACA) reporting, partner integrations and more.
“Payroll innovation is not a phrase one hears in the HCM space but at SyncHR we believe that there are tremendous opportunities to positively disrupt this very antiquated industry with true automation. Some of our newly released features are evidence of our commitment to do just that.” said John Cuellar, CTO and Co-Founder of SyncHR. “SyncHR strives to be the leader, if not the only, SaaS company bringing unique and industry-changing innovations to payroll processing and human capital management.”
Key features of the Pikes Peak Release include:
- New Arrears Processing
- Arrears transactions are critical for proper retroactive payroll processing. The SyncHR payroll enhancements allow for retroactive deductions to be rolled forward with additional capability to limit the amount to be taken from the employee over time. In this way, employees can repay any retroactive payments owed with affordable deduction amounts.
- Employers are now able to calculate the ‘net’ amount (deduction +/- the tax implication) and collect the proper pretax deduction from the employee, retroactively, along with the corresponding tax impact. This ensures that they are accounting for the taxes appropriately.
- Finance, General Ledger, and Foreign Currency Enhancements
- The SyncHR payroll system now supports foreign currency payrolls. The tax liabilities (employer and employee side) are simulated with SyncHR’s flexible rate calculators. As a result, Finance departments can now receive consolidated financial GL reports and interface files for SyncHR payroll. The SyncHR GL interface provides a foreign currency transaction for point-in-time conversion of say GPB (British Pounds) to USD (US Dollars). This follows best practices for financial accounting and reconciliation of foreign transactions. The clear benefit is that all of the allocation and pivot functionality within SyncHR can now be applied to foreign employees’ payroll costs.
- Improved ACA Reporting
- SyncHR continually follows the changing requirements of the Affordable Care Act and its associated Employer Mandates, and has made enhancements to the platform’s “Hours Worked” definitions to further refine all ACA benefits eligibility reporting.
- Total Compensation Reporting
- Customers can now define their own custom report for Total Compensation and make it available to employees on their custom SyncHR employee portal page.
SyncHR’s patented, enterprise-class technology is redefining and simplifying HCM for mid-market organizations. It provides critical advantages not found in traditional systems by fully automating HR, benefits, and payroll processes, balancing the distribution of work, and centralizing data to ensure accuracy and consistency at all times. For more information on SyncHR’s innovative technology, visit www.synchr.com.
SyncHR is the Human Capital Management (HCM) cloud-based technology leader streamlining Core HR, benefits, payroll and reporting in a single, enterprise-class application for mid-sized companies. Founded in 2010, the SyncHR team of industry veterans and visionaries has developed patented technology that saves time, increases productivity, and delivers a superior economic value by simplifying the complexity of HCM through one robust application. The company’s dedicated services and customer care teams deliver industry-leading implementation times, and the intuitive interface creates an enhanced user experience for employees and administrators. SyncHR has created a new reality in HCM by making centralized, interrelated data easy to access, correct, control, and analyze – anytime. www.syncHR.com
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