Process Your Payroll Electronically
Now payroll and tax processing is entering the world of electronic commerce. Thanks to the Internet, companies now can zap financial data off to a bureau. Once there, the service can handle payroll calculations, spit out transaction reports, issue paychecks or manage direct deposits, complete year-end tax filing and more. "It's cutting out a lot of the inconveniences and saving companies money," notes Greg Mountford, director of Internet technology for Genesys Software Systems, a firm that handles payroll processing for Fortune 500 corporations.
Using a Windows®-based program, a human resources professional inputs the appropriate data and then sends it off via the Internet. That can take place from an office or while on the road. The program offers two layers of security protection, including secure socket layers (SSL) for data encryption. Genesys then processes the data at its Methuen, Massachusetts, headquarters and spits it back instantly. It can also produce a wide array of reports.
The cost? After paying a $50 to $100 registration fee, from $2.95 per payment to $4.50 per payment-depending on the level of service. That compares to $12 or more per payment for a typical service bureau. But the main draw is convenience. "You put data in and you get data back," says Mountford. "It reduces paperwork, errors and the time required to process transactions."
Workforce, March 1997, Vol. 76, No. 3, pp. 84-85.