2017: The Year of Payroll Tax Automation
12/27/16 | 3:25PM | Posted by TEAM Software
2017 is already known for many things — it marks the 17th year of the third millennium and of the 21st century. The Chinese zodiac calls it the year of the fire rooster. But at TEAM, 2017 is already known as the year of payroll tax automation.
TEAM Software is partnering with Symmetry Software to integrate their powerful tax solution, Symmetry Tax Engine (STE), with WinTeam — our core financial, operations and workforce management solution.
With this integration, the complicated process of calculating payroll taxes will now be done automatically, providing TEAM clients with peace of mind that their taxes are accurate. STE will work behind-the-scenes leveraging validated addresses from the system to evaluate nexus, reciprocity, state, local and federal tax rates when calculating payroll taxes. More importantly, through regular monthly updates to meet ever-changing regulations, STE will always calculate the taxes accurately the first time.
“Simplifying the complexity of payroll taxes is a top priority at TEAM Software,” said Kelly Belinsky, TEAM Product Manager. “We know it’s important to free up resources for more strategic tasks and look forward to providing TEAM clients even more value through our payroll solutions.”
In order to fully implement STE, a foundation will need to be built through a series of phases TEAM and our clients will need to complete — validating addresses, updating deductions, mapping tax codes and the final phase — going live with the new tax engine. Once STE is live, specific employee and employer tax requirements will be instantly available when you enter job and employee addresses.
TEAM clients will see the first phase at the beginning of 2017. Since the engine calculates taxes based on addresses, TEAM clients must begin the process of validating addresses to ensure the system has the accurate data needed. We understand timely communication will be key to a successful integration, so TEAM will provide clients with a series of resources as we work through each phase.
A little work over the next few months will reap a reward that’s priceless — an accurate, seamless payroll tax process. Stay tuned for more.