Does NetSuite do Payroll?
NetSuite SuitePeople Payroll is an add-on module available to NetSuite users. Built directly within NetSuite as a full-service solution it automates payroll processes, calculates gross-to-net earnings, withholds mandatory taxes, deducts benefits, as well as schedules and issues payments.
Human resources and payroll teams can easily spot inconsistencies and avoid errors before payment dates, while real-time general ledger postings keep accounts up to date and in balance.
At the moment, NetSuite SuitePeople Payroll is only available in the United States, and for NetSuite OneWorld users who have U.S. subsidiaries with Employer Identification Numbers.
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NetSuite SuitePeople Payroll
Under the umbrella of a corporation, there are many departments and even more employees, each with their own salary.
With an abundance of systems out there to manage payroll, the key lies in finding the right one to manage every employee's salary, deductions, retirement and health benefits, as well as taxes.
Not only does an integrated payroll system ensure proper year-end tax filings, but it also supports payroll across different states.
For NetSuite users, this is much easier than you’d think.
Instead of shopping around for a system that requires internal integrations, NetSuite provides users with an add-on module specifically for payroll and human resources departments, directly within the cloud.
Known as NetSuite SuitePeople Payroll, those with a NetSuite account within the accounting branch of an organization can take advantage of high-level payroll summary costs as well as individual paychecks to make more informed decisions.
Payroll processing times have been reduced by at least 84% with automated operations, enhanced audit trails, and modernized reporting. An added benefit of being connected to your core platform? NetSuite’s payroll solution cuts out the dreaded import and export of payroll data that often needs to be added to an external accounting system.
Thanks to being built into the NetSuite system, payroll data is easily accessible in other applications such as accounting, professional services, and SuitePeople HR.
Benefits of a NetSuite Payroll Module
While the benefits of NetSuite SuitePeople Payroll are many, they also ensure better time management and employee data security.
Thanks to automated processing, manual errors are reduced two fold and payroll admins can enjoy stress-free tasks with less time on preparation.
All while real-time data ensures accurate payroll costs on monthly financial statements.
It’s time to say goodbye to the filing and managing of taxes, as NetSuite SuitePeople Payroll manages and files payroll taxes for you.
Additionally, it ensures that all financial aspects of payroll are compliant.
One of the top benefits of an integrated module is the reduced cost. There’s no need to import or run a third-party system to post to the general ledger. All is easily accessible in one system.
This reduces the cost of unnecessary external systems and expenses derived from manually data.
NetSuite customers can have access and view payroll at different levels: company, department, subsidiary, or location.
When an employee leaves the company, automatically create vouchers that pay off benefit providers, tax authorities, and vacation.
Features of a NetSuite Payroll Integration
Let’s take a look at all the essential upgrades your company will gain with a payroll integration with NetSuite.
For corporations who manage up to a thousand employees, handling each employee’s profile can become cumbersome. NetSuite allows employees to set up and modify their personal bank information directly within their account.
Employees can also choose whether they want to receive their salary directly into their bank account or be paid with a check.
Fear not the season of taxes and audits, as NetSuite automates federal, state, and local deposits for taxes, including all quarterly and annual tax form filings.
Forms required by employees for tax purposes will also be populated and provided to staff.
It’s rare that a company has only salaried employees. NetSuite customers can easily use the payroll integration to pay employees whether they’re hourly or on a salary. It even differentiates employees that are paid weekly, bi-monthly, monthly, or annually.
Teams no longer have to rely on payroll and human resources to update their personal information. NetSuite SuitePeople Payroll has a self-service option where individuals can securely view and update their personal records.
The ability to have access to up to five paychecks, expenses, and can also view up to five paychecks, analyze expense reports, and tax documents means most questions can be answered without reaching out to different departments.
Should your company invest in yearly bonuses, sales commissions, or expense payments, there are many options available to include or exclude these payments in payroll.
Knowing certain payroll trends, comparing data over time, customizing your own reports, and setting KPIs are all reporting features available with NetSuite payroll.
Similar to the main NetSuite instance, payroll departments can break down expenses across the company, department, and subsidiary with the help of dashboards.
Should an issue arise, users can easily trouble shoot with a drill-down summary of financial information on balance reports and transactions.
NetSuite SuitePeople Payroll is available as an add-on module to all NetSuite users in the United States or companies with American subsidiaries.
For those outside of the United States, NetSuite’s platform is easily integrated with other third party payroll applications that ensure all information is under one home.
For more information on everything NetSuite, keep up with our series, NetSuite: What Is It? or contact our team of experts today.
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