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Advance HR Functions with Document Management

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Even in our digital age, paper remains a vital commodity for doing business. As an International Data Corporation study reported, “U.S.-based companies spend $25 billion to $35 billion processing (filing, storing and retrieving) paper.” Management of these documents pushes that figure up to $100 billion annually. As utilization of business data expands, companies are experimenting with alternate solutions to managing paper files.

What executives are noticing is the significant savings resulting from reducing their reliance on paper. A Cisco study estimated that a company of 370 employees could save about $1 million by switching to an electronic document management system (DMS), eliminating nearly 80 percent of its paper-based records. Companies tapping DMS technology are seeing a huge return on investment.

Just how much are you spending managing your HR documents each year? Find out with Paycom’s Document Management Calculator.

Additional Benefits

While paper can be a large expense for many small to medium-sized businesses, the proper DMS can eliminate the need and improve the bottom line. However, going paperless provides additional benefits beyond merely reducing cost.

Save Time with Same-Day Retrieval

Are filing cabinets a furniture staple in your office? When a filing cabinet is your sole system of record, sifting through thousands of records to find a single document can take hours or even days. According to a Wedbush Securities survey, 74 percent of organizations experience data loss; even worse, 32 percent of these organizations spend take several days to recover a document, while 16 percent search to no avail. In addition to frustration and chaos, these overgrown filing systems cause stress, which hinders productivity. That burden can be alleviated with a flexible DMS; it makes retrieval quick and easy, allowing more time to be spent on strategic initiatives.

Recover Faster after a Disaster

Mother Nature is clearly unpredictable; in fact, USA Today reported that in 2013, insurance firms paid $45 billion in disaster claims. The amount represents one-third of the $140 billion in overall economic loss from a total of 308 catastrophic events. Every business will face minor downtimes and major unknowns, making it imperative to have plans for disaster recovery in place. A DMS – more specifically, a cloud-based system – stores documents “off-site,” keeping them safe from disaster. Not all systems have the ability to store documents “off-site,” so for absolute protection, look to the cloud.

Improve Compliance     

With more extensive regulations, compliance is a huge preoccupation for companies. The right DMS can provide a secure audit trail of all documentation, so that companies can meet retention requirements and authenticate the validity of information stored. An electronic DMS has the added ability to capture electronic signatures, allowing employers to ensure important documents have been read and reviewed by employees within a certain timeline. Top DMSs allow for the ability to report on what has not been signed, ensuring the company is fully compliant.

Improve Security Standards

With a paper-based method, concern of a security breach always exists. Companies can reduce exposure by using a DMS that keeps tight supervision over business critical records. Most DMS solutions allow you to arrange access by status so that confidential information is kept private. With a DMS, it is important to see who viewed and/or modified a file and when – something that is impossible to do with a physical system.

Improve Document Distribution    

Traditionally, paper documents must be photocopied, which according to authors Robert Orfali, Dan Harkey and Jeri Edwards, “Paper copies cost between six and 12 cents per page,” and if the recipient is located outside your office, you have to factor in packaging and shipping fees. These costs are preventable with a DMS that allows you to share documents via email or online. Consider, too, how this speeds up new employee onboarding and benefits enrollment. With the right DMS, documents easily can be filtered, tasked and submitted by an employee without having to keep track of loose paper files.

Everything Is Centralized

Having inconsistencies, specifically with duplicate systems – be they paper or electronic – leaves you vulnerable to compliance risk, reporting errors and payroll mistakes. It is important to have on clear system of record to ensure that business information is kept cohesive, and documents are accessible easily and not distributed across multiple channels.

With challenges greater than before – including redundancies, misplaced documents and inaccurate information – DMSs deliver huge benefits. Advance your data management today and get back to what matters most.



Author Bio: Lauren is an enthusiastic writer who is passionate about numerous topics surrounding the HCM industry including talent management and acquisition, technology, document management and leadership, just to name a few. Lauren has been with Paycom for over a year and has taken on roles as a blogger, social strategist and community relations coordinator. In her spare time she enjoys DIY“ing,” exploring the city and keeping up with her two dogs, Deacon and Cookie.

IRS Continues to Enforce Affordable Care Act

IRS Continues to Enforce Affordable Care Act

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The IRS recently released an information letter indicating that the IRS continues to enforce the Affordable Care Act (ACA).

Dated June 30, Letter 2017-0010 was sent to a member of Congress who reached out to the IRS at the request of a constituent, a tax-exempt entity concerned it may owe an employer shared responsibility payment (ESRP) because it did not comply with the ACA rules on offering health insurance to its employees, for both financial and religious reasons.

The letter first provides a brief summary of the circumstances that might lead to a large employer owing an ESRP, and notes that there is no provision in the ACA that provides for the waiver of an ESRP.

The letter then addresses the effect of the president’s Jan. 20 executive order on the enforcement of the ACA. Titled “Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal,” the order directed federal agencies to exercise discretion permitted to them by law to reduce potential burdens imposed by the ACA.

However, it did not change the health care law. The legislative provisions of the ACA are still in force until changed by Congress; therefore, taxpayers remain required to follow the law and pay what they may owe.

For more information on the executive order and the current tax filing season, visit https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals.

What This Means for Employers

Since Congress has not yet passed a bill that would repeal the ACA, and Republicans have struggled to draft a bill that would receive majority support, employers should use caution and plan to comply with the law’s requirements unless and until the ACA is repealed and any new law’s provisions actually go into effect. Continued compliance may be required for a transition period, following passage of an ACA repeal bill, depending on the language of that legislation.

 

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Posted in ACA, Blog, Featured

Erin Maxwell

by Erin Maxwell


Author Bio: As a compliance attorney for Paycom, Erin Maxwell monitors legal and regulatory changes at the state and federal level, focusing on health and employee benefits laws, to ensure the Paycom system is updated accordingly. She previously served as assistant general counsel at Asset Servicing Group in Oklahoma City. She holds a bachelor’s degree from the University of Central Oklahoma and a J.D. from the University of Oklahoma. Outside of work, Maxwell enjoys politics, historical mysteries and spending time with her family.

Missouri minimum wage

Missouri Minimum Wage to Decrease from $10 to $7.70

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An overwhelming trend in the U.S. is cities and states increasing the minimum wage employers must pay their employees. However, St. Louis, Missouri is bucking this trend – although not willingly – by decreasing its minimum wage from $10 to $7.70, effective Aug. 28.

Court Battle

In 2015, St. Louis passed an ordinance raising its minimum wage to $10, with an automatic increase to $11 scheduled for January 2018. This prompted the Missouri legislature to pass legislation to pre-empt the ordinance from taking effect. The legislation was quickly enjoined in a lawsuit that went all the way to the Missouri Supreme Court.

In May of this year, St. Louis prevailed in the lawsuit and the minimum wage increased to $10. However, three months after the $10 minimum wage was implemented, the Missouri legislature passed another law disallowing any city in the state from having a higher minimum wage than the state, which is currently $7.70, this forcing St. Louis to reverse.

States vs. Cities

State governments dictating cities’ minimum wages is not altogether uncommon. In 2016, Alabama’s legislature shut down the Birmingham City Council’s efforts to raise its minimum wage. Similar efforts were undertaken by Ohio to block the City of Cleveland.

Other states have preemptively prohibited localities from passing minimum-wage ordinances – even before cities have commenced such efforts. Some of these states include:

  • Colorado
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Michigan
  • North Carolina
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas
  • Wisconsin

 

Although the St. Louis minimum wage decrease runs counter to the national trend, state legislatures prohibiting local increases is not uncommon. As more cities begin to adopt higher minimum wages, expect some state legislatures to push back.

Disclaimer: This blog includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal problems.

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Posted in Blog, Featured, Payroll

Jason Hines

by Jason Hines


Author Bio: Jason Hines is a Paycom compliance attorney. With more than five years’ experience in the legal field, he monitors developments in human resource laws, rules and regulations to ensure any changes are promptly updated in Paycom’s system for our clients. Previously, he was an attorney at the Oklahoma City law firm Elias, Books, Brown & Nelson. Hines earned a bachelor’s degree from the University of Central Oklahoma and his juris doctor degree from the Oklahoma City University School of Law, where he graduated cum laude. A fan of the Oklahoma City Thunder, Hines also enjoys exploring the great outdoors with his wife and daughter.

WOTC Tax Credits

What Tax Credits Are You Leaving on the Table?

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Federal tax credits for businesses are far from easy if you aren’t familiar with the program, and business leaders may find themselves in unfamiliar territory when it comes to their company’s eligibility for tax credits. As a leading provider of comprehensive human capital management software, we have found that the Work Opportunity Tax Credit (WOTC) is one Federal tax credit many leaders underutilize, meaning that they are leaving money on the table when it comes time to do their taxes.

In fact, one Paycom client in the fast-food industry found $447,000 in government-appropriated funds available once they took full advantage of the tax credits available to them. Read more about this client’s experience in our recent case study.

Is your organization is leaving money on the table?

The Purpose of WOTC

WOTC was designed to encourage employers to hire people from segments of the general population who have “consistently faced barriers to employment.”

On average, one in eight new hires potentially qualifies for the WOTC, and that number increases when it comes to the fast-food industry, in which one in four new hires is potentially eligible for the credit.

What WOTC Means for Your Company

Depending on which target group your new hire represents, the number of hours they work and the wages they earn determine the amount of the credit, you can receive up to $9,600 for each eligible new hire.

Like the client in our case study, you may find, that many of the people in your hiring pool are already eligible for the tax credit. They received an average of $1,128 per certified employee.

Who You Can Hire

Qualifying new hires can be full- or part-time workers. They must belong to specific “target groups” designated by the U.S. Department of Labor. These target groups are populations of people who are able and willing to work, but have found barriers to employment for a variety of reasons. Target groups include:

  • veterans
  • Temporary Assistance for Needy Families recipients
  • SNAP recipients
  • designated community residents (living in empowerment zones or rural renewal counties)
  • summer youth employees living in designated communities
  • long-term unemployed

 

 How You Can Receive These Tax Credits

To receive these tax credits, 8850 and 9061 forms must be completed on or before the job offer and sent to your state employment agency within 28 days of the employee’s first day of work. The client in our case study was able to save 75 hours (nearly two weeks of work!) by working with Paycom to process their available tax credits.

If you’re intimidated by or unaware of Work Opportunity Tax Credits, you’re not alone. But you might be missing out by leaving money on the table. Paycom clients using its tax credits service pay nothing for the search if they are found to have eligible employees. Want to learn more about WOTC? Sign up for our August 3 webinar “What’s New With WOTC” to learn the most up-to-date information on WOTC and ask questions specific to your business.

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Posted in Blog, Compliance, Featured, Franchises, Hospitality, Restaurant

Rich Stupansky

by Rich Stupansky


Author Bio: Rich came to Paycom in January of 2010 from Cleveland Ohio and is the Director of Tax Credits at Paycom. Rich was instrumental in developing and creating our tax credits program. Rich has more than 12 years’ experience with federal tax credits and an extensive background in working with companies of all sizes to maximize their full tax credit potential.

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