This is the first in a series of articles highlighting the features available in Acumatica 2020 R1, which was announced Las Vegas just this January. This seems as if it were 37 years ago, but it’s really only been about 10 weeks. In any event, R1 is an exciting update. It makes a host of new functions available in the Acumatica cloud ERP. These include enhancements to data management, Artificial Intelligence (AI) and new mobile features, simplified reporting and payroll. Today, we’re going to focus on the new payroll capabilities found in R1.
Acumatica Payroll in 2020 R1
The new Acumatica Payroll module in 2020 R1 is designed to help your company run in-house payroll. It simplifies payroll setup, processing and reporting. The module is suitable for businesses with either simple or sophisticated payroll needs. It delivers pay to employees through checks or direct deposit.
Doing payroll in-house not only speeds up paycheck delivery and reduces mistakes, it helps cuts costs. You no longer have the expense of maintaining an interface with an external payroll provider’s system. You eliminate interface complexity. By automatically pulling time entry data from the Acumatica Employee Portal, Acumatica Payroll cuts down on manual data entry while increasing overall accuracy. You can also flow time data from other systems in your business, e.g. Acumatica financials, project accounting and costing as well as industry-specific modules for construction and so forth.
The browser-based software encompasses payroll for both salaried and hourly workers. It manages tax filings, too. The Acumatica web tax service keeps the system up to date with all federal, FICA, state withholding (SWH) and local taxes. There’s no need to download new government rules. As a result, you can stay in compliance with constantly changing government forms, dates, rates, calculations and compliance standards. This includes filings for the Affordable Care Act (ACA) and W-2 forms.
Other highlights include:
- Pay Groups—Establish pay groups that enable you to process different pay period schedules, e.g. weekly, bi-weekly or semi-monthly. Each group can have its own period-specific deductions and benefits.
- Employee Classes—Set employee classes, covering PTO accrual, Workers’ Compensation (WC) codes, hours worked per week and year and location.
- Earning Type Codes—Define earning type codes. With Acumatica Payroll, you can set up a few easy-to-remember codes rather than having to deal with the hundreds of codes typically in use on other systems.
- Overtime Rules—Configure overtime rules in a list that can be applied automatically to employees’ checks. Configure daily or weekly rules that can include parameters based on union, state, or project rules.
- Deductions and Benefits—Keep track employee deductions and the portion your organization has to handle. If the deduction and the benefit are related, you only have to enter the information once for the deduction and the benefit.
Out-of-the-box reporting and inquiry screens let you easily access and analyze payroll information. Multiple reports let you quickly review payroll data through inquiry screens. The system can also export data for use in other data visualization and analytics tools. This enables managers to look at payroll data in comparison to other operational information.
At Innovative Cloud Solutions, we have worked with companies on the adoption of Acumatica Payroll, including the new 2020 R1 version of the module. If you want to learn more about Acumatica Payroll and discover if it’s right for your business, visit our website or contact us for a free consultation or demo.