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Product ID: 385909EAU
 
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Cut Costs and Increase Productivity: Using Shared Services and Common Paymaster

OnDemand Webinar (86 minutes)

Employees interact with numerous service-oriented departments during the course of their work life. These departments include payroll, human resources, compensation, benefits and even accounts payable. Each separate interaction wastes precious company time. Employees desiring services must visit the individual departments, make separate phone calls and e-mails, and complete multiple forms with sometimes redundant general information. Service employees must also spend time completing forms and making calls. In addition, service employees must also enter information in multiple data bases, seek reviews and obtain approvals. The process results in erosion of employee morale, productivity and your company’s bottom line. This OnDemand Webinar demonstrates a positive way to improve these processes by consolidating all of them into one “shared services” environment.

Establishing a common paymaster, in conjunction with a shared services environment or alone, can cut costs on social security, Medicare, FUTA and in some cases, SUI taxes. This IRS permitted method can allow two or more related corporations employing the same individual at the same time to be considered a single employer. By doing so, they pay no more in total social security and Medicare taxes than a single employer would pay. And paying less in taxes is always good for the company’s bottom line.

Authors

Vicki M. Lambert, CPP, Vicki M. Lambert, LLC

Agenda

Shared Services

  • What Is Shared Services?
  • What Are the Advantages to Creating a Shared Services Environment?
  • How Employee Morale, Error Rates and Productivity Are Affected by Using Shared Services
  • How Call Centers Can Be a Vital Link to a Successful Shared Services Environment
  • What Needs to Be Taken Into Consideration When Establishing a Shared Services Environment?

Common Paymaster

  • What Exactly Is a Common Paymaster?
  • What Steps Are Necessary to Establish a Common Paymaster for Your Employees?
  • Applying Common Paymaster Rules to Social Security, Medicare, FUTA but Not Withholding Taxes
  • If Using a Common Paymaster Who Deposits the Taxes, Files the Reports and Completes the Form W-2
  • What Is the Difference Between Common Paymaster and Common Pay Agent?
  • Where Do the States Stand on Common Paymaster - Who Permits It ... Who Forbids It?

Combining Shared Services Environments and Common Paymaster

  • If Establishing a Shared Services Environment Do I Have to Also Use Common Paymaster?
  • Is a Shared Services Environment Necessary to Use Common Paymaster?