Recently I had a chance to interview Mark McClatchey, a Business Development Manager and Networking Specialist at PayTech Trust, located in Chantilly, Virginia. PayTech Trust is a Technology company helping businesses become more prosperous by focusing on improving business systems and processes. I interviewed Mark about the importance of having a robust payroll system.
Karen: To attract the best talent, Government Contractors often offer compensation packages with generous benefits. How can they be managed easily and effectively?
Mark: PayTech's product, PayBridge offers auto calculation of Health and Welfare Benefits:
The services include:
· Auto-Calculation of Stipends by qualified hours earned-per contract
· Sequenced deductions from the Stipend
· Auto-Rollover of “leftover” to HSA, 401K, and/or Taxable Wages
· If the employee’s Stipend does not cover elected deductions, the balance will be deducted from their check
· Customized reports to verify Stipend and Deductions
Karen: Can PayBridge assist with Onboarding new employees? Why is that important?
Mark: Helping a new employee feel comfortable and welcome not only on the first day, but also through the first three to five months of their employment, is one of the keys to a successful onboarding process. Your role in informing the employee about his or her job responsibilities, policies, procedures, and the Company’s mission and goals is extremely important. The way in which you present the information will make a lasting impression on the new employee.
With PayBridge’s onboarding application, all the information that the candidate provided can flow into the necessary forms like W-4s, I-9s or state and local tax documents. Once a candidate accepts a position, the system can send out new hire documents, handbooks, etc., and notify the right people to set up a workspace and equipment. You also have a paper trail for accountability. By the time the new hire starts, the first day is just orientation and training, not filling out paperwork.
Karen: If a Government Contractor is considering changing payroll vendors, what is the best time?
Mark: The best times for moving payroll vendors is at beginning of the New Year. There is no historical data to migrate from your old system into your new one. You also do not have to go through the hassle of collecting all your year-to-date and quarter-to-date information from your old provider. Changing providers at the beginning of year allows your new payroll company to hit the ground running with a clean slate.
If the beginning of the year does work for you. The beginning of a quarter is the next best time. There are no taxes to collect from your current processor when you start at a quarter. Year to date information is easier to bring over from your previous vendor.
For more information about Mark and PayTech follow this link to his LinkedIn profile!