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Addressing the complexity of payroll planning in North America
Finance leaders know that payroll planning in North America is complex – and that such complexity creates an impact felt directly by your business. Let’s take a quick look at one of those inherent complexities in payroll-related planning: payroll taxes. Payroll-planningIn the US and in Canada, companies pay taxes that are over and above employee salaries. In Canada, they are CPP and EI contributions; in the US, they include FICA, FUTA, and SUTA. These payroll taxes are particularly complicated to calculate because they are front-end loaded. As a result, employers pay higher taxes for employees (who make a certain amount) in January than they do in December. For example, if the nominal percentage paid is 4.95% (as in the case of Canada Pension Plan contributions), then this represents a difference in the cost of employing a highly paid employee by 4.95% in January when compared with December. Adding in EI premiums increases this to 7.5%. In the US, FICA, FUTA, and SUTA are calculated similarly and require employment expenses to be front-end loaded. If an employee leaves employment (in Canada) the employer effectively ‘turns the clock back’ to the start of the year when that employee is replaced. In other words, a business with a high turnover of highly paid staff pays considerably more taxes than a company with low turnover rates. In contrast, in most European countries these ‘social security’ taxes are spread across the year for all employees; the maximum tax is calculated on a monthly basis instead of cumulatively. In other words, employers pay the same straight percentage of earnings every month. As a result, employee turnover does not affect the taxes paid. The complexities in North America make it difficult for companies to accurately plan employee costs for higher paid staff. Using a blended rate for all employees is inadequate and forecasting payroll taxes can only be calculated accurately if done for each employee. The good news is that you can draw upon software solutions that manages the complexity built into North American payroll rules and regulations. For example, Detailed Planning Manager, a component of Prophix’s software, allows you to calculate FICA, FUTA, SUTA, and all other payroll taxes for each payroll cycle (i.e., weekly, bi-weekly, bi-monthly, or monthly) and use timeframes consistent with the General Ledger (e.g., months or 13 four-week periods). The outcome: the complexity of payroll-related tax planning and calculating is dramatically reduced. That’s because there is less variation between what was planned and what happens. As a result, differences in employee-related costs can be identified and analyzed. Given that one of the greatest expenses companies grapple with is employee salaries, having this information helps finance professionals address day-to-day tactical decisions as well as strategic business decisions. By Paul Barber
Corporate Performance Management by Prophix
Aptech’s Targetvue Budget Solution Earns Corporate Performance Management Award from Prophix Software
February 26th, 2015 – Mississauga. Prophix Software, a pioneer in global Corporate Performance Management (CPM) software, honored Aptech Computer Systems with its Independent Software Vendor (ISV) Award for 2014. Aptech received the award for its Targetvue Enterprise Budgeting and Planning solution for hospitality companies. Aptech is the leading provider of software for business intelligence, budgeting, and enterprise financial accounting serving the hospitality sector. Aptech began working with Prophix in 2012 to develop a new budgeting and forecasting application that integrates with its Profitvue® accounting and Execuvue® business intelligence systems. Targetvue, based on the Prophix platform, simplifies enterprise-wide planning, consolidation, and reporting by eliminating the need for large companies to rely on managing or manipulating multiple spreadsheets. “Aptech earned the Prophix ISV award by leveraging our CPM platform with Targetvue to create a budgeting, forecasting, and planning solution that helps hotel operators be more successful,” said Michael Tindal, Vice President, Marketing for Prophix Software Inc. “This is noteworthy because the tremendous fluctuations the hospitality sector experiences – due to conditions such as variations in weather, currency rates, local regulations, evolving workforce demands, etc. – makes it one of the most difficult sectors in the world to plan for or predict.” Prophix develops CPM software that automates important financial and operational processes, making companies more profitable and reducing their risks. The company empowers more than 2,500 customers in 92 countries to gain valuable insight into their companies’ performance. Tindal continues, “Aptech’s extensive sector experience, leadership, and suite of total-hospitality solutions, makes it a high-performing partner and ideal recipient for our award. Because Prophix is the leader in CPM, and Aptech is the leader in Business Intelligence and accounting for the hospitality sector our relationship benefits each company’s clients.” Jill Wilder, Vice President of Aptech Computer Systems, said, “All of us at Aptech want to thank Prophix Software for this award. We met with Prophix Software several years ago when we evaluated its CPM solution and thought it would be a good fit for enterprise hospitality budgeting and planning. Our companies have worked well together since then, and many hotel companies today use Targetvue for forecasting and planning to help them operate more profitably.” About Aptech Computer Systems, Inc. Aptech Computer Systems, Inc., based in Pittsburgh, Pennsylvania, is the only provider of a fully integrated enterprise accounting, business intelligence and planning ecosystem to the hospitality industry. Its solutions help customers at both the corporate and property levels understand their financial and operational data for faster goal achievement.
Incorporated in 1970, Aptech’s state-of-the-art back office, true business intelligence and enterprise planning solutions are 100% hotel specific. Solutions include Profitvue®, Execuvue®, Webvue® and Targetvue. Clients comprise over 3,200 properties - including large chains, multiple-property management companies and single-site hotels. Execuvue and Profitvue are registered to Aptech Computer Systems, Inc. All other trademarks are owned by their respective holders. For more information please visit www.aptech-inc.com.
Aptech Computer Systems Cam Troutman, Vice President 135 Delta Drive Pittsburgh, PA 15238 Phone: 800-245-0720 or 412-963-7440 Email: [email protected] www.aptech-inc.com
Media Contact: Julie Keyser-Squires, APR Softscribe Inc. Atlanta, GA 30338 Phone: 404-256-5512 Email: [email protected] www.softscribeinc.com
About Prophix Software Inc. Prophix develops innovative software that automates critical financial processes such as budgeting, planning, consolidation, and reporting—improving a company’s profitability and minimizing their risks. Thousands of forward-looking organizations in nearly one hundred countries use software from Prophix to gain increased visibility and insight into their business performance. For more information, visit www.prophix.com.
Media Contact Andrew Brown Senior Manager, Marketing Communications 1.800.387.5915 ext. 310 Email: [email protected]
