Zoho Payroll: Simplifying Payroll for US Businesses

Zoho Corporation, a global technology company, announced the US edition of Zoho Payroll, an end-to-end solution that streamlines payroll management, ensures compliance, automates tax payments and filing, and eliminates operational silos between departments handling employee data, financial records, and payment processes.
The launch is accompanied by advancements to Zoho’s existing suite of finance solutions: Zoho Books, Zoho Inventory, and Zoho Practice. Together with Payroll, these apps form the core of Zoho’s finance and operations platform—offering an interconnected, one-stop solution for managing an organization’s financial and operational processes.

“Few existing finance solutions offer seamless interoperability, requiring customers to install multiple pieces of software and contend with organizational silos,” says Raju Vegesna, Chief Evangelist at Zoho. “Zoho Payroll addresses the struggles our customers were facing in finding a system to keep up with endless revisions to tax codes, maintain accuracy and compliance across departments, and generate financial reports. The growth of our array of finance apps is driven by our customers, and that will never change.”

Zoho’s Payroll addresses a need in the market for a full-featured and holistic product that seamlessly connects with other relevant systems. According to Deloitte’s Global Payroll Benchmarking Survey, while 73% of organizations outsource aspects of their payroll process, they still identify key areas for improvement such as compliance, self-service, and technology integration. Meanwhile, smaller businesses have limited options and often rely on manually intensive and error-prone solutions.

Zoho Payroll provides a comprehensive solution designed to automate payroll processing, offer contextually well-connected systems, and fulfill compliance obligations. The key capabilities of Zoho Payroll include:

• Simplified federal, state, and local tax compliance across all 50 states with automated calculating, paying, and filing of taxes
• Efficient handling of employee benefits, including healthcare, retirement savings, paid time off (PTO), and managing contributions to an employee’s 401(k), 403(b), health savings accounts (HSA), and flexible spending accounts (FSA), as configured
• Mobile-first employee self-service portal, available on iOS and Android devices, enables employees to view payslips, benefits contributions, and salary breakdowns, modify tax withholding preferences, and communicate with HR
• Integration with Zoho People, Zoho Expense, and Zoho Books, enabling automatic syncing of employee data, initiation of expense reimbursements, and posting of payroll journal entries

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Major Enhancements to Zoho’s Finance and Operations Platform

Many businesses rely on manual processes for performing critical financial tasks, resulting in delays, errors, and inefficiencies that drive up costs and hinder growth. Today’s updates to Zoho’s finance and operations platform aim to streamline these processes for greater efficiency for both businesses and accountants.

For businesses:

Zoho Books has introduced a suite of new features, including support for direct filing of 1099-MISC and 1099-NEC with the IRS, with provisions for collecting and managing W-9 forms from contractors. Progress-based invoicing allows businesses to invoice customers incrementally, improving cash flow. With bill pay capabilities, businesses can autoscan bills, set up vendor approval flows, perform 3-way match for accuracy, and process batch payments, simplifying the entire accounts payable process. Advanced features include revenue recognition, which automatically recognizes revenue based on contractual obligations or when the service is delivered, and fixed asset management, allowing the recording of asset details, automatic depreciation calculations, and the generating of forecast reports, simplifying the bookkeeping process.

In Zoho Inventory, advanced warehouse management capabilities—such as enhanced location tracking and labeling, stock counting, stock out alerts, and role-based access to the warehouse operations—offer better inventory control, ensure accurate stock levels, and provide faster order processing. The product’s mobile apps empower warehouse employees to perform their tasks more efficiently, improving productivity.

For accountants:

Zoho Practice has included new features to help accountants deliver client services efficiently. Workpapers simplifies audit and compliance workflows by automatically fetching client financial statements from Zoho Books, enabling easy comparison, adjustments, document management, and collaboration for seamless review and approval. The self-service portal enables accountants to collaborate with clients that use third-party services, facilitating document requests, digital signatures, and communication. Accountants can easily create and manage ledgers without a full accounting system, helping them maintain a single source truth. Advanced capabilities like workflow automation, custom functions, and scheduling options support a complete tailoring of their operational workflow.

Source: Businesswire