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Build HR & Payroll Tech Stack for Your Business

Every business wants its HR and payroll departments to function smoothly without any hiccups. These departments carry out crucial activities that are vital to the success of any company.

Published

3 years ago

June 3, 2021

TwinzTech

Do Businesses Need an API-driven Strategy

Every business wants its HR and payroll departments to function smoothly without any hiccups. These departments carry out crucial activities that are vital to the success of any company. Still, these departments’ overall workload and constant demands can be a huge burden for your staff.

Fortunately, many companies are switching to cloud-based core HR software, enabling them to run the departments at higher efficiency and at a lower overall cost. Do you ever wish your business could run like this? Here’s how to do it!

Table of Contents

1. Identify Your Weaknesses

Before you start thinking about implementing any software, it’s crucial to analyze your current department operations to decide what is working and what needs improvement. Don’t be afraid to be harsh or picky. Maximum efficiency requires optimization, which means you’ll need to closely review every detail to identify any shortcomings or potential problems.

Would you please keep track of these weaknesses because they will play a key role while choosing your payroll software? For example, if you were struggling to distribute paychecks on time, then look for a solution that can automate the process and has a direct deposit feature for seamless operations.

2. Potential Research Solutions

Unfortunately, there isn’t anyone platform, software program, or cloud-based solution that’s guaranteed to work for every business, so you will have to do a bit of research yourself. Using the weaknesses we’ve identified above, consider solutions based on your needs. If your payroll department manages, but your HR team is struggling, you may solely consider HR solutions.

If HR is fine, but your payroll department is lagging, you may be able to amend the issue using only payroll software. However, we would recommend an all-in-one solution like APS, which addresses any issues while allowing HR and payroll to share data between the departments. This eliminates the need for data to be entered multiple times, saving valuable office time.

3. Train Your Human Resources Team

Before you implement a new payroll system, you should get your employees trained. How you go about this will depend on the available options. Sometimes, your new payroll service provider will offer in-person training and demonstrations to get your employees up to speed.

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Other companies may offer online demonstrations instead. You may even have to hire a third party to train your team on the new tech, but you must accomplish this at all costs. Comprehensive, in-depth training will prevent needless mistakes and endless questions in the future, ensuring a smooth operation throughout the implementation process and beyond.

4. Train Your Payroll Department

You’ll need to get the entire payroll department trained on the new payroll software before implementing it. If not, paychecks could get behind, get miscalculated, or even not distributed! As your HR department, we strongly recommend you have someone train your team in person on the new payroll system. The best time to execute a new payroll solution is to avoid last-minute rollouts at the beginning of a pay period!

5. Implement Your Solutions

After choosing your new system/software and having both departments appropriately trained, it’s time to implement the new solution! Your payroll service provider should be able to walk you through the specifics of how to set up the system, or they may even do it for you. Ensure that all of your team members are aware of the integration date, as employees using both the old and new systems are sure to decrease the overall effectiveness of the implementation.

Monitor the results throughout the process and make changes to the operations process as needed. Often, some employees will struggle more than others, so keep track of this and provide them with a partner if necessary. Pairing a more knowledgeable employee with a less knowledgeable one may seem counterproductive at the moment, but the long-term benefits easily outweigh the temporary setbacks.

Many companies don’t reach their full potential simply because they’re held back by the HR and payroll departments. Manual processes are quickly becoming outdated, and for a good reason: their performance decreases as the business expands! While it is possible to counteract this by increasing your staff, you’ll essentially be raising overhead costs to maintain the same level of performance. Don’t do that. Instead, make the switch to a cloud-based HR and payroll solution like APS, and watch your ROI rise!

Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

Published

1 week ago

May 9, 2024

TwinzTech

Navigating the Process of Selling Deceased Estate Shares

Table of Contents

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

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7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.