Payroll tax compliance is critical for businesses of all sizes because the cost of non-compliance is severe. Federal, state, and local payroll taxing agencies have strong enforcement capabilities that can be intimidating for small business owners. Most large enterprises have in-house treasury expertise but still face major logistical challenges: Filing payroll taxes in multiple states and local jurisdictions, tracking notices, scheduling liabilities, managing state unemployment rate exchanges, and reconciling tax funds held in trust accounts.
Unlike small-to-mid-sized businesses (SMBs) who generally outsource payroll processing and tax filing, many large enterprises use best-of-breed in-house HR software or leverage the payroll and HR modules included in their ERP suite. These enterprise software providers generally do not have payroll tax management capabilities leaving large enterprises to track this complex process manually.
This is exactly where Asure Software, Inc.’s (NASDAQ: ASUR) payroll tax engine comes into play. Asure has architected their payroll tax management platform to act as both an integrated component of their SMB payroll service and as a stand-alone software to serve other payroll companies and large enterprises who face similar multi-state payroll tax challenges. Asure’s payroll tax engine has recently seen integration partnerships with Workday (NASDAQ: WDAY) and SAP (NYSE: SAP), which provide strong validation to the payroll tax platform and opens new opportunities in the enterprise space. Let’s break down these integrations and how they help Asure and its client base.
Overview of the SAP and Workday Integrations & What They Mean for Asure’s Payroll Service
In recent months, Asure, an Austin, Texas-based HCM services provider, announced its developments with Workday and SAP.
The human capital management software company recently received Workday’s Global Payroll Certification, which effectively allows for the integration of Asure’s payroll tax offering with Workday HCM. The integration provides another signal of validation for Asure’s payroll tax software and allows the company to work with Workday’s large enterprise client base.
The HCM services company also disclosed that it had joined the SAP PartnerEdge Open Ecosystem, which provides Asure with access to valuable tools, resources, and training to further enhance its payroll tax engine to integrate with SAP’s systems. This is a huge opportunity for the company because it allows Asure to help streamline payroll tax processes for SAP’s massive client base.
So, why is this great news for Asure? First and foremost, the integrations provide validation of its technology. These large software providers require partners to pass a rigorous technical review process to assure their clients that they can rely on the integration and extend the value of their platforms. The certifications signal that these large and respected companies, Workday and SAP, have effectively done their due diligence on Asure’s service and determined there is an opportunity there to add further value to their existing client bases. Further validation comes from recent client wins.
In addition, this also helps to open huge opportunities across the larger enterprise markets for Asure. As Asure builds relationships and establishes a foothold in the larger enterprise segment, it is likely the company could benefit from the typically larger deal sizes compared to the average SMB payroll client. Asure’s tax engine has unique capabilities filing returns and remitting tax funds to more than 14,000 government agencies at the local, state and federal levels. This is a major selling point and feature that is sure to impress potential enterprise customers.
Asure’s Payroll Tax Service Provides Enterprise Clients With Opportunity to Keep Up with Complex Payroll Tax Filing Requirements
Businesses want to focus on growth, expanding profits, and improving their products or services, not waste time managing the administrative burden associated with payroll taxes. Although it is a necessary and important task, businesses would rather find opportunities to streamline their payroll and taxation operations to help cut costs and focus more time on other matters.
Asure’s payroll tax engine offers enterprises this exact opportunity. Through their service, enterprise clients can keep their payroll & HR operations in-house to ensure proper efficiency, but with automated adoption of any applicable payroll tax filing requirements. For SMBs with a remote workforce located around the country or globe, this streamlined approach to ensure proper compliance in each of these jurisdictions is a huge advantage.
Conclusion
Overall, the pressures of managing payroll taxes in a climate where states and local agencies are searching for tax revenues creates a significant burden on growing businesses of all sizes.
The recent integrations with Workday and SAP underscore Asure’s technical capability and opens new enterprise markets from two of the global economy’s most influential players in HCM. As businesses navigate the complexities of payroll tax filing requirements and seek ways to focus more on their core objectives, Asure’s payroll tax engine stands out as an essential tool, providing a pathway to efficiency, compliance, and growth. This is a pivotal moment for Asure Software, Inc., as it solidifies its position as a key player in the future of payroll and tax management solutions for businesses worldwide.
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