Automated Integration: Saves Time and Eliminates Errors
One of the major advantages of using an in-house system like LTtax for managing your payroll withholding and unemployment
taxes is the automated integration of data with other systems.
Once you key your data into LTtax it can be used for multiple
purposes within your financial systems which saves you time,
money and re-keying errors.
With many outsource service providers it can be difficult and
costly to get data from them promptly and in a format that can
easily integrate into your financial systems.
LTtax resides between your source payroll system (PeopleSoft,
SAP, GEAC, Lawson, etc.) and your financial system(s), such as
accounts payable (A/P) and general ledger (G/L). Because financial
data for your federal, state and local jurisdictions reside in LTtax, LTtax can be set up to feed A/P and G/L. For jurisdictions
paid by check, you can feed A/P based on the turnaround time
it takes for your company to cut a check or otherwise make the
payment. The same is true for wire payments. And best of all,
an electronic file containing check and voucher numbers can be
fed back into LTtax thus completing the payment cycle.
Feeding the G/L system is another popular feature of LTtax.
The system stores G/L account numbers on a division and/or jurisdiction
level. A division in your company may represent a cost center,
a plant, a pay group, etc. within a FEIN. A jurisdiction may
represent one Ohio School District or the entire State of Ohio.
Each may be assigned a separate G/L number. This flexibility
suits various financial structures and is a hallmark of the system.
When you implement LTtax it is important to examine every process
you are doing manually to see whether the information already
exists in LTtax and, if so, we will assist you in extending the
use of automation in your company.
To learn more about LTtax, contact us: call 212.643.1768, send
an email firstname.lastname@example.org or visit our website www.payrolltax.com.