Kronos ERP Review

Eliminate Spreadsheets From Compensation Management Process

One of the efficient and automated tools that comprised Kronos is its compensation planning and management solution. With this tool, accounting and HR teams no longer need to send spreadsheets back and forth just to obtain the accurate data they need for managing the compensation of employees.

Set Up Different Types Of Compensation Cycles

Aside from being an efficient and automated compensation planning tool, the solution is also flexible. For instance, it permits users to create compensation cycles depending on the needs and requirements laid upon by their organization or business. They can set up compensation cycles on an annual, nonannual, or cycle basis. The solution also enables them to create business rules for salary increase programs and plans, specifying the eligibility requirements that employees need to meet.

Plan The Budget For Each Compensation Cycle

As users set up compensation cycles, the tool allows them to also prepare budgets for those compensation cycles. Through the aid of approval workflows, they will be able to review budgets set up for each compensation cycle and confirm whether they need to appropriate them. Furthermore, they can access valuable data from salary reports and compensation researches to aid them in coming up with intelligent decisions as they perform budget planning.

Streamline Compensation Planning And Protect Employee Information

With Kronos, teams can create and send alerts and notifications automatically, letting them streamline their compensation management processes. In addition, they can set up access controls so specific functionalities, employee information, and override privileges are only accessible or granted to authorized individuals.

Complete Payroll Runs On Schedules You Defined

Payroll processing is usually a tedious and time-consuming process. However, Kronos is designed to automate and streamline such process. It is built with a payroll engine that allows teams to create their own schedules for payroll runs and process payrolls based on those schedules in a timely manner.

Gain Insights Into Payroll Data Through Reporting

Payroll data is very important especially when it comes to budget planning and compliance management. With Kronos, payroll data can be readily accessible through the aid of its reporting capabilities. Thus, the solution permits teams to quickly access payroll data which they can use for generating accounting and financial reports, whether ad-hoc or standard reports. Once they’re done generating reports, they can sort, filter, and customize these reports and the data they contain.

Intuitively Edit Payroll Information

Kronos’ payroll processing tool and engine comes with an editing feature which makes it easy for users to change and update payroll information anytime. The payroll information that they can edit using this feature includes earnings, deduction codes, tax jurisdictions, and payroll deposits. They can even modify and manage multiple payroll information simultaneously, regardless of whether those pieces of information belong to a particular employee or group of employees.

Mobile App And Online Self-Service Tools

Kronos also has a mobile app and a set of online self-service tools that allow employees to conveniently access payroll information from their mobile devices such as pay stubs and earning histories. If they need to update their W-4 and W-2 forms or print them, the self-service tools will help them do that in less time.

Achieve Peace Of Mind In Tax Filing

The accounting and workforce management solution delivers a powerful tax management and filing solution which removes the pain associated with preparing and filing payroll taxes as well as processing garnishments. This tool can actually handle various types of taxes which are implemented on the local, state, or federal level. It ensures that users are able to instantly access any information and data they need to comply with tax requirements.

Automate Garnishment Processing

As mentioned earlier, Kronos’ tax management and filing solution includes the capability to process garnishments. Garnishment is a legal mechanism that authorizes a third-party to deduct an amount of money from the employee’s compensation as a payment for any type of debt that the employee owes to such third-party or institution. This legal process is enforced by a court order; although, in some jurisdictions, this can be carried out by tax agencies without securing a prior judgement or court order.

With Kronos, garnishment processing or making payments to third-parties can be done in an automated and accurate way. Whatever the type of debt that employees owe to third-parties, be it child support, student loan, or tax, the solution makes sure that users can confirm the exact withholding amounts and send the payments based on those calculated amounts.

Comply With Affordable Care Act Guidelines

Complying with the requirements and guidelines of the Affordable Care Act or ACA is no doubt a very complicated process. Kronos, however, can reduce the complexity associated with it through the aid of a tool called ACA Manager. This benefits governance tool can collect HR data and reports so teams can easily implement and track the guidelines specified in the Affordable Care Act.

Track The  ACA Status Of Your Organization And Employees

For instance, ACA Manager offers management dashboards which make the monitoring of ACA status a breeze. Because of this, users can check the health insurance they need to offer to their employees, whether they are working full-time or part-time. They can drill down into employee information to verify the health insurance coverage and eligibility of each of their employees as well as gain insights into the ACA compliance status of their entire organization.

ACA Eligibility Alerts And Notifications

ACA Manager is also equipped with automated alerts. For instance, compliance managers will be notified instantly when a particular employee is set to work for hours which will make such employee go beyond the eligibility limit or threshold. When an employee shifts from part-time to full-time, reminders are also sent, enabling managers to update the ACA eligibility of that employee. Likewise, employees themselves can receive automated alerts and reminders with regard to their ACA eligibility.

ACA Benefits Enrollment

Benefits enrollment is a component of Krono’s ACA compliance management tool. Because Kronos organizes all HR data in one place which includes employee timesheet information, payroll data, ACA status, and audit records; the process of enrolling employees who are eligible to reap the benefits of ACA is streamlined. Also, the eligibility alerts that employees can receive contain links which direct them to the online self-service tools built into the solution. As a result, they will be able to accomplish the forms they need and enrol themselves in the ACA health insurance plans that they are qualified for.