Managing payroll efficiently is crucial for any business. If you are a company using NetSuite then you are obviously large enough to have a decent headcount to worry about.
As companies consider implementing NetSuite as their primary business system, one question often arises – Does NetSuite do payroll? In this article, we will delve into the payroll capabilities of NetSuite, exploring the features available and shedding light on the options for different regions.
The payroll function encompasses tasks such as calculating wages, deducting taxes, processing benefits, and ensuring compliance with labor laws. NetSuite may be known globally as an ERP leader but specific payroll functionalities provided by NetSuite do vary depending on the region of operation and modules employed.
In the following sections, we will delve into the solutions for NetSuite payroll, focusing on SuitePeople Payroll for US-based businesses and exploring the options available for the UK and other regions. By the end of this article you are likely to be well and truly sick of the word payroll!
Does NetSuite do Payroll?
For US companies or organizations with US subsidiaries NetSuite has a SuitePeople Payroll add-on. Non US organizations can integrate their NetSuite system with one of countless bespoke payroll systems.
What is SuitePeople Payroll?
If you are a business based in the US, then NetSuite have built a payroll solution for you that sits right within your system. NetSuite’s US Payroll solution is part of SuitePeople, their Human Capital Management add on. The full list of SuitePeople benefits can be found here on the Oracle Help Center.
With SuitePeople Payroll, businesses can seamlessly handle payroll operations by reducing system transitions to the absolute minimum. Managing their payroll directly in NetSuite, eliminates the need for separate software subscriptions and, most importantly, manual calculations and data imports.
Let’s dive deeper into SuitePeople Payroll and explore some of the key features and benefits.
SuitePeople Payroll : Integration and Data Synchronization
SuitePeople Payroll seamlessly integrates with your existing NetSuite account, ensuring a unified platform for all your HR and payroll needs. The integration eliminates the hassle of manual data entry or data synchronization between multiple systems. Employee data, such as personal information, salary details, and time-off balances, can be easily accessed and synchronized with the payroll module, saving time and reducing the risk of errors.
SuitePeople Payroll : Compliance and Regulatory Requirements
Complying with payroll regulations and staying up-to-date with changing tax laws can be a daunting task and massively time consuming for businesses. SuitePeople Payroll helps alleviate these concerns by automatically staying current with payroll tax rates, deductions, and legal requirements. This ensures that your payroll processes remain compliant with local, state, and national regulations, minimizing the risk of penalties and legal issues.
SuitePeople Payroll : Automated Payroll Calculations
Gone are the days of manually calculating complex payroll formulas and deductions. SuitePeople Payroll automates the entire payroll calculation process, considering factors such as employee salaries, overtime, bonuses, and tax withholdings. The system accurately calculates net pay, deductions, and tax liabilities, saving time and reducing errors associated with manual calculations.
SuitePeople Payroll : Employee Self-Service Portal
SuitePeople Payroll offers employees a self-service portal where they can view their payslips, tax forms, and year-end documents, providing transparency and easy access to critical data. This feature enhances the employee experience and reduces administrative burdens for HR and payroll teams.
SuitePeople Payroll : Reporting and Analytics
As is to be expected with NetSuite, SuitePeople Payroll provides robust reporting and analytics capabilities. Generate comprehensive reports on payroll costs, employee earnings, tax liabilities, and more. These insights help you make data-driven decisions, identify trends, and ensure better financial management.
SuitePeople Payroll offers US businesses a powerful tool to streamline and enhance their payroll management processes. By integrating payroll with the broader NetSuite platform, businesses can achieve greater efficiency, accuracy, and compliance.
This solution is best suited to organizations that want to migrate their wider HR processes in to NetSuite. SuitePeople can be utilized to manage not only an employees remuneration and benefits but also performance, contracts and timetracking. Keeping all these focus areas tightly linked to your financials and other business operations has unrivaled benefits.
The big limitation to SuitePeople Payroll is that the module is technically called SuitePeople U.S. Payroll. This solution is only available to customers in the US or OneWorld customers that have a US Subsidiary with unique Employer Identification Numbers (EIN).
NetSuite do a lot of the heavy lifting with regards to tax laws, legislation and documentation through this add-on so it’s never going to be a global solution. Every region needs it’s own version. Hopefully that is the plan and at some point in the future we will see similar solutions for other non US regions.
Does NetSuite do Payroll for the UK and Other Regions?
So, SuitePeople is off the table. What are your options if you are based outside of the US?
There are two options for non US NetSuite users – Third party add-ons and payroll software integrations.
Third Party Add-Ons for Payroll Management
I’m sure there are several options for add-ons to NetSuite for payroll management but one worth calling out is Infinet Cloud Payroll. It is a native application that allows you to manage your entire payroll function and process from within NetSuite.
Infinet Cloud allows businesses to calculate payroll and process payruns with all the necessary accounting treatments posted directly to NetSuite. It includes an employee self service feature that not only gives employees access to their pay information but they can also request and manage leave.
Whereas SuitePeople Payroll is only available for US businesses, Infinet Cloud is currently compliant across the UK, Canada, Australia and New Zealand. The flexible configuration also allows it to be set up for other jurisdictions if needed.
There are, I’m sure, plenty of other options but as far as I am aware this add-on is the only native application for NetSuite for payroll processing. The functionality is extensive, it’s a proven product and it was recently (at the time of writing) acquired by a pretty well known NetSuite partner – so take a look.
Payroll Software Integrations for NetSuite
I’ve worked with some amazing developers in the past that make system integrations seem like an out of the box expectation. We are lucky with NetSuite that it has a very accessible and flexible backend that allows it to integrate with a host of other systems.
If you have a development team that are able to build bespoke integrations then you have plenty of options for sure. There are even a number of payroll software solutions that have pre built NetSuite connectors.
Papaya Global, Pento and BambooHR all advertise integrations with NetSuite and there are many more offering everything from a whole SuiteApp to simply assisting access to their API.
If you are just looking at getting your financial payroll data from one system to another, a lot of businesses opt to import this monthly via CSV. So long as the data can be exported from your payroll provider, journals can easily be formatted in Excel and then imported to NetSuite. Learn how to import journals in NetSuite here.
So, does NetSuite do payroll? Yes. Does NetSuite do payroll outside of the US? Technically, no. However, there are plenty of other options to ensure NetSuite maintains it’s relevance as your primary business system and holds the most accurate and up to date data at all times.