Payroll Integration: What it is and why you need it

30 Sep Payroll Integration: What it is and why you need it

A core tenet of the TAG Resources mission statement is our commitment
to leading edge technology, second only to our people and experience.
When it comes to applying this technology, TAG is continually adding to our
core IT services. One of the major components we’ve added toward
complete 360° integration with recordkeepers and payroll companies is payroll integration.
This article briefly discusses what this means and why it
is important when you choose TAG as your 401(k) company.

Let’s face it. We all make mistakes when it comes to data input (e.g., I have several people editing this article within TAG before it goes to print, and you might find a mistake by the time you finish reading this.)  Although TAG has several different checks & balances to ensure data input mistakes are minimized, the most efficient way to eliminate these errors is to have the data update automatically between all systems whenever a change/entry occurs in one of the linked systems. This eliminates inputs, and therefore opportunities for mistakes.  When employed to the greatest extent possible, this is called 360° integration. This integration is a vital link in streamlining the amount of work that our clients perform (which is already one of the most streamlined in the industry).

A truly integrated system is a two-way street, one that automatically links and synchronizes information at every stage of the investment process, from the employee to the plan sponsor to the investment provider. This type of system does this while protecting the integrity of the data and significantly decreasing the risk of errors.  TAG’s Bedrock™ platform already automates much of the plan administration of a retirement plan; by further integrating with major recordkeepers and payroll providers, it will reinforce our position as a groundbreaking technology leader in the retirement industry today.

If you’re reading this article, my bet is  you are engaged in plenty of manual processes, and not just tied to retirement plan administration.  You are already inundated with enough work in the day. You should be able to offload those duties related to managing your 401(k) or 403(b) plan.  TAG already reduces your retirement plan’s administrative burden by 99%, and 360° integration will hopefully get us 1% closer to our goal! Optimizing your 401(k) plan allows you to optimize your abilities as you reallocate precious time and resources to running your business.  360° integration will be one more  invaluable item  in the TAG toolbox as we continue in our quest to deliver the best worry-free solution no other company in the retirement industry can do.