Q: What is ComplianceFactory?
A: ComplianceFactory is a powerful, multi-tenant, cloud-based, technologically advanced suite of solutions that helps organizations pay tax liabilities and file regular and amended reports. It is a payroll tax filing solution that can be easily integrated with a customer’s payroll system to schedule, pay, reconcile and file payroll taxes on demand, including remittances for garnishment authorities. It helps manage monthly, quarterly and yearly filings. Also available is a complementary solution that offers employees the ability to view, print, and download their W-2 form using a secure SaaS, SSO-accessed employee console.
Q: How does ComplianceFactory work?
A: Combined with an intuitive design, variance indicators and other supporting solutions, ComplianceFactory is a scalable solution that can meet payroll tax compliance needs for companies of all sizes, offering automatic maintenance and streamlined processes to support efficient management of required tasks.
It detects and provides notification when accelerated deposits are required, produces NACHA standard files, and generates tax filings on demand, for Federal, State, Local and Territory tax jurisdictions. The solution also automatically generates amended returns in the authority-approved formats. ComplianceFactory will help customers streamline and automate their payroll tax processes.
Q: What are the key features of ComplianceFactory?
A: Combined with intuitive self-service, payroll tie-out and other supporting solutions, ComplianceFactory is a scalable solution meeting the payroll tax compliance needs for companies of all sizes. It offers automatic maintenance and streamlines processes supporting efficient management of required tasks. It also offers users a view of payroll data for each quarter, catching variances before filing, so adjustments can be made as necessary, all at fast processing speeds. This solution detects and provides notifications when accelerated deposits are required, producing and tracking ACH files to taxing authorities. When amended returns are needed, the report is automatically generated in the authority-approved format.
Q: What are the key benefits of ComplianceFactory?
A: It reduces risks by improving the accuracy and timeliness of filing processes, identifying variances prior to filing, and lessening the exposure to costly fines. It also reduces costs by consolidating processes into a few easy steps, reduces labor and IT development costs, and automatically keeps current with changing regulations. Additionally, compliance is simplified for payroll tax, filing and payment changes, increasing internal efficiencies and allowing valuable staff to focus on core business functions.
- Provides management of scheduling payment processing
- Detects when to accelerate deposits
- Creates NACHA ACH files, debit information and check printing
- Provides management of report filing
- Provides amended return detection
- Provides management of Garnishment Remittance
Q: What is the selling pitch for ComplianceFactory?
A: Compliance, Filing, Deposits, and Garnishment Payment Management Now Easier than Ever
Q: How does software maintenance occur?
A: Regulatory updates and software upgrades are deployed by BSI, eliminating your customer's need to perform routine maintenance.
Q: Do customers need to install any components to access ComplianceFactory?
A: No. The application is accessed by customers via their MyBSI Customer Portal.
Q: Can users create adjustments within ComplianceFactory?
A: Yes, ComplianceFactory does allow users to make payment adjustments.
Q: Does ComplianceFactory create NACHA approved files?
A: ComplianceFactory creates NACHA verified ACH files for the user to upload to their bank.
Q: Which filing formats, required by individual states, are supported by and delivered in ComplianceFactory?
A: ComplianceFactory produces paper, electronic and magnetic tape filing formats as stipulated by Authority requirements.
Q: Does ComplianceFactory support BLS-3020 state-level reporting requirements?
A: ComplianceFactory produces paper, electronic and magnetic tape filing formats as stipulated by Authority requirements.
Q: Does ComplianceFactory manage impounded money?
A: BSI is NOT involved in any collection, retention or disbursement of money. ComplianceFactory maintains a client's compliance with data formats, filing methods, return updates, deposit frequency requirements and much more. If your customer is a commercial tax service provider, ComplianceFactory provides an Impound Management module for tracking and marking client status.
Q: Why do companies buy ComplianceFactory?
A: A company will buy ComplianceFactory when it …
- wants an in-house solution for their payroll tax payments and filings
- struggles to manage all the tax authority changes and updates
- wants to continue to control their own destiny
- doesn’t want a 3rd party making money from their money
- wants to increase predictability for future costs
- is tired of being charged by service providers for every report and every change
- realizes that service providers take no responsibility for mistakes to the tax authorities and incurred fines
- wants a solution that can detect variances/errors prior to sending tax payments and filing reports
Q: Who uses this solution?
A: Over 250 companies currently use ComplianceFactory. This technologically advanced solution is used by large and small companies in all 50 states, and it requires only one payroll professional.
Q: What ComplianceFactory is not?
A: ComplianceFactory …
- is not an outsourced 3rd party to remit tax payments and file reports,
- does not impound client money or pay client taxes on their behalf,
- does not require data submission deadlines,
- does not limit reporting,
- doesn’t require charges for additional reports, changes, etc., and
- users are not subject to vendor expenses and additional fees.
Q: What about security?
A: BSI completes a SOC2 Type II audit each year and provides our SOC3 report on our website.
Q: What does Business Software, Inc. (BSI) provide?
A: BSI manages all the Authority requirements, forms and addresses, so users can focus on completing the process accurately.
Q: What is BSI’s history?
A: BSI is a leading provider of U.S. payroll tax profile, tax calculation, tax filing, W-4, Year-End, and wage attachment solutions. Leveraging over 45 years of experience, BSI offers the most comprehensive and complete solutions in the industry. BSI’s commitment to our customers is founded on core principles of innovation, expertise, and timeliness. We deliver superior products and services, plus unrivaled support that together provide exceptional value for our clients. BSI takes security of our clients’ data seriously and works with various solution and technology partners in this area. BSI annually undergoes a SOC 2 Type 2 audit and has a SOC 3 report available on our website. BSI sets the standard in Payroll Tax Solutions.
Q: Is product training available for my customers?
A: BSI offers training to assist your customers with our solutions. To learn more about training, please contact
[email protected] or call 877-274-7873. BSI’s trainers provide robust learning modules rich in detail and built for retention. Our comprehensive programs provide the framework for professionals to manage our solutions to their fullest capacity, so that on-the-job performance and productivity are maximized.