Q. What are the key features of ComplianceFactory?
A. Combined with intuitive self-service, payroll tie-out and other supporting solutions, ComplianceFactory is a truly scalable solution meeting the payroll tax compliance needs for companies of all sizes. It offers automatic maintenance and streamlined 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.
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. Yes, the BLS-3020 reports are available via ComplianceFactory.
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. Who uses this solution?
A. Over 270 companies currently use ComplianceFactory, and we average five new customers per month. This technologically-advanced solution is used by large and small companies in all 50 states, and it requires only one payroll professional.
Q. What are the available training options for your 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 instructors bring real-world experience to our classes. We 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.
Two types of classes are offered:
Traditional Classroom - An instructor-led physical classroom, combining lecture, demonstration and hands-on practice.
Virtual Classroom - An instructor-led web-based classroom, offering cost-effective flexible scheduling.
Q. What about security?
A. BSI completes an annual SOC 2 Type 2 audit, and our solutions are offered via a secure managed cloud.
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