When one of my clients acquired another company in the middle of a fiscal year, it presented me a new challenge in not only helping them manage a new 401(K) cumulation and reporting process but also maintaining their current method. I want to share what I learned and the solution I implemented for the situation.
Schemas are an essential component of time and payroll processing. The payroll and time schema itself contains multiple subschemas filled with logic such as operations and functions that essentially govern how your payroll and time processes are handled within your business. Although it may not be apparent, a business’s weekly paycheck to an hourly associate is directly a result of running the respective payroll and time schemas.