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The Key Differences Between Millennium and FastPay 360

January 8, 2019 | By: Fastpay

At FastPay, our valued clients have long been using Millennium - a payroll processing solution - to aid their HR teams in processing their employees’ payroll. While Millennium has been a viable tool for our clients, our latest software will be a gamechanger for HR departments.

Enter FastPay 360 - a human capital management suite that enables your HR team to streamline their processes, which can save your company time and money.

Millenium vs. FastPay 360

Payroll

At its core - Millennium is a payroll tool that allows your HR team to:

  • Track accruals

  • Enter employee deductions

  • Add demographic information

  • Set up direct deposits

  • Add fringe benefits

  • View pay history

  • Add employee pay rates

  • Change status/position of employees

  • Enter payroll information

  • Submit payroll for processing

As we mentioned, this has been a viable tool for our clients, but FastPay 360’s functionalities include so much more than payroll processing that can help your HR team.

FastPay 360’s payroll tool allows your team to streamline payroll processing and save your team time. The payroll tool:

  • Gives your team complete control - Your team is able to control the payroll process at every step.

  • Allows you access to real-time info - You’re able to see all of your payroll data with intuitive reporting.

  • Generates accurate payments - The stress of ensuring your employees are paid properly is eliminated.

  • Minimizes compliance risks - The tool helps your organization with taxes and legislative tasks to avoid fines and penalties.

  • Integrates data from other tools within the suite - You’re able to pull data from the ACA, accruals, time management, and employee scheduling tools.

Everything Else

The similarities between Millennium and FastPay 360 end at payroll processing. Everything else that FastPay 360 offers will enable your HR team to get more done in less time. FastPay 360’s suite of tools includes:

  • People Analytics - All of your workforce data is immediately available to your team, which allows them to make decisions that positively impact your company.

  • Talent Acquisition - Attracting top talent should be a top priority, and this tool allows your team to do just that. You’re able to source, track, and evaluate applicants to build a high quality workforce.

  • Performance Management - Use this tool to streamline performance reviews and create an environment where you can nurture ongoing employee development. This tool allows you to define and track goals, develop top talent, and streamline your performance processes.

  • Time Keeping - FastPay 360’s time keeping tool allows you to manage time processes with automated and accurate solutions. Clocking in and out can be done from a time clock, a computer, or mobile device. The tool automatically flags suspicious behavior, and updates employee attendance occurrences.

  • Accruals - PTO accruals are automatically calculated based upon your company’s rules and policies that you input. Manually determining PTO can be a time-consuming headache for your HR team, and that can be eliminated.

  • ACA Management - Proactively manage your company’s ACA compliance with this tool. Receive notifications when employees’ job statuses change or is approaching ACA eligibility. The tool also allows employees and managers to automatically receive benefits enrollment notifications, along with allowing your HR team to complete and submit ACA forms to the IRS.

  • Scheduler - This tool automatically schedules employees based upon your company’s regulations, payroll budgets, and employee availability.

  • FastPay 360 Mobile - The beauty of this suite of tools is that it comes with a mobile application that employees and managers can use. Everyone in your company can download the app and have access to common HR and payroll tools from their mobile device.

  • HR Tools - The suite of tools allows your HR department to automate multiple functions and free up time to focus on the people in your company - not paperwork and processes.

Want to learn more about FastPay 360 and see if it’s a good fit for your business? Download our free guide below.

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