MAR3400 Exam 2 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
What information about Paycom is necessary to ask questions and set
objectives?
-knowledge=success in sales
-product knowledge
-industry knowledge
-prospect knowledge
Product Knowledge
information about a specific good or service that can be used in sales presentations.
Industry Knowledge
awareness of regulatory and legal requirements, past and future trends within the
industry, and experience with projects in the industry
-check the laws (they change every year)
-set up excel spreadsheet for calculations
-or use desktop software such as Quicken tax
prospect knowledge
knowledge about the prospect in relation to Paycom services
often business have what issues regarding their operations
-accuracy with full time, part time, hourly, and salaried employees and changes in tax
laws
,-focusing on what makes them a profit not running the business (spending too much
time on payroll)
-tax fines
-employee time theft
-keeping up with insurance laws and regulations
-staying current with HR laws and avoiding penalties
steps involved with processing payroll
-collect and update employee data (W4-tax withholding, additional deductions, pay rate,
SSN, court ordered garnishments)
-Set pay period (weekly, bi-weekly, etc.)
-Enter manual adjustments
-Calculate pay, total withholding entries (fed, state, workers comp, Medicare, etc.)
-Print and sign checks, distribute or manually do direct deposits
-Print and store reports for audit protection
-Quarterly-make payroll tax deposits (944)
-Annually-file payroll tax report, create and distribute W2
why should businesses use third party payroll
-work on the business, not in the business
-time consuming to process
-tax errors = BIG fines
-payment errors= big fines and lawsuits
-time consuming to answer employee questions
-record storage is minimum 7 years
, -helps with other business issues
-mobile app gives small business owners freedom
what does paycom specialize in
-talent acquisition
-time and labor management
-payroll
-talent management
-HR management
paycom provides what for companies (in regards to payroll)
the workforce management tools you need in ONE cloud-based application
-payroll
-paycom pay
-expense management
-garnishment administration
-payroll tax management
-online payroll processing
-GL concierge
in regards to time and labor management what does paycom do?
-time and attendance
-scheduling
-time off requests
-web time clocks
-hardware terminals
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
What information about Paycom is necessary to ask questions and set
objectives?
-knowledge=success in sales
-product knowledge
-industry knowledge
-prospect knowledge
Product Knowledge
information about a specific good or service that can be used in sales presentations.
Industry Knowledge
awareness of regulatory and legal requirements, past and future trends within the
industry, and experience with projects in the industry
-check the laws (they change every year)
-set up excel spreadsheet for calculations
-or use desktop software such as Quicken tax
prospect knowledge
knowledge about the prospect in relation to Paycom services
often business have what issues regarding their operations
-accuracy with full time, part time, hourly, and salaried employees and changes in tax
laws
,-focusing on what makes them a profit not running the business (spending too much
time on payroll)
-tax fines
-employee time theft
-keeping up with insurance laws and regulations
-staying current with HR laws and avoiding penalties
steps involved with processing payroll
-collect and update employee data (W4-tax withholding, additional deductions, pay rate,
SSN, court ordered garnishments)
-Set pay period (weekly, bi-weekly, etc.)
-Enter manual adjustments
-Calculate pay, total withholding entries (fed, state, workers comp, Medicare, etc.)
-Print and sign checks, distribute or manually do direct deposits
-Print and store reports for audit protection
-Quarterly-make payroll tax deposits (944)
-Annually-file payroll tax report, create and distribute W2
why should businesses use third party payroll
-work on the business, not in the business
-time consuming to process
-tax errors = BIG fines
-payment errors= big fines and lawsuits
-time consuming to answer employee questions
-record storage is minimum 7 years
, -helps with other business issues
-mobile app gives small business owners freedom
what does paycom specialize in
-talent acquisition
-time and labor management
-payroll
-talent management
-HR management
paycom provides what for companies (in regards to payroll)
the workforce management tools you need in ONE cloud-based application
-payroll
-paycom pay
-expense management
-garnishment administration
-payroll tax management
-online payroll processing
-GL concierge
in regards to time and labor management what does paycom do?
-time and attendance
-scheduling
-time off requests
-web time clocks
-hardware terminals
