Payroll is serious business. That’s why you need to take a good, long look at your company’s payroll management to see how you can fine-tune it.
Here are the steps you can take toward truly efficient and rewarding payroll management.
Leverage technology. These days, integration is practically a must, and that’s true for payroll too.
Integrating your payroll system with your other business operation systems streamlines your payroll management. Integration, for example, can involve connecting your payroll with your accounting systems, timekeeping software, HR programs and activities, etc.
If your payroll is linked to your timekeeping software, for example, when you add or change employee data, do you need to perform this process in both payroll and timekeeping or only once? For your benefit enrollment process, are you still manually entering employee deductions into payroll, or does this auto populate from the benefit admin software?
It’s time to switch to an automated payroll system if you’re still doing manual employee onboarding, and keeping paper files. Payroll. Duplicate entry, manual entry, and data in multiple systems, takes up too much of your valuable time. Plus, there’s the hassle of paper paystubs getting lost or damaged.
Payroll system automation offers superior accuracy and data security.
With a payroll software, you get automated calculation and payment of regular wages, overtime wages, paid leave, bonuses, etc. In addition, all tax calculations as well as tax payments are automatically done for you.
Lastly, because payroll reports can also be automatically generated, you save a lot of time and make things just more convenient for your employees, who can get their paystubs electronically.
Payroll schedule is not a one-size-fits-all matter. Many industries are required to pay weekly. Hourly employees need to be paid at least twice per month. Often times managing a bi-weekly payroll simplifies the life of a payroll manager as the work week can closely mirror the pay period.
Ideally, your payroll schedule should be easy for your payroll team to manage and favorable for your employees.
It is common to refer back to payroll reports, especially quarterly and year end tax filing reports. With an automated systems, your payroll reports will be automatically stored for you, ideally in a secure, cloud based application.
Things run just that much smoother when everyone is on the same page. For a complex and vital undertaking like payroll management, it’s best to formalize things by writing and implementing an official payroll policy. The payroll policy should be a standard part of your company’s employee handbook. This gives your company proper documentation as reference for any payroll concerns that arise.
Be sure to properly plan your budget allocation for employee bonuses. Is the goal to pay a bonus each quarter, or only once per year? Ideally, you can do your budget planning at least a month before the specific payday.
Avoid being dependent on just a handful of employees—or worse, just one—for payroll. The reason is rather obvious. They won’t be around always and/or forever. Someone should always be able to step up to do the job just as well.
Or you can do this.
Among several reasons why you should is that a payroll service saves you time and money, and lets you finally do other important things. A focused payroll team will let you focus on the big picture for your business.
Ready to take your payroll management to the next level? Explore Payroll Systems’ easy-to-scale integrated and automated HR and payroll solutions, backed up by a dedicated payroll specialist.
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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.