5 Tips to Simplify Your Payroll Process
Payroll is a complicated and ever-changing process. Often employees count down days until their next payday, but unfortunately, it’s not the case for H.R professionals. Getting payroll right and promptly is a major challenge that affects business on a regular basis. Payroll should be an easy process, but it turns out to be stressful for many small businesses. It can be a straightforward and efficient process at the early stages of a company’s life with a handful of employees. As the business grows and staff multiplies the manual payroll process may become immense. Fortunately, managing payroll doesn’t have to be a nightmare. There are a few easy steps to simplify payroll.
Pay All Employees Using the Same Method
Businesses have the freedom to choose the payment methods to offer to their employees. There are a number of methods to choose from like direct deposit, printed checks, payroll cards, cash, etc. Certain types of payment may suit your business better than others. Do your homework on different payment methods and choose the one that is efficient for your business. Observe the cost and responsibilities associated with the various modes of payment. Paying all your employees on the same day using the same method simplifies the process.
Encourage Employees to Use Direct Deposit
Surveys indicate that 80% of American workers are paid via direct deposit. Why should you adopt the direct deposit method? Employers can review payroll reports and confirm the amount being processed is correct, before transferring the money. Time spent preparing the payroll is reduced and saves money by not paying for checks, ink, envelopes, printer maintenance, etc. With direct deposit, employees don’t have to sweat about lost or damaged checks. Saves time because workers no longer have to go to the bank and deposit checks. Enables the employer to pay their staff no matter their location. Direct deposit is flexible and convenient for employees because they have access to their earnings on payday regardless if they are sick or on vacation.
Clearly Present Payroll Policy Info on Website
Payroll policies can be complex, and employees will have inquiries. They will inquire about payroll policy, guidelines, or request previous payment information. All these can be overwhelming and time-consuming for the payroll team. Presenting payroll policy information online, can save time and simplify payroll information requests. This helps employees understand the payroll policies such as attendance, overtime, commissions, etc and will help simplify payroll.
Electronically File Your Taxes
Payroll tax filing is a business requirement, but it shouldn’t be a burden. Failure to meet the tax filing deadlines or not filing crucial forms leads to massive, devastating fines for the company. Electronic filing is the fastest way to file, and you get an immediate confirmation that the files have been received. Filing your taxes online creates a permanent electronic record for future use. Filing your taxes online gives you the opportunity to take advantage of more tax credits and tax deductions. Most software programs do the math calculations for you, making your tax returns 100% accurate.
Get your payroll right and delivered on time each pay period using these simple guidelines. Not paying your employees on time can create tremendous issues. Avoid such incidences by setting up a simple payroll system.
Use a Time Tracking App
Many employers jump into conclusions that automating the payroll system is difficult and expensive. All these assumptions are false as the automated systems are user-friendly, and don’t cost a fortune. Stop guessing what your employees are up to and introduce a time tracking app. A good time tracking app saves you from the hustle of keeping tabs on the arrival and departure of your employees. The time tracking app simplifies the payroll process, and they are easy to operate. You can try out Timeero’s time-tracking app for free, here.