5 Tips on How to Improve Your Payroll Process
Every company has to have a payroll process. If you don’t, how are your employees going to make the money they deserve?
Yet, payroll processing is not always the easiest system to manage as a company or an employer. It would be easier if you didn’t have to have the system!
Since you can’t quite do that, here are five tips to follow to streamline the payroll process and make it easier for you and your employees!
1. Minimize Pay Cycles
Small companies do not have to worry about as many pay cycles, but if you are with a larger company, you may have to balance paying full-time managers, part-time employees, and contractors.
To streamline the process, you can make payday the same day for everyone. There’s no reason to have some employees be paid bi-monthly and others weekly. There’s more chance for error in this case.
By minimizing the pay cycles, you’ll no longer need a payroll process flowchart since everyone’s getting paid the same day!
2. Use a Payroll Card
It is estimated that over 5% of U.S. households do not have a bank account. Odds are, you may have an employee working for you that does not have a bank account.
If that’s the case, they cannot be paid with a normal payroll process.
Using a payroll card can help streamline the process of paying out your employees. Check out this homepage to learn more about payroll cards.
3. Maintain Consistent Training
One of the best ways to keep your payroll process consistent is to maintain a training schedule with employees. Some employees may not even know how to process payroll correctly.
If you are not doing the payroll yourself, you should be training the portion of your company who is to stay up to date on new technologies and systems to make it the easiest it can be.
4. Go Paperless
Not only is going paperless better for the environment, but it also helps you stay more organized with a streamlined payroll processing system.
You will no longer need physical copies of timesheets or paychecks but instead can use an online portal system where your employees can see everything they need to know.
One of the easiest ways to go paperless is through direct deposit. Instead of using checks, the money is deposited directly into your employees’ bank accounts. Not only is this more organized, but it is also faster for everyone.
5. Integrate With Technology
As a company in the 21st century, you probably use quite a bit of technology on a daily basis. Instead of adding another system or technological aspect to your company to assist with payroll processing, you should integrate your systems.
You can use systems that integrate your employees’ schedules, time and attendance, leave, and payroll information to manage it all in one place. Once everything is in one place and verified correctly, you can set up an automatic system for payroll.
The Payroll Process Can Be Easy
You don’t need to dread the payroll process every time it is coming up on the calendar! By implementing these tips, the payroll process should be streamlined and easy.
If you enjoyed reading this article, check out more tips on our blog!
