Payroll is one of the most costly processes that you’ll have in your business. But, it’s also a crucial factor if you want to succeed in the industry. Payroll is often complicated. And, it often turns into an administrative nightmare if an efficient process has not been set up.
Like you, companies are always searching for ways to make payroll accurate and easier. It’s crucial for companies to find ways to lessen stress, hassles, and mistakes when performing payroll duties. But, doing that isn’t always an easy thing to do. Below are some ways to help improve your business’ current payroll setup to make it easier to handle.
Staff self-service assists in handling several HR related tasks that would usually be assigned to managers and admin. Employee self-service enables the employees who take care of payroll focus on other important duties, while letting employees handle their personal info. Embracing a self-service model helps improve the flexibility of payroll administration because the human resources staff don’t have to spend lots of time and effort updating staff details. Instead, they have more time to do the important functions of their department.
Keep your policies and regulations short, direct, and simple. Also, don’t create highly complex policies that will make payroll duties a nightmare for your staff.
The use of paper pay stubs consumes time and money. Most staff don’t even file paper pay stubs. With things being more dependent on computers, most staff prefer to keep their pay stubs in electronic storage.
Lots of companies think too much about cost. But, research have shown that you can actually save money by utilizing direct deposit. Although it’s not a usual practice, you may hire staff who don’t own bank accounts. In this scenario, you might opt to use efficient ways of paying them like for instance, using pay cards.
If your company payroll department is in-house, try looking at means to draft a payroll calendar that shows pay periods and other important dates related to the payroll cycle. You may want to indicate what information or requirements are needed to perform such processes. This will assist everyone in the payroll department to be aligned with each other when it comes to payroll processing. And, it lets them see what they have to do for the payroll.
Outsourcing your payroll functions to offshore payroll services is increasingly becoming popular among businesses these days. Processing payroll is complicated and consumes time and may become a major headache if not done correctly. Outsourcing payroll is a very good option for businesses that don’t have access to a payroll department and whose HR staff is highly limited. Outsourcing payroll makes sure that you are always compliant with all laws and policies; and it can help boost productivity for your biz. When you outsource your payroll, your team has more time to focus on the meat and potatoes of operations – growing the business.