Payroll can be complicated to handle, but there are options that can improve this process. Learn how to set up a successful payroll process to make your life easier while making sure you are meeting all of your obligations to both your employees and the government. The right approach will let you focus on other aspects of your business while still keeping you in compliance with regulations, leaving you time to grow your company without being bogged down by payroll hassles. Here are six must-haves for a successful payroll process.
Payroll Should Be Quick
For most businesses, payroll is not something you want to spend time on. You can’t afford employees standing around waiting for their paychecks; you’ve got more important things to do. Some businesses choose to outsource it entirely, but even if you opt for that route, your payroll company will still need input from you to complete its work. To avoid wasting time and missing deadlines, stay on top of your latest local labour laws and know how much—and what kind—of information, your employee needs in order to be paid accurately.
Payroll Should Be Easy
Make your life easier by streamlining and automating as much of your payroll process as possible. Otherwise, you’ll be stuck with hours wasted sitting at your desk calculating and rechecking every step of the process. And let’s face it: That time would be better spent growing your business. Automate with the help of reliable payroll software to make sure you don’t miss anything important. Having enough money to pay employees is no excuse for missing out on business opportunities because you were busy working on tedious tasks like paycheck calculations and employee tracking (that someone else could do).
Payroll Should Be Accurate
One of your main goals in processing payroll is to ensure that all employees are paid correctly and on time. It doesn’t matter how good your employee relations are if you fail to pay employees on time—and it doesn’t even matter if you deliver unexpected bonuses. If you haven’t kept accurate records of hours worked, then you can’t do either of those things! Make sure your time cards and employee records are in good shape so that when it comes time to review, calculate, and distribute paychecks, everything is ready. Having clean and organized payroll data is an important part of any company’s success.
Payroll should Empower Employees
Make it easy to get paid, keep your employees happy. The last thing you want is people waiting around on payday or walking into your office to ask when they’ll be getting their money. Not only can this be demotivating, but it wastes time and resources. Ensure you have adequate resources, so your employees aren’t delayed or put off by mistakes in their paychecks. If a team member is experiencing delay after delay with their paycheck, the chances are good that they will leave. This isn’t good for business—and if you lose an employee, you lose out on that person’s knowledge and potential value in your company.
The Reporting Should Be Flexible
When designing your payroll reporting system, ask yourself what information you need to ensure accurate pay. Your employees should be able to see their earnings, deductions, and balances at any time—whether that’s online or through an app. They should also be able to get their earnings statements quickly and easily to file their taxes on time. If you want to cut down on paperwork and save money on printing, choose payroll software that will help direct deposit instead of paper checks.
Should be Automated
If you have more than one employee, it’s time to automate your payroll. Save yourself hours of work each month by automating your most tedious tasks. Think about how many times you complete repetitive tasks in your day, and try to find ways to automate them with technology so you can save time on other parts of your business. When automation becomes part of your regular workflow, you’ll free up more time to do what matters—like growing your business.
Check out: Tax Obligations You Need To Comply With To Run A Business
