Do you find yourself spending too much time processing payroll every week? Here’s 7 ways to save time processing your business’s payroll.
Pick apart your payroll process to see what is the most time-consuming tasks. The tasks that you spend the most time on should be the ones you prioritize for automation. Auditing your payroll regularly will help you to determine the total costs of your payroll and where you should cut back. Don’t be afraid to peel back the layers of your payroll processes to discover which tasks truly cost your business.
Even in today’s age, many businesses are still relying on paper checks to pay their employees. If you wish to save time processing your business’s payroll, you should aim to streamline your payment methods by using digital payments like direct deposit or mobile wallets. Paper methods of payment can be tedious, switching to direct deposit would streamline you payment methods, leaving you with more time to focus on the growth of your business.
Did you know 25% of small businesses still use pen and paper to track finances? Although you think your manual calculations are reliable, it is time to make the switch to payroll software or HR outsourcing if you wish to save time when processing your business’s payroll. Manual calculations are time consuming and not as trustworthy as you may think. You overall reduce the risk of human error when you rely on professional services to uphold the task of payroll, saving you time and money. Relying on old methods of manual calculations
To avoid timely mistakes, make sure all employee information is accurate when processing your payroll. You should stay updated on changing laws regarding employee information to maintain the accuracy of your payroll. Human errors can lead to costly mistakes that end up wasting a lot of time. Before adding a new employee to payroll, give them the chance to double check their paperwork for any mistakes. Correcting important tax paperwork is tedious for those processing payrolls and can be stressful on the employee. Double checking all employee information is necessary if you want to save time processing your business’s payroll.
When you aim to automate as many processes as possible, you save money by reducing the time you spend working on isolated tasks. Many businesses automate payroll calculations, payroll tax collection, or time and attendance. Investing into services and software that automate your payroll processes will save you money and time in the long run. These services can easily integrate your current payroll processes, putting the responsibility of payroll on another entity.
Although it may not be possible for all businesses, switching from hourly to salary positions can save you time when processing payroll. Salary positions do not require the same amount of time as hourly positions when processing payroll because these positions do not always require payroll calculations. Making the switch from hourly to salary can save your HR department time when processing payroll and give better benefits to certain employees. If the switch benefits both you and the employee, then it is definitely worth considering.
Keeping your records centralized and organized can help you save time processing your business’s payroll. Not keeping your records centralized means digging through countless spreadsheets and documents to find important information. When you switch to payroll outsourcing, you will have your records centralized which means easy access to any piece of data you need.