Whether you’re managing a small business or a large business, payroll is a task that must be handled each week. Therefore, making the payroll process as simple as possible should be one of your key goals as a business. Here are some great tips that can help to speed up your payroll process and make it a breeze to handle each week.
Offer Salary Pay Rates Only
If you don’t want to have to worry about tracking hours, overtime, and so forth, you can simply institute a salary pay rate. This will ensure that each employee gets paid the same amount of money each pay period. You won’t have to worry about calculating new withholding amounts or anything similar. Everything will be financially the same week after week.
Utilize a Payroll Software
A payroll compensation system is your best bet for enhancing efficiency during the payroll process. You can easily automate many of the tasks associated with payroll. Many systems only require you to enter the number of hours each week an employee works. The system will then handle all the calculations and transfers. This will save you a ton of time by not having to manually do calculations and write out physical checks.
Offer Electronic Direct Deposits
One surefire way to cut down on the actual processing of your payroll is to do automatic deposits for employees. This will save you the time of physically having to get checks wrote out and paying for those materials. Instead, you simply enter in an employee’s hours into your payroll software program and it automatically will send out deposits into employees’ checking accounts each week. Your employees will love this too because they won’t have to worry about physically depositing a check anymore.
Timekeeping Software
There’s no denying the fact that software can make business processes much easier to complete. To help eliminate the amount of time you spend doing payroll, you can implement a timekeeping software program. This will allow employees to clock in and out of work digitally. They can see their benefits for time off, sick days, and so forth. They can even schedule when they want to take these days off. This will simplify things on your end as you can physically login and see an employee’s hours, requested days off, and so forth. This takes the manual entry part out of the question.
Simplifying employee payroll can help to free up your valuable time to focus on expansion tactics. The above are just four methods that you can implement in combination to help reduce the amount of time you spend doing payroll each week. The more you try to shave down the time of payroll each week, we’re sure you’ll come up with even more methods to do so.