There are a host of strategies for managing payroll, but only a few will actually result in improvements to efficiency without requiring compromises in other areas.
Here is a look at the top-rated tactics to make payroll duties as seamless as possible which businesses of all sizes can benefit from.
Automate paystub generation
Automation is the number one way to enhance the efficiency of any administrative task, and this definitely applies to the paystub creation process.
Thankfully you can leverage a modern pay check stub maker to automatically carry out some of the more mind-melting calculations that need to be factored into your payroll responsibilities for every employee, whether they are paid on a weekly or monthly basis.
Another advantage of leveraging a paystub generator is that you do not need to worry about manually laying out all of this information in a clear, concise and standardized way; templates make this all a breeze, further accelerating the proceedings.
Digitize expenses submissions
Another labor-intensive aspect of payroll is dealing with expenses claims put in by employees when they have incurred costs in the course of their day to day duties which then need to be reimbursed by the business.
If you are still relying on team members handing over piles of loose paper receipts and invoices while working at the office or out and about, this could be creating a major roadblock in the processing of paystubs in the first place.
The answer is to move towards a paper-free approach, by making use of the various digital expense-tracking solutions that have emerged in recent years.
The best of the bunch will allow employees to snap pictures of receipts on their smartphones, then submit these individually or in bulk so that tracking their spending and calculating expenses is far less of an uphill struggle.
Simplify your approach to payroll policy
It might seem sensible to offer employees a variety of payroll-related benefits, whether to incentivize productivity or encourage team members to stay loyal to the organization. However, this kind of fragmentation in allowances, commission levels and expenses eligibility will add layer upon layer of complexity to payroll management itself.
If possible, it is better to strip away such structures and instead aim to keep things clean, simple and more of all fair for all involved. This will be far more appealing to employees than a seemingly never-ending set of different configurations that they do not really understand.
Set a schedule to highlight deadlines & important dates
Payroll management is littered with significant moments through every week, month and year, so being aware that these deadlines are looming is the first step to ensuring that you actually hit them.
Adding these dates to your calendar will not only ensure that you stay on the right side of the regulators, but will also avoid your duties piling up to an overwhelming level.
Consider outsourcing
Small businesses can be especially overwhelmed by the payroll process, and if it feels like taking charge of this in-house is a step too far, then outsourcing is always an option.
There are plenty of companies which specifically serve commercial clients that need payroll management taken care of for them. This has perks not only in terms of the time saved and the stress alleviated, but also when it comes to sticking to the rules and regulations which govern payroll-related paperwork.
In essence, efficient payroll management involves taking every advantage you can get, as well as knowing when you need to call in the experts to take care of things for you.