Payroll processing is a vital and complex component of successful businesses, regardless of the company size, industry and age. It may be on the lower end of the spectrum when it comes to exciting or glamorous business-related processes, but placing it high on your list of priorities makes it easier for your operation to succeed.
Reducing the margins of error, minimizing your personal involvement and generally making the whole process more efficient should be part of your payroll processing goals. Here are a number of ways to optimize the process:
Keep Track Of It All
Consistent organization is critical to succeeding with payroll because of all the related tasks spread out across every cycle. Creating a to-do list arranged in chronological order can help you keep track of the moving parts, such as due dates for payroll tax deposits, check roll-out dates, and more.
Too busy to constantly update and organize your payroll process? We get it. Many business owners choose to prioritize growing their operations and improving their services above back-office tasks such as payroll processing.
Embrace Help and Technological Advances
The two most important goals that business owners should aim for in payroll processing are high accuracy and timeliness. When these elements are prioritized, usual slip-ups such as overpayment (which is bad for business) and underpayment (which is even worse for employee relations) can be easily avoided. Mastering these components also drastically reduce the cost of administrative resources needed to identify and to correct errors.
Experts agree that automating or delegating your payroll processing tasks result in higher accuracy and speed. While there is seemingly an endless number of available solutions, outsourcing payroll to pros such as Innovative Bookkeepers guarantees that you are dealing with seasoned experts who commit to providing results.
Say Goodbye to Paper Stubs
If your company still hands out paper pay stubs, it’s time to admit that it’s a time-consuming and wasteful experience for both parties. Going paperless is a very efficient and cost-effective choice in the long run, especially after the initial investment. Digital pay stubs also result in having one more extra layer of confidentiality to the whole process.
Keep It Simple
Proper payroll processing isn’t as easy as many expect. You have to take internal factors into consideration as well, such as commission, attendance, and PTOs (paid time off). To streamline these tasks, consider looking into your current exterior policies and making them as straightforward and simple as possible.
