5 Tips for Easier Payroll Processing
Tuesday September 2nd, 2014
Think about all the different tasks that an employer has to accomplish to keep their business running. That task list is very long and undoubtedly includes payroll. While many employees may not recognize the work and depth of payroll processing, those who issue paychecks have a very good idea of all the intricacies involved. Payroll is a complex and ever-changing process. In honor of National Payroll Week, we have put together a few suggestions to help make it easier.
- Get organized - Payroll has a lot of due dates, tasks, reports, etc. Find a system for organization that works for you. This could be a calendar, weekly or monthly planner or a simple to-do list. Having a visual reminder of what is coming up can help you efficiently handle payroll.
- Simplify your policies - There are many policies that contribute to payroll such as attendance, paid time off, expense reimbursement and commissions. By making an effort to simplify and streamline the policies, you can lift some of the stress, making it easier for the employees and the person in charge of payroll.
- Electronic pay stubs - By forgoing paper stubs, you can save money and time. It also gives an additional layer of confidentiality for the employees.
- Consider technology - Automating payroll can deliver huge benefits. You can opt for payroll software to help with payroll and taxes or you can use a payroll company to handle all of your pay and tax needs.
- Prepare for the future - The IRS typically releases new information in early December for items in the coming year, such as tax withholding changes, new benefit charts or deduction amounts and new W forms. Know what these items are and what deadlines you will have throughout the year.
The simple rule is this - find a way to make payroll as painless as possible yet still be done correctly. Do what works for your business to ensure that deadlines are met, taxes are paid and employees are issued their wages. There is no set way that works for every company and now might be a good time to reevaluate what is working and what could be changed to make payroll processing easier.
What steps has your company made to make payroll processing easier? What is the most difficult part of payroll?