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At least 40% of business owners say the worst part of owning a business is dealing with bookkeeping.
Employee payroll is included in that, and even professional accountants don’t like to do it. Accounting ranked third on Forbes’ 2014 list of unhappiest jobs.
What can you do to make things easier on yourself? Things have changed a bit since 2014. There are now a lot of options for streamlining, simplifying, and even outsourcing your payroll.
We’re going to cover a few of the top tips to payroll in its place. Keep reading to find out!
1. Don’t Use Paper
The whole world is going paperless on everything, by why? Paystubs are a prime example of reasons such as, such as:
Offering online paystub services to your employees, such as on https://www.thepaystubs.com/, help to ensure that your employees have 24-hour access to their paystubs.
They don’t need to look in a forgotten drawer somewhere or a box in the attic when they apply for mortgages or other financing solutions. Because they aren’t physical stubs, it also increases security and privacy for you and your employees.
More on security is coming next, so keep reading!
2. Choose a Time Tracking System
Time tracking systems are incredibly necessary. Part of going paperless means that you avoid the cost of “buddy punching,” which effects 75% of companies, according to the APA.
Even worse, the average employee is stealing 4.5 hours per week. This accounts for more than 2% of your gross payroll costs. Swipe cards, biometrics, and notifications are basic payroll fraud prevention tactics to save you on stolen time.
3. Integrate Your Payroll and Tracking
It’s great that you’ve now got tracking for your employees hours, but now you have to enter it into your payroll system. Integrating your system will save you an estimated 80 hours a year in monotonous data entry.
Automation is the technology trend of the 2020s, along with cloud computing and the internet of things. If your devices are all talking to each other, including your coffee maker, don’t you think your tracking software and payroll software should too?
Linking your systems also reduces user error and typos, so you don’t have to worry so much.
4. Simplify Your Payroll Policies
Payroll rules and policies get complex and bloated with commission, holiday pay, overtime pay, sick days, and other rules. Add to that different worker classifications like full-time and part-time, independent contractors, interns, freelancers, account specialists, inside sales, outside sales and more.
If you can keep it simple, make it simple. Instead of outside and inside sales, try to keep the policies the same. It makes it simpler for entering rules in your payroll software and keeps it simple for your employees to keep track of.
With 27% of owners reporting three to five hours on payroll per month, you can be sure complicated policies play a major role.
Simply Saving on Employee Payroll
Employee payroll is a pain if you’re doing it the old fashioned way and fighting convoluted policies. Now that you have the ammunition you need to make a change in your business, don’t forget who gave it to you.
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Keep browsing to find more ways to streamline your business!