Steps to Follow in Streamlining Payroll Process
Processing payroll may seem easy, however, the process can be tedious when you come to think of it. Besides being challenging, the process can be more complex, time-consuming and riskier. Though processing payroll can be challenging, it is a good idea to streamline the process. The benefit of learning how to streamline the payroll process goes beyond saving time and money to reducing risks. Here are the factors to consider when you want to streamline your company’s payroll process.
One of the ways in which you can streamline your payroll process is by improving your time sheets. It is common to find employees of companies working for different hours, for different pay rate and for different clients. Therefore, the timesheets can be long and tedious. Using the manual data to process payroll can be hectic, hence the need to store the data in programs. As much storing the data in the program is vital, the data need to be kept in forms that will allow easy importation of data into the software.
In addition to improving your timesheets, you also need to eliminate payroll documents. Pay stubs and cheques are examples of payroll documents you need to avoid when streamlining your payroll process. Many times, companies tend to find the process of printing, sealing and distributing payroll documents to be costly. Instead of manual procession of payroll documents, companies can use epayslips to distribute pays via email. It is a good idea to use epayslips since they are free, easy and quick to prepare.
Companies tend to deal with absences of employees related to maternity leave, sickness, and more. The fact that companies have no control over sick and maternity leaves calls for the need to ensure complete compliance with the laws set the federal government. However, the challenge most companies encounter involves keeping the tabs on statutory absences, recording them, managing them, and then ensuring the correct payments are made. It is worth noting that for companies to curb the chalets involved in making statutory payments is by integrating a web-based self-service HR system with your payroll software.
Companies that find their payroll process becoming riskier and costlier and even taking up all their time should consider outsourcing. Outsourcing payroll services are known to come with many benefits. The company you hire will provide staff who are payroll expert and who can carry out the payroll process in the most efficient, accurate and effective manner. When you hire the companies, you will not have to worry about data entry errors, late remittances, missed pay periods, or non-compliance.
Attributed by: Read Full Report