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5 Solid Ideas That Will Improve How Your Business Does Payroll

Categories: Blog
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Payday! The best part of the month! Or is it? For employees, seeing that credit drop into your bank is a reminder of why you work so hard. However, payday can strike fear into the person responsible for payroll. The responsibility of ensuring that everyone in the company gets paid on time and the correct amount can be an endless headache and laborious chore. But it doesn’t have to be! There are ways to make the end of the month smooth and stress-free. 

  • Evaluate Current Software 

Depending on the size of your company, you will probably use a specific program where you keep all your data and employee details. Gone are the days when payroll details were entered onto scrolls, tablets (Clay, not digital ones), or paper parchment. Can you imagine? 

Now we rely fully on digital and customized systems to make the job a tad easier. Bet you’re glad you were born into this era! But even modern software solutions have their limitations.

If your monthly payroll duties have become a thankless task, it may be time to evaluate the efficiency of your current system. 

Businesses and business needs change. Companies grow and evolve, and sometimes what once worked is no longer sufficient.  If your payroll system is prone to errors and is consistently causing issues with calculating correct payments and tax deductions, it will put a strain on relationships within the company. Most employees depend on consistent wages to plan their finances. When payroll problems arise, this can cause stress and upset to someone that is relying upon correct wages. When doubt and mistrust enter the workplace, it affects company culture and disrupts harmony. So if employees are making complaints, it is a sign that you need to investigate alternative payroll systems to mitigate these issues. 

Carrying out an audit is a good first step to pinpoint where the problem originates. Conducting a comprehensive workflow analysis will also help to track the problem. If you successfully diagnose the issues through a thorough examination, you are halfway to fixing them. But what if you discover that it directly relates the matter to outdated software? 

  • Search for Alternative Software Solutions 

Investing in the right payroll software is crucial for your business. If you have decided that ‘out with the old’ and ‘in with the new’ is the best approach, then how can you be sure that you choose the right program for your company? 

Compare, then compare some more. Every software program will offer unique features and identifying beforehand what you will need to include, will inform your choice. The guys over at https://www.zenefits.com/payroll/ say that using a simple but reliable system is key. You should also consider advanced features and customized packages. The function of syncing payroll data with the rest of HR creates an effortless system and could eliminate those monthly headaches. 

  • A Strong IT Department     

As with any technology, IT problems will arise even with the most effective system. Selecting appropriate IT technicians that are skilled and qualified is vital for dealing with any tech issues that arise. IT experts are invaluable and the right people can save a lot of time and anguish by using their expertise to solve problems. 

Training

Although a job description is required and relevant qualifications are needed for a job in Payroll, ongoing training is important for professional development. In an ever-changing world, we must keep up with the developing nature of business. 

If you choose a new software program,  relevant training is crucial for efficiency. Regular training gives staff opportunities to discuss issues that arise each month, creating the chance to find solutions for a more smooth transition to using new tools. 

Training is also important to keep abreast of changes in laws and legislation that will directly affect things such as tax payments. When you invest in new software, the company may send you regular updates to payroll legislation which is useful to inform training requirements. There are also free resources online that you can utilize and incorporate into any formal training you arrange for your payroll staff. 

Projection  

Some Payroll systems integrate with your company’s accounting program. This provides an easy and efficient way of projecting business financial outcomes. This enables you to identify if you can afford to take on new staff,  recognize business trends and monitor sales. It acts as an effective budgeting tool that can help save money and distribute tasks and responsibilities effectively. 

Payroll remains a crucial part of any business, using the appropriate tools can mitigate stress and encourage a harmonious working environment. 

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