Ways in Which You Can Streamline Your Payroll Process
One of the challenges most companies encounter involves preparing payroll. The other reason that makes the payroll process challenging is that it is time-consuming, riskier and more complex. Though processing payroll can be challenging, it is a good idea to streamline the process. Streamlining the process can go a long way in saving you time, money and risks. Here are the factors to consider when you want to streamline your company’s payroll process.
Companies looking forward to streamlining their payroll need to first improve their timesheets. When going through the documents, you will find that your employees work for different clients, at different hours and have different pay rates. The fact that the details of employees can be long, managing the timesheets can be a real headache. The best way in which firms can have an easier time processing their employees’ payroll is by storing the data in programs. The data needs to be stored in a format that will allow direct importing into the software.
In addition to improving your timesheets, you also need to eliminate payroll documents. Some of the payroll documents you can avoid include pay stubs and cheques. Many times, companies tend to find the process of printing, sealing and distributing payroll documents to be costly. When it comes to processing payroll documents, you can use epayslips to send pays stubs through mail. Online epayslips are known to be quick and easy to prepare besides being free.
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.
Outsourcing payroll processing services need to be the last option after one has observed that their payroll process is taking up all their time, and is becoming riskier and costlier. Companies that rely on external payroll services are able to get many benefits. Most of the external payroll companies are known to work with experts who are able to deliver quality, efficient and effective services. Issues such as data entry errors, late remittances, missed pay periods, or non-compliance are hard to find when you outsource payroll services.