Steps to Follow in Streamlining 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. Companies need to ensure that they are taking time to streamline their payroll process since when they do so, they will be in a position to save money, time as well as reduce the risks involved in the payroll process. 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. Due to the complex nature of emoployes’ record, companies tend to have a hard time processing such data. 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. It is a good idea to eliminate the payroll documents since printing, sealing and distributing the documents can 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. As much as companies need to comply to the set rules governing sick and maternity leave, they tend to have challenges keeping 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. Companies that rely on external payroll services are able to get many benefits. The beauty of outsourcing payroll processing services is that you can benefit from the services of experts who will guarantee nothing but effective, efficient and accurate payroll services. When you hire the companies, you will not have to worry about data entry errors, late remittances, missed pay periods, or non-compliance.