Paying It Forward – A Guide to Simplifying Wage Management
If managing a business only involved the task of running a business, owners could devote a ton of time towards other important business-related tasks.
Of the many tasks that businesses have to complete, one of the most important is payroll.
For small businesses and the self-employed, payroll can be as simple as paying contractors.
However, for businesses employing more than ten people, setting up a payroll that is organized and effectively pays salary warrants on time is no easy effort. You can generate pay checkstubs easily now.
Payroll encompasses so much more than just paying salaries. The process involves collecting and inputting all tax information related to the employee, calculating time worked and making sure that employees get all of the information related to their benefits, in addition, other duties. Even with all of the tasks involved with payroll, the job can be made so much easier with the organization and great payroll software.
Let’s take a look at some simple ways that you can make the payroll process easier to manage.
Invest In Software
A good payroll program can do a number of functions for your business, namely calculate pay and deductions, taxes, and any savings allotments. These programs typically can also calculate the various types of leave and retirement. Also, some of these programs can also allow employees who work on a part-time basis to input their own hours and leave information, if applicable, which saves payroll managers a lot of time in data input.
One of the best ways to make your life easier as a payroll officer is to brief employees on payroll processes when they are hired. All full-time employees should sit in on an in-service that explains the whole process of being hired. Some of the topics that should be included relate to pay cycles, holiday and sick leave, health benefits, tax information, and any retirement benefits. On a smaller scale, part-time employees should also be in-serviced as it relates to the policies that apply to them. Ultimately, if you in-service new hires, it saves you a lot of time and hassle because they already know company policy.
Bring In The Professionals
While payroll officers can handle much of the day-to-day operations, including in-servicing new hires, some of the information related to benefits and retirement savings should be handled by a representative from the company that provides the business health benefits and retirement. One of the main reasons this is so is because these experts can handle basically any question related to either employee benefits or retirement. For this reason, payroll managers should organize workshops to introduce information related to health and retirement benefits to new employees.
Moreover, payroll managers could go as far as holding workshops that would allow them to fill out paperwork with employees in the presence of the benefits professional. Payroll managers desiring to, again, reduce the amount of confusion related to this aspect of payroll should seek the help of outside professionals to in-service new hires.
Consider Going Paperless
With the number of businesses moving to the online format, going paperless is a reality. Furthermore, it not only centralizes all of your information in one location, but it also reduces the amount of space that is used in an office. Furthermore, online management systems, including storage, is so much safer than locked file cabinets that are accessible by anyone with a key.
Keeping Payroll Simple
As one of the most important tasks of running a business, the administrative duties of payroll can be reduced by software that has a number of functions and by making new hires aware of company policy as it related to the various benefits. By adopting a paperless office, furthermore, you centralize information making it easier and efficient to work. Finally, by organizing the different functions of payroll, you can concentrate on the other aspects of business management.