5 Tips to Streamline Your Payroll Processing
Payroll management is a major business function of companies large and small…and usually a major headache for HR teams, especially for those who process it manually. The methods of recording, tracking and reporting time and attendance, for instance, aren’t simply time-consuming, they can become complex and even risky as an organization grows and more employees are hired. Businesses should regularly access and address their overall processes, from the technology they use to the best practices they implement. Here are five tips to help minimize errors and create a better payroll management process for your company:
- Set a clear payroll policy
It’s possible that you are currently maintaining multiple pay schedules. Management may be paid monthly while, hourly employees are perhaps paid biweekly. You probably pay contractors within a certain amount of days upon job completion. And there’s likely a policy in place regarding commissions, expense reimbursement and paid time off. Your pay policies may be perfectly clear to you, but what about the people you’re paying? Your employees must understand exactly how, and when, they will be paid. There should be no guesswork. This information should be posted in an employee portal, or at the very least printed and provided to anyone on your payroll at the beginning of each year.
- Automate time tracking
Scheduling employees and tracking their attendance can be some of the most difficult and laborious aspects of payroll, but new automated technology like Accu Data’s biometric tracking system can save you a lot of time. This allows you to easily build employee schedules, monitor attendance and compare schedules vs. time worked. Not only that, it’s more accurate than manual tracking, eliminating errors and buddy punching. It also generally comes with a built-in reports library that allows you to track absent or late employees, current and historical time cards and much more.
- Use direct deposit
Looking for a way to cut company costs, better secure your organization’s data and help the environment at the same time? Begin implementing a paperless payroll process with direct deposit. In addition to saving you money on physical paychecks, paper paystubs, ink and printer maintenance, it will also save you the hassle of re-issuing checks when they’re lost or stolen or being hit by stop payment charges from your bank. Plus, you’ll find that most of your staff will enjoy the convenience and immediacy of direct deposit, especially if you have remote workers.
- Provide employee information online
Most employees prefer having their personal and financial information—such as pay stubs, deductions, annual tax forms and time off schedules—available to them through a self-service portal. If your current payroll company doesn’t provide this functionality, it may be time to switch providers. Not only have workers come to expect it, but giving them this access removes that administrative burden from payroll and HR teams.
- Use a single, synchronized system
Payroll, human resources, benefits and other practices generally exist on multiple systems, leading to clunky integrations with imports and exports. More and more companies are turning to a human capital management (HCM) solution that will unify information from these disparate systems into one single-source. This not only makes managing data a more seamless process, it greatly limits human error. Accu Data’s HCM solution, for example, integrates technology, tools and processes to bring all employee records together under one synchronized package, creating a simplified user experience.
Is your company looking to switch payroll providers or make the move to an HCM solution (or both)? Accu Data offers 30+ years of experience as a leading provider of payroll and Human Capital Management. Contact us today for a free payroll consultation and to learn about our other HCM capabilities, including Human Resources, Time & Attendance, Benefits Administration and ACA Compliance.