Simplifying your payroll process will reduce the severity of your monthly payroll headache. If you have any experience in payroll, you know it is an ever-recurring, strenuous exercise for companies, big and small. Through BDCS’ extensive experience as well as scouring the internet, we have compiled the top tips to make payroll faster, and dare we say even a few that will make it pain-free. Our payroll tips and solutions can be applied in every payroll department whether you have a truckload of payroll employees or one. Want to remember these tips for implementation? Click here for the summary, then read on for the full story.
First, we’ll tackle the basic yet essential tips for simplified payroll. Then, we’ll move on to bigger things for long-term benefits in your payroll process.
Let’s be serious: payroll is a highly regulated, ever-changing landscape with harsh consequences for failures to comply. Because payroll includes a multitude of tasks, our top tip, which is corroborated by Forbes, is to outsource payroll! Don’t attempt to do it on your own. Payroll outsourcing has major benefits for companies of all sizes. Be that as it may, it is not an option for everyone right this minute. But do keep this in mind, because as your company grows and as your knowledge concerning payroll increases, so will the number of needs and questions you have! Here we go:
Allocate dedicated time for payroll
We all know more or less when payroll needs to be processed, but allocating a default time for this task every pay cycle is essential. Make sure it is a decent amount of time, but remember that allocation is not enough, because ‘allocation’ without dedication will serve no purpose. Dedicating time means to ‘set it apart for a special purpose.’ This brings us to our next top payroll tip.
Decrease payroll distractions
When actively engaging in the payroll process, make sure to remove all distractions every time, because when it comes to payroll, distractions are downright dangerous. It could cost your company an arm and a leg. Whether it’s only you or a room full of payroll administrators have clear guidelines concerning cellphones, phone calls, running other errands, and so forth to optimize concentration and minimize task switching.
Group employees by type of employment
Different types of employees can cause a great deal of confusion in a payroll process. This confusion can be cut back by classifying employees by type of employment: part-time, full-time, intern, contractor, consultant, or free-lance. Doing these by category can decrease the risk of errors and make payroll faster.
Keep all employees on the same pay cycle
With all the different types of employees that could be working for your company, some human resource professionals tend to keep different types of employees on different pay schedules. By keeping everyone on the same pay cycle as much as possible, you minimize the work of your payroll administrators as well as the probability of errors and delays in the payment process.
Digitize everything!
No matter how small a company is, the benefits of computer and cloud-based payroll, labour relations, and HR systems far outweigh the traditional hard copy system. When everything is digitized and located in the cloud, payroll can be processed by anyone, anywhere in the world, at any time of the day. Everything you need is at your fingertips, not stored in various cabinets at the office. There are mobile apps for everything! Take BDCS’ cutting-edge employee self-service mobile app as an example. Employees can view payslips, tax certificates, and leave days available as well as apply for leave all in one place!
Simplify time tracking for payroll
Whether your employees are paid by the hour or by the days work in a month, make tracking their time as simple as possible to ensure fast and smooth payroll processing. Use a mobile application or a wall-mounted card reader. Make sure it is an intuitive system that serves your companies unique needs. At BDCS we tailor all systems and equipment in such a way that makes financial sense and that brings out the best in your company. Just have a look at clicktime’s mobile app for tracking time in such a way that it integrates with any payroll system or service.
Invest in a payroll management system or software
Payroll software is a sure investment, but it needs to be stated that if accounting is not something that you or your employees are adequately skilled in it’s still going to be hard to understand and implement. A system only works as well as the quality input it receives. BDCS has an easy to access cloud-based payroll service that can be tailored to include some or all of the following services like payroll outputs (payslips, payment file, etc.), mid-year and year-end tax submissions (EMP501), monthly tax submissions (EMP201), net pay + 3rd party pay (payment file), monthly recon (medical aid, etc.), net cash payments, reporting (leave reports, HR reports), and so forth.
Consider centralizing all employee systems
Using one system for all employee-related business functions is a sure way of streamlining your company, especially in highly regulated areas like payroll and labour relations. A great option is to unify and outsource payroll and human resource management to a third-party organization that specializes specifically in these services. Their systems are centralized and streamline all related functions. You have more time, energy, and resources to focus on key aspects of your company while a specialist like BDCS takes care of your most important resource: people. So you do what you do best and we do what we do best. Because we succeed when you succeed.
Up-skill continually
You and your team can stay on top of things like new legislation, policies, and regulations regarding payroll and taxes through continued training because it is ever-changing and its interpretation and application go far beyond the basics of accounting.
Have a realistic payroll time frame
Whether you outsource payroll or do it yourself, keeping to a realistic timeline for approval and processing is possibly the single most important payroll tip for fast payroll.
Have a payroll plan for packing employees
Have a payroll and managerial plan to ensure fast, effective and correct payroll services to employees that quit or are let go which, when done correctly, can minimize lawsuits and cut down accompanying legal costs.
Choose scalable options
Scalable payroll services provide flexibility in times of trouble and in times of prosperity which will ensure your company is agile. 2020 has taught us to be easily adaptable and flexible. Payroll services that are simple to adjust and change will ensure that payroll happens fast and efficiently, regardless of circumstances.
Consider getting more help
We mentioned this payroll tip right off the bat, and we have circled right back to it for good reason: payroll is riddled with complications and regulations with harsh consequences and is, therefore, a high-risk business activity, but outsourcing payroll to a dedicated and specialized partner like BDCS is infused with major benefits like minimized financial and legal risks, top expertise at your disposal, tried and tested methods and systems, cutting edge technology solutions, financial benefits, freeing up of time and energy for more important business processes and last, but not least: peace of mind.
Like Robert Kiyosaki rightly said: “Don’t say ‘I can’t afford it,’ but rather ask yourself ‘How can I afford it?’ Give us a call or simply fill in this form, and we’ll call you with solutions tailored to your company’s unique needs and financial resources.
https://www.ceridian.com/blog/how-to-simplify-and-save-time-on-payroll