How to Simplify and Save Time on Payroll Processing: 5 Must-Know Hacks
Small businesses spend an average of 5 hours every pay period working on payroll processes.
These processes include paying staff, filing, and calculating. It can be a time-consuming process but is necessary.
If you have a business and want to improve payroll efficiency, there are a couple of ways to do so.
Continue reading to discover the best tips and tricks for simplifying your payroll processing!
- Create Your Own Pay Stubs
By utilizing a pay stub maker for your HR operations, you can improve efficiency in the workplace.
A pay stub maker will allow you to easily track and monitor financial information about employees. This payroll processing software can create pay stubs for you, which is convenient if you have a lot of staff.
Having a pay stub maker will shorten your workload for preparing payroll. The best part— all of the information is stored in an organized manner that is easy to understand.
- Pay With One Method
If you want to work on simplifying your payroll processing, you should consider choosing one payment method.
There are various methods to choose from, direct deposit, cash, and printed checks are the most popular. You can also pay staff with payroll cards and PayPal. Decide on one form of payment for your staff to help make your job easier.
There are different costs to each option, so be sure to do your research and determine what would be best for your situation.
- Use Direct Deposit
Direct deposit is becoming the most popular form of payment for staff.
The reason that direct deposit is preferred is that staff don’t have to swing by the bank on their way home from work. The money instantly transfers into their accounts, making everyone’s life more simple.
Having staff on direct deposit will also make your job easier because all of the payment information will be in one organized place.
- File Taxes Online
Every business must file their taxes so why not do it the easiest way possible?
You don’t have to worry about deadlines or not knowing what to do if you file online. Online tax filing is easy and there are questions along the way. Even if you get confused, you can the helpline and receive assistance.
Filing taxes online can increase payroll processing efficiency. Direct deposit accounts can be connected to your tax filing system to decrease some of your work as well.
All of the difficult work will be calculated for you by electronically filing taxes online.
- Track Time With an App
Did you know that various apps allow your employees to clock in and out?
If you are paying extra for time tracking software, you may want to consider getting an application instead. The application can save you time because it is so user-friendly and accessible.
These apps are much cheaper alternatives and many employees report liking them more than regular software.
Payroll Processing Done Easy
If you want to improve payroll processing at your business, you can by utilizing this guide.
There are many ways to cut costs and save money when it comes to payroll. Payroll efficiency goes beyond time tracking with an app to save money. It can help your business flourish and expand, especially if you have a lot of staff.
By utilizing paystub creators, online tax filing, and direct deposit you can streamline processes for HR.
Be sure to check out our blog for more articles about payroll processing services and how to process payroll!