Did you know that 82 million American employees are affected by payroll problems? This can cause a lot of issues for employees and your business as a whole. Luckily, there are many ways to streamline payroll and make it more efficient.
Read on to learn about 7 ways to improve payroll efficiency.
Contents
1Integrate Benefits
One way to increase payroll efficiency is by integrating benefits into the system. Because they are complicated to manage, adding them to the payroll system makes things easier. This means no more entering employee data into multiple systems that could lead to errors.
2Use Automated Workflows
If possible, you should use automated workflows to create efficient payroll services. This way you will be able to get rid of manual data entry. Because manual data entry can lead to error and takes a lot of time, it slows down the payroll process.
You can try to use automated workflows for the following:
- Bonuses
- Pay errors
- Missing pay
- Overtime pay
One way to reduce errors is to combine your scheduling software with your timesheet software.
3Create Checklists
Another way to streamline payroll is by creating checklists. Payroll errors will happen whether you use automation or not. Checklists will help you cut down on mistakes and stick to one thing.
Checklists will help you break down processes so that you can accomplish goals easier. Sometimes, you may have to consider cutting some processes and adding others to create a more efficient payroll.
4Involve Employees
Asking employees to get involved is important because payroll should not be all on you. You should especially include HR employees to increase HR efficiency.
Employees should want payroll efficiency because it directly affects them. One way to involve employees in this process is by onboarding. This means making new hires fill out necessary forms.
If you have employee scheduling and hour issues, consider using an app or another system that keeps up with the proper data. This can help eliminate overtime costs and reduce employee hour issues.
5Connect Time Tracking
Instead of tracking employee time in one system and exporting it to another, connect the systems. This can help reduce errors, confusion, and data loss. It will also be easier to make changes when necessary.
6Use Automated Payments
You can streamline payroll by using direct deposit instead of checks. This saves time and money because paper checks can be expensive. Not only that, but they are also susceptible to fraud because they can get lost easily.
7Use a Template
If your employees prefer a paper check and pay stubs, use a template to ensure you get everything right. You can find check stub templates for your earning statements online. These professional documents are convenient and can streamline the payroll process.
Improve Payroll Efficiency Now
The payroll department has to keep up with a lot of data and ensure it gets done right. If you are having trouble in this area of your business, changes need to be made. Using this guide will help you improve your payroll efficiency by streamlining the process.
Keep coming back for more articles on a variety of topics.
