It is often the case that as your business grows, you need to hire more staff to keep things rolling. This means more people on your payroll, such that the efficient practices you implemented before when it comes to payroll management may no longer be applicable. This article quickly tackles how you can better manage your employees’ payroll even as your business scales up.
Be Organised: One of the primary things that you need to do to be better at managing your employee’s payroll is to get organised. Rest assured that when the documents you need to process your employee’s payroll are arranged in an orderly fashion, you will be able to perform the tasks that you need to do more efficiently. Keeping your payroll records and documents organised will also help you keep track of important dates and remind you of deadlines that you have to meet.
Leverage the Right Software: Another thing you can do to be better in managing your employee’s payroll is leveraging the right software. Because there are several different software that serves varying purposes, you first need to identify the payroll management aspect you need to address. In case you want to make direct deposits in providing paychecks to your employees, then you need a payroll software solution that can be integrated into the platform of a financial institution. On the other hand, if you intend to calculate the withholding taxes automatically, you need to leverage a tax deduction calculator solution.
Adhere to Payroll Rules and Regulations: To better manage your employee’s payroll, you also need to make sure that you are on top of relevant payroll rules and regulations. Keep in mind that legislation and laws may be amended or updated from time to time, which is why you need to exert the extra effort to be informed of the latest updates. This can help you avoid costly processes such as auditing, as well as unnecessary expenses for penalties because of missed deadlines or due dates.
Proper Training: Suppose a certain department in your business is handling your payroll system. In that case, you need to ensure that the personnel assigned in the department are well trained and knowledgeable with their tasks and responsibilities. In this way, you are guaranteed that any mishaps are avoided, particularly when it comes to payroll matters that can significantly affect the performance of your entire staff. Proper training will also help your people in the payroll department to keep things and payroll processes simple and easy to understand.
Open Communication and Transparency: Open communication and transparency is another key to help you become better at managing your employee’s payroll. There may be instances wherein a staff may receive a paycheck that is lower than what he or she expected, or one of your employees may have a misclassified role. Take the time to talk to your employees to correct these errors, be transparent, and implement steps to avoid them from happening again in the future.
In this case, you should implement a payroll policy that effectively lays out the classification of employees, as well as how their salaries are calculated. You also need to make sure that each of your staff understands how the payroll process works and why there are certain deductions in their salaries. You can also include the process of correcting payroll mistakes in the policy for the information of your employees.
Timely Onboarding: You can also better manage your employee’s payroll with timely onboarding. If you already have a payroll system in place, the disruption in the process may come with the addition of new hires because of the necessary employment forms that they need to provide. Thus, it will help if you implement a timely onboarding that will allow you to classify and compensate new employees accurately.
Get Help from the Experts: Finally, there is always the option for you to get help from the experts or outsource your payroll management. In this case, you will be able to take off duties and tasks such as timekeeping out of your plate, allowing you to focus on other aspects of your business that need more attention.
You will be able to better manage the payroll of your employees by ensuring that you are always organised. The right software will be able to help you accomplish this feat and even provide other functionalities that can make your payroll system more efficient. Ensure that you adhere to the payroll rules and regulations applicable to your jurisdiction and that you and your employees have proper training and open communication. All these are geared towards a more efficient payroll management system.