<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >Top 6 Tips for Better Payroll Processing</span>

Payroll often represents a sizable chunk of a business’s overhead. Payroll processing itself could also represent a time-intensive and costly activity in your business.


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The good news is that there’s almost always room for improvement when it comes to payroll processing. Better yet, you don’t need to reinvent the wheel or overhaul the entire system. Even minor changes could help you make payroll more efficient and effective for your business.


These six tips can help you get started.


1. Simplify Payroll Policies

Payroll can be quite complex, but your policies could make it more of a chore than it needs to be. Take stock of your policies and see where you could simplify a policy or procedure.


One example might be the payment schedules themselves. Many businesses use several different pay schedules. Your freelancers may be paid monthly, while managers or salaried staff are paid on a different schedule. Employees who earn an hourly wage might be paid every week, bi-weekly, or another schedule you prefer.


If you could combine these schedules, you could simplify payroll processing for your team.


You may also want to look at your policies around reimbursement or commissions. Are the rules overly complex, requiring several different calculations? What about paid time off, like vacation or leaves?


A move to simplify these policies can make them easier to implement correctly. In turn, your team will be more accurate and efficient.


2. Adopt the Right Payroll Processing Technology

Another consideration is the methods you use to process payroll. Are you still using Excel spreadsheets to keep track of everything?


If so, it might be time for an upgrade. Payroll processing software is specifically built to handle the nuances of paying your team members. It takes into account different rates and deductions. Many software options are automatically updated too, and they include information for different jurisdictions. Customization options can help incorporate your company policies.


3. Go Paperless

Another option you have for improving payroll is to switch to a paperless system. If you’re still issuing paystubs on paper, you could be spending a considerable amount on printing, paper, ink, and mailing supplies.


It also takes time to make sure paper paystubs are prepared and distributed. By moving to an electronic system, you can often generate and distribute paystubs with the click of a button.


Be sure to check that your area will allow the use of electronic paystubs. Some US states, for example, require a paper record.


4. Stay Up to Date

Improving payroll processing also means staying up to date with the latest changes. If you operate in several different areas, you’ll need to keep tabs on changes to employment legislation in each different jurisdiction.


Staying up to date ensures your payroll is always processed in compliance with the rules. This can help you avoid penalties and audits.


5. Keep a Calendar

Payroll processing has many different deadlines with it, so it’s a good idea to set up a payroll calendar. You’ll need to note your pay periods and keep tabs on filing dates. You’ll also have deadlines for submitting payroll deductions and withholdings.


If you’re operating in several different jurisdictions, the calendar can become quite crowded. Reminders and visuals can help keep your team on the straight and narrow.


6. Get Expert Help

Another great idea is to get some help with your payroll processing. Instead of spending all your time trying to stay in step with regulation changes or chasing deadlines, let a payroll service provider team assist you.


Since the team is made up of experts, they can conduct payroll more efficiently and accurately. They’ll also be aware of different rules, and they’re keeping an eye on compliance too. If you plan to expand your business to a new country, the experts’ help can be invaluable.