Scaling your payroll tasks can be problematic as your small business starts to grow in size. While it might have once been easy to pay a small number of employees, it can become challenging once you add additional members of staff onto your team.
If manually recording, tracking and reporting your employees’ attendance is become time-consuming and complex, you must look for ways to improve efficiency. Read these five tips for streamlining your payroll processes.
Stick to One Pay Schedule
Many companies make the mistake of introducing different pay schedules. For example, while you might pay your full-time employees on a monthly basis, you could be paying others an hourly rate or on a weekly or bi-weekly basis.
Multiple payment schedules can ultimately add complexity into your payroll processes, and it could take up a considerable amount of your HR team’s time. It will be more efficient to stick to a single pay schedule for every member of staff, regardless of their position in the business, which can decrease the likelihood of financial errors.
Choose a Reliable Payroll Software Solution
The right payroll software solution could lead to greater productivity in the workplace, as your team will spend less time following up on incomplete data and processing payments. Due to automated workflows, your staff members could save time when completing the essential processes, which will allow them to focus on other important tasks.
For example, XCD can provide a reliable HR and payroll software solution that features inbuilt workflows, weekly or monthly timesheets, pension records, and a full suite of management reports, plus more.
Make Time for Training
It is, however, imperative to provide your team with in-depth training for every technology you introduce into your HR department. For example, you should set time aside in your schedule to train your team on a payroll software, so they can quickly adjust to the new solution and capitalise on its many benefits. It will ensure your team feel confident when using a software feature, so they are never tempted to revert back to a manual process.
Understand Your Tax Requirements
While payroll software can help your company adhere to its tax obligations, business owners must still have a firm understanding of their requirements, which will ensure they never receive a penalty for a late payment. It is, therefore, important to identify your business structure’s annual tax requirements; for example, you could attend a workshop or read more online to gain an understanding of the rules, regulations, and deadlines.
Introduce a Clear Payroll Policy
A complicated payroll policy will lead to many of your employees knocking on your HR team’s door, which can take up a significant amount of their time. To remove some of the burden, you must introduce a clear payroll policy that details rules regarding:
- Paid leave
- Commission rates
- Expense reimbursements
It will provide answers to your employees’ many questions, so your human resources department can focus on improving employee wellbeing and recruiting the best candidates for a vacancy.