How to boost your Payroll Efficiency
Are you wanted to Boost Your Payroll Efficiency, but don’t know how? We will help you. Boosting payroll efficiency will help any business deal with one of its biggest outgoings, but how can you use technology and software to help? Payroll management is a high stakes game. When left unchecked, errors can lead to hefty fines or even lawsuits.
The key to top-notch payroll management is how well you use technology. Follow these 5 strategies for boosting your payroll technology skills.
1. Upgrade Your Management Software
Upgrading your payroll management software is one of the easiest ways to make your payroll technology system more efficient. As with any form of technology, new features to simplify the process are constantly being released.
If it’s been more than a few years since your last upgrade, it’s time to choose a version that meets all of your current needs. Your new software should include easy to access tutorials that teach you things like how can you make check stubs.
2. Regular Employee Training
Don’t rely completely on your payroll technology to keep employees trained. New cloud-based payroll software requires regular updates to deal with bugs or add new features.
Designate someone on your team to be well versed in the software’s new features. If the software company offers training, sign your team up for regular software education to keep them engaged.
The amount of time your team takes navigating the system can make or break your ability to meet deadlines. Keep regular training classes on the team’s calendar to ensure your department has an efficient system in place.
3. Payroll Technology Best Practices
Avoid mistakes that commonly come with learning new payroll systems by creating transparent policies. Sometimes misunderstandings happen because of poor communication with the payroll team.
Keep an open-door policy that allows employees to freely express their confusion if they notice a deduction on their paycheck. Focus on areas for improvement like misclassifying employees or tax issues on a daily or weekly basis.
Make sure you send out regular memos companywide to help employees navigate the payroll process and feel like they have a place to voice concerns if issues come up. Communicate clear policies within your department so that everyone is sharing the same information throughout the company.
4. Outsource When Possible
Sometimes the simplest thing you can do to make your payroll technology more efficient is to outsource the work. Not everything can safely be handed off to a third party, but it’s possible to get many of your ‘time wasters’ off your plate and into the hands of professionals.
Partner with a professional employer organization to handle compliance monitoring or help with data entry when your plate gets too full.
5. Conduct Audits
Always double-check and triple check your work. Payroll mishaps come with expensive price tags when left unchecked.
It’s helpful to have a third party employer organization help with audits so you don’t double up your workload.
Finding a Rhythm with Payroll Technology
Payroll technology can help simplify many tasks, but it can’t replace a good system of checks and balances. Good, efficient payroll strategies are a collective effort.
Enlist the help of other people in your department following your training sessions to get ideas for improvement. For more information and tips visit our blog for updates.