On the surface, payroll might seem pretty straightforward. Just pay employees the right amount at the right time—right?
Yet if you’re at all familiar with payroll operations, then you’ll know the process is anything but simple. From state and federal laws to PTO, time card errors and overtime, there are a number of risks and consequences businesses face if payroll is not managed accurately.
Due to these complexities, it’s common for the payroll process to turn into a weekly ordeal that everyone dreads. But there are several ways your business can speed up the payroll process and transform it into something much more efficient.
Memorize and stay informed
The better your team understands internal payroll policies and external payroll regulations, the smoother your process will run.
This will help you prepare for every possible outcome and make less errors along the way. A few miscalculations here and there are inevitable, but having a well-defined understanding of every detail of your payroll system will help you bounce back quicker in the event of a human error.
Studying up on external payroll factors like state and federal tax laws is also imperative to ensuring accurate, effective payroll management with minimal setbacks.
Seek (digital) assistance
You don’t need to manage your company’s payroll all by yourself. No matter how big or small your payroll team is, collaborating with a powerful online payroll syncing tool or outsourcing your payroll needs to a third-party might be worth the time it saves you on a weekly or biweekly payroll ordeal.
Integrating the payroll process with online tools or third-party networks, if done correctly, will give your data reporting, collecting and accounting a major accuracy boost. At minimum make sure you’re calculating hours correctly.
Let the software do the heavy lifting
With a complete online time and attendance database at your fingertips, there’s no need to waste time and effort with messy paperwork and handwritten notes. ExakTime’s fully automated software can essentially do the work for you by keeping payroll records organized and up to date with much less risk for human error.
Accurate software automation ultimately helps payroll teams save time, money and resources in the long run.
Maintain a consistent payroll calendar
While this won’t always be in your control, keeping your payroll calendar on a consistent cycle for all employees will greatly simplify the payroll process and reduce duplication and other miscalculations.
If you simply have no choice in the matter, and must deal with different payroll cycles for full-time and part-time employees, that’s okay. Just make sure your team is organized enough to handle any of the complexities that may coincide with having multiple payroll calendars.
As long as these calendars are clear, maintained and checked regularly, your team should have no trouble staying on top of employee payroll deadlines.
Keep your team in the loop
Ideally, everyone on your team should be included in the payroll process—not just the payroll department and leadership. Our time clock app, for example, puts more control in the employee’s hands, making it easier for you to focus on other important payroll tasks.
If payroll processing is weighing you down, find out how ExakTime can help.