When it comes to running your business there’s nothing more time consuming than the payroll process. Making sure that all your employees are paid correctly is so important that you can’t afford to cut any corners or take your eye off the ball for even a second. While it’s essential to get it to spot on it’s also boring enough to send anyone off into a deep sleep. Luckily there are ways to simplify and streamline your internal processes that will make your life so much easier without compromising your high standards. This will also give you extra time to focus on the more enjoyable aspects of your business. Continue reading to find out how you can eliminate your payroll problems for good.
A direct deposit will see your employee’s paycheque land directly into their bank accounts on your date of choice. Small expenses that add up over a prolonged period of time such as stationary and stamps can be completely eliminated. As well as saving money in the process of switching to direct deposit you’ll also free up more time for more important tasks. Gone will be the days of printing cheques, placing them on envelopes and stamping them repeatedly until you’ve lost the will to live. You can also use an online company of your choice for staff to access and view their payslip and pay advice. Going totally paper-free will save you money and time and could revolutionize your payroll process.
Electronic Tax Filing
Switching to electronic tax filing, sometimes referred to as e-filing may be mandatory for your business if you have a large number of employees. Even if it’s not a mandatory requirement and you have a smaller number of employees it could still give you heaps of time and support a more streamlined payroll process. Rather than printing, sending and then filing forms the electronic system will do all this for you which will save you time and reduce the risk of any human error. This is great to implement if you outsource your payroll. It means that the burden is taken away from the employer and managed by someone else.
It’s impossible to remember all your key dates without noting them down. Using an old school diary and notebooks is preferred by some but adding dates to your online calendar gives you the option to set reminders; you’ll never miss another key date again. Employers are required to report payroll tax information if they are using in-house systems and this could be asked for monthly, quarterly or annually. It’s also your responsibility to report unemployment tax information and with all these dates swimming around setting reminders is key to excellent organization. It could also save you money as failing to report on time could cost you a heavy fine; it’s better to be safe than sorry.
Entering data within payroll is hands down the most time-consuming task of all. By ceasing manual entry and switching to a timekeeping device you will be guaranteed to save so much time. It will incur an initial cost but will be worth it in the long run. Clocking in machines automatically gathers data and eliminates the risk of human error that is inevitable when entering so many numbers. All it will take is a quick once over when all the numbers are in and you’ll once again have lots of extra time for the fun stuff.
Undergoing your payroll process every month can usurp so much of your time, but when time is saved so is money. That’s why you should consider how long you actually spend completing the payroll process each month and to save some money for your business why not look to implement payroll software. Not only does payroll software typically support Single Touch Payroll, which is mandatory in Australia, but it will also eliminate the impact of human error. With payroll software, you can store and share timesheets, manage your PAYG, and even enable your employees to add their own hours and access payslips. As a complete solution, more and more businesses are switching to automated payroll processes with the use of the software.
These small changes can have a huge impact on your payroll process, so why not try to consider these points before planning out a new payroll process for your company. Simply taking the time to implement these new methods can dramatically improve your efficiency and productivity.