Many of the daily problems faced by employees can be resolved with an effective payroll system. A reliable and easy system helps establish a trusting relationship between you and your employees. It not only gives them confidence in your managerial abilities, but it lessens their workload, especially for your Human Resource team. Your company’s payroll system is one of the most important elements to keeping its financial success.
We have a few tips to improve your system to ensure that it meets all your business needs.
Buy the Right Equipment
Test your current payroll software; review it to make sure that it meets all your requirements. If you’re still filing everything by hand, then read some customer reviews to find the software that other companies use and trust. Go for a premium software system. It saves you time, stress, and money in the long run.
Purchase a multipurpose printer. In these modern times, most businesses handle everything online or through softwares. However, there are instances that still require hard copies, like printing a copy of something to keep in case of a computer malfunction, or to mail off to a lawyer. Believe us, there will be an issue that surfaces that requires printed out payroll documents, so buy a printer to tackle it before it happens.
We recommend buying a Canon printer; they are not only well-crafted and reliable but often discounted. Canon lists many of its discounts on Groupon: check this section daily to stay updated on all the new savings.
Other equipment to purchase are: a fax machine, and a high performing laptop and external hard drive or cloud space.
Get Employee Input
Host monthly meetings just to discuss the payroll system. Encourage employees to rant and rave about the things they love and hate about the system. Allow them to offer suggestions on how to fix the payroll issues, and to ask questions about things they might find confusing about it.
Explain to your employees how the payroll system works, including how they can earn raises or promotions, the salary breakdown, your and their tax responsibilities, and their rights as employees.
The goal of these meetings are to address any payroll problems, make improvements, and simplify the system.
Review Payroll System
Establish a day every month to manually review your payroll system. Look over employees’ complaints that were discussed in your monthly meetings. Analyze if there are any ways to act fast and fix these problems immediately. Implement any new changes that were discussed and approved.
Review whether employees have been consistent with their time management, and have logged in their correct work hours. Use this review to find a more focus approach to improving your payroll system.
Become More Proactive with Payroll Management
Create a payroll calendar: mark important dates like tax preparation, when to pay employees each month, and when to send out W2 forms. Stick to these strict deadlines.
Read about all your payroll tax requirements. Keep up with the ever changing tax rules by delegating one person in HR to read about them, and then compose a list of new tax laws.