Payroll is rarely a static business, so good practices are incredibly essential to ensure that your payroll is run on time, every time. However, as these good practices become ingrained in the department, the thought may not occur that there could be room for improvement. Instead of providing you with a list of Payroll Improvement Ideas, I have highlighted four which we think are simply brilliant;
Align Pay Cycles
Many companies have various pay schedules, such as monthly paydays for salaried employees and weekly, or bi-weekly pay periods, for hourly employees. To maximise performance, it is worth considering the same pay schedule for all employees whether weekly, bi-weekly, or monthly). This will allow the payroll department to concentrate on one task at a given time, having one pay cycle to maintain instead of multiples may be a lot easier to manage.
Go Green – Go Paperless
Go green and make your payroll process paperless, or as much as you can. With improved technology, paperless payroll can help to facilitate your payroll operations. Most businesses are looking to go green, as this also cuts stationery costs and aid with data protection initiatives.
Eliminating physical payslips can be a start in the right direction. Instead, consider an online self-service option or a payslip mobile app for employees for these to be received electronically. Not only is this a win for your business, but it’s also a win for the environment.
Upgrade Your Payroll Software
Upgrading to a new payroll software can promptly streamline the processing of payroll for your business. With more modern, cutting edge payroll technology, you may see a notable contraction in the time spent processing payroll while ensuring greater accuracy in data entry and processing.
This also offers the opportunity to streamline your systems, sourcing software that can integrate with other systems, for example, accounting, HR or Time and Attendance. Optimising your existing systems with a new payroll solution is an effective means for improving your overall payroll process.
Stay Educated & Be Informed
Continual education and training are critically necessary for individuals in the world of HR and payroll, as changes in technology, regulations and tax requirements are constant. By being fully educated and up to date, the payroll department will avoid costly mistakes and delays.
Therefore, on-going education, whether formal or self-administered, should be a regularly mandated process. Link in with a school of payroll and employment authority to ensure you have the latest courses, updates and relevant information.