Is payday just around the corner? Do you know how much money your employees need to get paid before payday? Payday can feel like an inconveniently long process where a wrong calculation can lead to business loss.
Whether it’s releasing salaries at the month’s end or simply submitting payroll tax forms at the right time, most run into key problems along the way. These missteps can create unhappy employees, dissatisfied clients, and companies that struggle to keep any momentum going past the first quarter.
When employees don’t get paid on time, they are more likely to quit. When it comes to employee pay, the statistics aren’t on your side. A study shows that 49% of American employees will leave their job if they experience issues with their paychecks more than once.
This is where payroll software solutions can help make the process easier for everyone involved — from employees to managers.
With the right software tools and strategies in place, you’ll be able to streamline your entire payroll process making it more efficient and faster.
Step away from a manual process
Most organizations are still using a manual time clocking system, which is highly error prone. Thus, the need to implement a timekeeping system that is easy, faster to use and eliminates errors. You can do this by taking the following steps:
- Automate employee time clock in clock out with time clocking software or mobile apps. This will give you an electronic record of employees’ work days, the number of working hours, and any other relevant information such as whether or not they were paid overtime.
- Use payroll time calculators to calculate payroll hours based on the number of hours worked each week (or month). When you set up these calculators, make sure they’re set up properly so that they accurately reflect your company’s practices and policies regarding overtime payouts and deductions for third-party taxes such as Social Security taxes.
- Ensure that all employees receive timely notifications about their wages via email or text message so there’s no confusion about what constitutes paydays.
Implement automated time attendance software
If your current system isn’t working out for you anymore because of its inefficiency, manually entering data into systems like Excel spreadsheets or ledger books may not be optimal. One of the best ways to bring your business forward is to consider investing in automated time attendance software.
However, managing employee time sheets is a complicated issue for most companies – that’s where automated time attendance software comes in.
Automated time attendance software allows you to track employee timesheets, create departmental reports, and keep tabs on hours worked by each employee.
With this information at your fingertips, it’s easy to see work hours, work days, overtime, or leaves and process payroll for employees more accurately.
Manage employee pay accurately with time clocking software
Time tracking software is a must-have if you want to ensure that your employees are getting paid for their time spent on the job. This software allows you to keep track of every employee’s hours, including breaks, overtime, and other tasks.
You can use this information to pinpoint areas where your employees may be spending extra hours without being compensated for them or even preventing them from taking unscheduled breaks (such as lunch).
It will also help you determine whether pay rates are commensurate with the amount of work performed by each employee so there’s no confusion about who should receive an increase or decrease in their paycheck based on what they do each day/week/month.
Integrate employee time and attendance with the payroll system
11% of organizations reported that accounting tasks cause sleepless nights in 2020. Payroll processing is a tedious and time-consuming job, but it’s also important. You need to take care of finances, so your employees should be paid on time and accurately each pay period.
Getting your employees’ pay right can be a real challenge. The time they spend at work, the tasks they perform, and their level of expertise all contribute to their pay and it’s not always easy to know what to give each employee.
And then there are payroll errors — which cost you time and money. With an integrated time and attendance system that connects with your payroll system, you’ll be able to map employees’ input against your payroll records and ensure accuracy in real time.
It’ll speed up processes, reduce errors, make better use of your budget, and allow you to achieve true business alignment across all functions in your company. This will not only help you save time and money but also make sure that your business runs smoothly and with total efficiency.
Upgrade Payroll Software
Too much paperwork, too many errors—this is exactly the kind of scenario that many businesses face when they attempt to handle their payroll. Fortunately, there are other options available to businesses that want to improve both their profitability and efficiency.
If you want to make your payroll process more efficient and effective, one of the best things you can do is upgrade your company’s payroll software.
Payroll software should be able to integrate with other systems so that it works as part of a cohesive team. This allows for easy data access, faster processing, and better accuracy—all of which will help reduce payroll costs.
In addition to upgrading its software capabilities, employers should also consider using advanced time attendance software that’s both easy and convenient.
Employee Tax-Related State and Central Rules and Regulations
Businesses have been facing constant changes with the current employment laws and regulations. However, with the increasing rules and regulations set by the government, it is natural that businesses must ensure that they are updated on the various payroll tax filing deadlines.
This will help them keep up to date and ensure that paperwork doesn’t take any longer than required. It also allows them to stay organized as well as save time in other areas. The requirements will also help businesses to run smoothly while remaining aware of their responsibilities towards taxes and compliance rules.
Payroll management is a key component of company success. It’s nearly impossible to avoid expenses such as payroll taxes, overtime costs, and healthcare benefits. Thus, payroll software has come a long way from the days of complicated forms and fax machines.
The main takeaway here is that payroll software can simplify your processes, eliminate mistakes and help make payroll less of a hassle. In addition to saving time, businesses that use payroll software often boast better relationships with their employees, more timely payment, and efficient tax filing processing.
Thus, make changes today so that payday doesn’t seem so distant, and streamline your business to improve your profit margins.