Payroll, must not be as hard as most people think. Being able to accomplish it should also not be as time and resource consuming as it seem to be. So, to avoid all those unnecessary payroll-induced headaches especialy for employers and employees alike, here are some ways to take on these payroll processes and successfully overcome the major challenges you will encounter:
Payroll Management
Mastering various job duties and titles is a necessity skill for all business owners. However, the more tasks there are, from marketing to human resources to accounting, the greater the chance of messing it all up.
So, rather than managing your payroll ands setting aside other things, consider freeing up more time and resources by having a payroll service provider. Administrative and back-office activities, such as payroll, are better when you leave it to experts because they’re typically considered as non-core activities which are essentials to business, but not to the customer. With efficient payroll software, you can take all the stresses out of paydays and can focus more on core business, cutting the costs and minimizing the risks.
Time Track.
Going through endless amount of records and documents to determine payroll is anything but efficient. Though filling in the timesheets can be helpful when it comes to determining profitability, billing clients and tracking big projects, it is still a universally hated process when in fact, it doesn’t have to be).
Now, the easiest way to take on the payroll process is to simply get rid of it by opting for a value-based approach rather than an hourly one. If being able to record time is an essential part of business, however, automating timesheets is the key to a streamlined payroll process. Implementing time-tracking applications can help employees better manage their schedules, as well as ensure that timesheets are accurate and up-to-date.
Calculations
Keeping up with each employee’s vacation and sick days can make payroll a nightmare. Calculating vacation accrual and tracking absences is a necessary part of determining payroll, but it doesn’t have to eat up so much time or administrative costs.
A growing number of companies, including HubSpot, Netflix, Groupon and Namely, are choosing to say “goodbye” to their traditional vacation accrual policies and adopting an unlimited PTO policy. Not only does having open-ended access to vacation time reward and motivate employees, it also makes payroll operations that much easier. If it’s good enough for Richard Branson, right?
Tax filing
No one ever enjoyed taxes. It’s a process that devour massive valuable time and resources so when done incorrectly or even just late, it can result to some terrible penalties that no one will ever want.
This is where automating tax filing just makes sense. It will save employers the headache associated with collecting the necessary forms from employees and ensuring everything is filled out properly and fully. Not to mention, automating tax filings makes it easier to stay compliant with state and federal regulations.
In the end, the solution is to stay up-to-date with payroll regulations. Also, knowing the basics from tax withholding changes to new deduction amounts to updated tax forms is a must. Knowing these changes and deadlines is the first step to create a better payroll process.
