As a business owner, getting your payroll right and delivered on time every month is an absolute must. Whilst this is not something that may phase a large business, growing businesses may find payroll to be challenging when things are changing and growing rapidly. The good news for growing businesses is that there is a myriad of ways in which you can simplify employee payments. In today’s article, we dedicate some time to helping you find ways to simplify your payroll process. Read on to find out more!
1. Automation Is Key
As a growing business, one of the best ways you can keep up with employee payments is to utilize the software. Automating your payroll process not just ensures that your employees get paid on time, but also saves you hours of manual labor that would otherwise be spent slaving over the payroll. With the utilization of single touch payroll software, your business will be well equipped to send efficient payments to your employees as well as compliant automated payroll reports to the ATO. Boost efficiency levels and lower your stress levels by automating your payroll system today.
2. Direct Deposit
Using direct deposit as your method of paying your employees is a move that will save you significant amounts of time. As we know, time is precious, especially when your business is experiencing rapid growth. Using direct deposit as your avenue of payment is a fantastic way of eliminating pesky expenses associated with printing checks, purchasing paper, envelopes, and printer ink. You will also cut down on manual labor hours that would otherwise be spent distributing checks and printing payment slips out. Paper-free payroll not only saves you time and money but also allows you to play your part in conserving the environment and reducing the number of resources you consume as a business.
3. Outsource Your Payroll
If you’re looking to entirely rid yourself of the payroll burden, consider outsourcing your payroll. If you find that your team often ends up stressed, disorganized or overwhelmed, handing the task of payroll over to a business that specializes in payroll is the best thing you could do for your growing business. Outsourced payroll providers come equipped with all the skills and software that is needed to efficiently and professionally handle payroll. You can then rest with peace of mind knowing that your payroll is being handled by experts, leaving you more time to focus on growing your business even further.
4. Set Reminders
When it comes to payroll, you want to ensure that you’re always on time. This is why setting timely reminders is a crucial step towards ensuring that your employees are both paid on time and kept satisfied. Keeping track of deadlines is essential in the payroll process, so be sure to set up reminders for every vital deadline and payment that needs to be made. Aside from ensuring payments are sent, this also gives you some structure and helps you organize your payroll system, thus avoiding any accidental mishaps or late payments that may result in unnecessary penalties for your business.
5. Simplify Your Policies
Last but not least, simplify your payroll process by simplifying your payroll policies. Over time, policies can become muddled and more confusing than they need to be. This is why updating them and simplifying your payroll policies is so beneficial. Ensure that it is clear and concise about issues such as how employees are paid, reimbursements, leave and sick days. This will allow your employees to fully understand issues, resulting in a lower number of inquiries that may take up precious hours of your day.
We hope that this article has given you some valuable insight into how you can simplify your payroll process as the owner of a rapidly growing business.