5 Things You Can Do to Streamline Your Payroll Process
Your payroll process is no doubt tedious and time consuming. It also becomes more complex, riskier, and more time consuming as your staffing firm grows and you start to hire more employees. Soon your payroll process could end up becoming more than a full-time job. In short, payroll administration is a pain.
Streamlining your payroll process can help you save time, save money, and reduce risks.
Here are some tips for streaming your staffing agency’s payroll process.
1. Improve Your Timesheets
Your employees all work different hours, for different clients, at different pay rates. Because of this, timesheets can be a real headache. Not only is getting your managers to submit timesheets in a timely manner troublesome enough, but you then have to key in all of the data manually into your program and ensure its accuracy before you can begin processing payroll.
To streamline this process, ensure that your timesheet data can be submitted to you in a format that allows for direct importing into your software. Ditch the paper documents and use a specially designed spreadsheet, electronic timesheet software, or a time and attendance system instead.
2. Eliminate Payroll Documents
Above and beyond paper timesheets, you could also be using payroll documents, such as paper pay stubs and cheques. Printing, sealing, and distributing these payroll documents is a costly administrative burden.
There’s no need for these documents today. You can switch to epayslips to distribute secure pays stubs via email. It’s not only quick and easy, but it’s also free. You should also switch to direct deposit to make paying your employees as simple and easy as possible, without the cost and labour associated with creating and distributing physical cheques.
3. Automate Statutory Payments
You’re constantly dealing with absences related to maternity leave, sickness, and more. Your payments related to these leaves are governed by law, so you need to ensure complete compliance. But keeping tabs on statutory absences, recording them, managing them, and then ensuring the correct payments are made can be a headache prone to error.
You can reduce this pain by integrating a web-based self-service HR system with your payroll software. This can allow for managers, or employees themselves, to record information related to statutory absences from anywhere, any time. The information can be shared without delay.
4. Grow Your Payroll System with Your Staffing Firm
When you first got into business, you might have handled your payroll process manually, with spreadsheets and limited technology. You might have bought the most basic payroll software system. But as your company grows, you might realize that you’ve outgrown your programs. It’s important to ensure that your payroll system evolves with your company as it increases in size. When you expand your operations and add on more and more employees, ensure that your payroll system can keep up. Don’t rely on outdated or basic technology when you need added functionality. It’ll be worth the investment.
5. Know when to Outsource
If your payroll process is taking up all of your time, causing undue stress, and getting riskier and costlier every month, then consider outsourcing—it might be time. Many staffing agencies benefit from outsourcing their payroll function to a back office solutions provider. The provider will have payroll experts on staff who will be able to process payroll in the most effective, efficient, and accurate way possible. You’ll never have to worry about data entry errors, late remittances, missed pay periods, or non-compliance. You’ll be able to get back to the work that matters while leaving your administrative work in capable hands.
Use these five tips for streamlining your payroll process and you’ll benefit from reduced costs, more time, greater efficiency, and heightened accuracy.