Payroll is like a lot of things in business: From the outside, it seems as simple as cutting a check. But in reality, managing your payroll involves tons of complex processes — think taxes, employee retirement accounts, time tracking, and health care, to name just a few. This stuff is tricky, and, as such, your payroll process can quickly become inefficient and costly. Here are a few considerations to keep in mind as you work on keeping your process as streamlined and efficient as your business:
Switching to a paperless payroll process will not only reduce your carbon footprint but it will also cut costs and expedite payroll operations. Further, with a paperless process, it is easy to ensure the security of company data. By eliminating time cards, time sheets, physical paychecks, and pay stubs, your payroll process will be instantly more efficient.
Update Payroll Software
Issuing payment is only as effective as the software you use to do it. That’s why we offer Association for Entrepreneurship USA members access to Gusto. For just $39 monthly, our members can access a payment processing platform that handles everything from new hire forms to accounting software integration. A purpose-built platform like Gusto can transform your payroll process.
Optimize Your Payment Schedule
Minimize the number of items you issue payment to your employees. Managing the payment process takes roughly the same amount of time regardless if you are paying your employees once a month or once a week. To maximize your efficiency, pare down as much as you possibly can on the number of payments you issue. Another way your payment schedule can be optimized is by ensuring that all departments are paid on the same schedule, regardless of whether or not employees are salaried or hourly. This will allow your payroll department to focus on one task at a time and will drive up their efficiency.
Streamlining your payroll process is one of the many ways joining AFEUSA can benefit your business. Members can cut their stress entirely while enjoying two free months of service from GetPayroll and a free payroll book.