The American Payroll Association shows an error rate of between 1-8% of total payroll in companies that use traditional time-cards, and roughly 40% of small businesses incur an average of $845 a year in IRS penalties as a result of mismanaged payroll processes. Payroll is one of your company’s most important activities. Payroll affects cash flow and risk profile, as well as overall employer engagement if people aren’t paid on time or accurately. This contributes to decreased productivity and is detrimental to business performance. Legislation changes make it difficult to keep up with payroll requirements. It is difficult to keep up with local laws and regulations in different regions. The following are a few tips to help cut down on errors….
Centralize Your Records
Centralized human resources means HR professionals oversee primary employee management functions from the main office. Hiring and firing processes, training and orientation, pay and benefits, and general motivational strategies are among the areas guided by specialists in central HR Storing appropriate employee records in one place, rather than in several locations, will help save time and reduce the risk of losing pertinent information.
Sync HR and Payroll Systems
Integrating your payroll, time, and HR data into a single system, can help cut down on reporting time and makes data management much easier. This avoids the payroll crunch at the end of the pay period. By organizing you and your employee can view the payroll data at any time instead of waiting for batch processing to see changes and updates and make changes if necessary. Having a single employee record across payroll, scheduling, performance, and beyond builds a better employee experience as employees do not have to manage their data in several systems.
Digitize Your Data and Information
Why Digitize Documents? Documents and business records that have been digitized reduce storage costs, save time in retrieval, can be shared globally, and can be more efficiently tracked for compliance. Scanning and imaging documents in the organization provide a scalable solution for record information management. Covid 19 has revealed opportunities for organizations to modernize their approach to payroll for the new workplace reality. Data in cloud software can help payroll teams minimize disruption to operations and pay employees accurately and on time from a remote environment.
Provide a Seamless Employee Experience and Reduce Administration Effort
Mobile HR and payroll solutions can have employees take control of their records and reduce the administrative burden for your in-house payroll team. Mobile HR and payroll can also give employees access to their earnings on the go. Changes to pay can be displayed at any time during the pay period which gives the employee answers to potential payroll-related inquiries. An on-demand pay process gives employees the flexibility in being able to access their earned wages ahead of the next pay period so they can better respond to an unexpected circumstance, reduce their reliance on loans, and have more control and oversight of their finances.
Better Manage Compliance with Technology
Technology is the solution to complicated compliance regulations. Understanding and applying legislative changes is time-consuming and many organizations will need to scale the payroll team as the business grows. Let’s face it looking for good talent is a real challenge. It takes four to six months for a company to train a competent payroll administrator. Technology that automates tax calculation can help teams save time and reduce risk. If by chance your company operates globally or in different states and regions you will need to stay on top of changing legislation in multiple jurisdictions. Technology can reduce compliance issues in these different regions.
Move to Digital Platforms
Moving from a paper-based document environment to a digital platform and a centralized atmosphere in your business is a big leap forward. Companies that can cut back on most errors and inefficiencies, scale payroll and business growth, and empower your employees to manage their pay information can refocus talent and resources on other areas of the business. Moving from batch-driven payroll to a real-time cloud software solution can increase productivity, and achieve better results.
Benefits of Our Payroll Services
- Up-to-the-minute payroll information at the click of a button
- Deliver timely, accurate payments to employees with every payroll
- Drive accuracy of employee withholdings with regular tax table updates
- Empower employees with a mobile app and self-service tools that reduce administrative tasks
- Free IT from maintenance and upgrade hassles with a cloud delivery model
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About Payroll Partners
As a leading payroll provider, we offer comprehensive solutions designed to fit your business. Our knowledgeable and experienced staff offers confidential and reliable assistance for every aspect of payroll. Count on us to deliver accurate and timely payrolls while accommodating your unique needs. From meeting your basic payroll requirements to management reports, and/or tax pay and file services, we can do it all.
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- Human Resources
- Time & Attendance
- Payroll & Tax