As a business owner in Silicon Valley, you need to be able to do everything faster and better. That’s how you stay ahead of the competition.
One of the things that take up a lot of time and energy in your business is payroll. You need to make sure that your payroll is accurate, as errors can get you into trouble with the tax authorities and your employees.
How do you streamline payroll to ensure that it’s accurate and it doesn’t take an entire day to do?
Keep reading to find out.
1. Stop Using Spreadsheets and Paper
The place to start to streamline the payroll process is to invest in software. There are plenty of software suites that are affordable that you can use.
Do you have employees who use timesheets? A great way to streamline payroll is to have your employees clock in and out electronically.
You can then connect the timesheet system to your payroll system and calculate wages earned almost automatically.
It also puts the responsibility of clocking in and out on the employees. There’s a lot of time wasted because employees may forget to clock in or clock out for breaks and lunch.
You then have to go back and correct their timesheets and make sure they’re paid.
2. Reduce Payroll Frequency
One way to streamline payroll is to limit how many times a month you’re doing payroll. Do you pay employees weekly?
While employees love a paycheck every week, it can be very hard to manage if you have a lot of employees. Paying employees every two weeks is a normal payroll cycle. You may opt for the first and third Fridays or the second and fourth Fridays.
You want to make sure that you choose a system that works for you and your employees. The last thing you want is a streamlined process, but have employees stressed about not making ends meet.
3. Have Printable Payroll Stubs
Some businesses operate on a pure cash basis or they have contact employees. It can be difficult to manage who gets paid what and when.
That can put your business at risk if it’s ever audited. What you can do is use a paystub creator like one from paystubcreator.net. This will give you and your employees a document trail of your payroll.
4. Outsource Payroll
About 40% of business owners try to do payroll themselves. That’s time that could be spent bringing in new business. You can outsource payroll to a trusted partner that knows HR and tax laws.
How do you find the perfect payroll service? You have to know what your budget is and ask for recommendations. Once you get them, check the online reviews, and interview a few companies before you make a decision.
Streamline Payroll for a More Efficient Business
How can you make your business more efficient? The place to start is to streamline payroll. When you can cut down the time and energy to pay your employees, you can focus on more important tasks in your business.
Do you want more business tips? Head over to the business section of the blog for tips on HR and marketing.
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