A growing company is something that business owners want, but it will carry new challenges that they must address. A prime and basic example is the payroll process.
Manually doing it or using basic software may be enough when you’ve got a few employees, but a company that has added new staff needs more than that.
If your payroll process is being overwhelmed already, it might be time to seek the help of an accounting firm that offers not only bookkeeping services here in Florida but handles payroll as well. With this out of your hands, you can focus more on the continued success of your company.
In case you are not yet ready to outsource your payroll function even as it continues to become more complex and time-consuming as a result of a growing workforce, here are a few things that you can do to make the process more efficient.
When your staff starts complaining about wrong calculations on their salary or adjustment in their take-home pay, it’s time to conduct regular and thorough audits of the process. This will help you identify and isolate the issue.
Check paperwork and processes. If you’re using software, make sure it’s in sync with your time and attendance system.
Allot some time to explain to the whole staff how your payroll process works, salary grades, and employee classifications, and reporting responsibilities. Make sure everyone has a clear idea of your payroll policy – better to provide each one a copy so you can prevent misunderstandings.
Related to the previous item, your meeting with employees regarding payroll policies should also include their comments and reactions to the process. This will give you an idea of which works and which doesn’t so you can tweak the system.
As you get more people to work for you, manually doing your payroll will become tedious and taxing. You will need a capable computer program to handle the bigger task. Sure, it will mean additional expense, but getting rid of a troublesome payroll system should make the investment worth it.
If you have been using paper pay stubs and checks, you might have to consider going electronic when your staffing gets bigger. E-payslips sent through email practically costs nothing and are just as secure.
Salaries can be deposited to payroll bank accounts of your employees, which will save you from the tediousness of issuing individual checks.
Streamlining your payroll system will actually help you continue to grow your company as it eliminates the added burden of a demanding payroll system that can go haywire at the most inopportune time. These tips will allow you to focus on the things that matter most to a company on the rise.
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