Small businesses are the backbone of the US economy. Based on research, there are 28 million small businesses and 18,500 large companies in the US. Of the 28 million, 22 million are operated by sole proprietors. That means the business has no employees. For businesses with employees, payroll is a vital task. If the process is not streamlined, it can slow down operations.
In large companies, business processes are automated. This helps companies remain relevant in the competitive environment. To do so, they have adopted cutting edge technology to gain an upper hand.
For small businesses to remain competitive, they need to optimize payroll process. Want to make payroll processing less time-consuming? Consider these 5 ways to streamline your payroll process.
1. Invest in Payroll Software with Cloud Management Capability
A lot of business owners put off investing in payroll software due to costs. Payroll software with cloud management capabilities is not cheap. Costs aside, such software can calculate taxes based on the employees’ zip code.
It can capture your employees’ data and information. Also, it can split costs between different departments and prevent duplicate entries. The same information can be shared with relevant departments in your business.
Want your business to run faster, and simpler? Invest in payroll software.
2. Pay Employees Less Frequently
A lot of small businesses adopt the hourly, daily or weekly payment scheme. Doing this takes more time to process payroll. To streamline your payroll process, pay your employees less frequently.
Instead of hourly, daily or weekly wages, opt for bi-weekly or monthly wages. This will cut your system service payroll advance. To make this a reality, you need to carry out some coaching on budgeting and personal finances.
3. On-board Your Employees Online
It is common to find new employees filling out a stack of forms on their first day at work. For a business seeking a competitive edge, this is not the best way to use company time. To streamline your payroll process, onboard your employees online.
Modern payroll software comes with cloud and web apps. As such, the system can be integrated with your website. Now, new employees can complete forms online. They include I-9, direct deposit authorization, and W-4 forms.
This saves time and creates an efficient atmosphere at the office.
4. Go Green with Paperless Payroll
Paperless payroll not only saves money but eliminates the need for time sheets, and physical paychecks. To integrate paperless payroll, invest in software with an online portal. With an online portal, your employees can sign up and check their pay information. No more physical checks or wasting paper.
You can streamline your pay stubs with PaystubCreator.net. As an online stub maker, not only does it ensure accurate calculations but error-free entries.
5. Offer Continual Training
Changes in technology and policies require your employees to be up to speed. This is one of the ways to stay ahead of your competition. Continual training and education equip your employees with skills and knowledge. This goes a long way in streamlining the payroll process.
To ensure your employees receive the best training, partner up with a training institution. Not only will they carry out training on site but online too.
Streamline Your Payroll Process to Stay Ahead of Your Competition
When you streamline your payroll process, it translates to several benefits. They include time-saving, cost-saving, and increased efficiency. Not only that. You will reduce errors and duplicate entries.
Looking for more tips on how to optimize your payroll processes? We can help. Check out our blog.