Tips for efficient payroll processing
Payroll processing may not be the most glamorous aspect of a business, but it’s a necessary and time consuming task required in most successful operations. Because payroll is an important function within a company – large or small – it cannot be ignored.
Finding ways to reduce stress, time involvement and potential for error is critical in the payroll processing scenario. In this article from Paycheck Plus, we look at a number of clever tactics to consider in order to make the process more efficient, including:
Get organised – Payroll processing has a variety of moving parts, including due dates for all employee details, Revenue filing, year-end returns, pension payment and so on. Bank payment deadlines have to be met and financial reports are required for Management and Governance needs. To help keep track of it all, create a to-do list in calendar form. Tracking the from start to finish will help the payroll processor identify when, where and how to meet all the deadlines each month while keeping stress levels to a minimum.
Simplify the Processes – Payroll processing has to take so many variables into consideration including other factors within the company, such as attendance, Annual Leave, Public Holiday entitlements, Bonus, commission, expense reimbursement, etc. To make the filing process as streamlined as possible, discuss the details with the HR and Financial function to help them understand what’s involved to keep payment structures simple and straightforward. This will make it easier on the payroll processor, as well as employees.
Automate – avail of technology to get speed up repetitive calculations. Import information where possible to avoid human error in data transfer. When it comes to payroll processing there are virtually endless options, from a fully managed payroll outsource service to payroll software, that will help you with running payroll and calculating payroll taxes. Thus, finding the right fit for any business is literally a click away.
Reduce paper– It’s well-documented that paper payslips are expensive, time consuming and environmentally unfriendly. Changing to an electronic solution is definitely more efficient. Digital payslips save the company money and provide an extra layer of confidentiality for employees.
Keep Up To Date: Each year, new information is released that impacts payroll processing. The implementation of changes can occur at any time during the year. In fact there are at least two major changes affecting Irish payroll midway through the year 2013. Ensure you remain on top of the changes that will affect your payroll through relevant training and access to updates affecting your payroll calculations, employer obligations and employee entitlements.
Consider the Options: The cost and time involved in processing payroll, filing Revenue Returns, creating and distribution payslips, reports and third party payments might be better utilized. Outsourcing payroll to a reputable payroll provider such as Paycheck Plus could create genuine savings of time and money for your organization. To discuss your requirements and obtain a no obligation quote, contact Paycheck Plus today or call +353 (0)1640 1889.