Believe it or not, we are quickly passing through the second quarter of 2017. Still, the year is young enough that it is not too late to implement a few changes to make your payroll processing more efficient and accurate. There is never a bad time to implement such changes anyway. Payroll processing is something that robs small businesses of time and resources they could be putting into other areas.
We have come up with five payroll processing goals you can work toward implementing this year. As a leading provider of innovative payroll solutions, BenefitMall has years of experience helping clients of all sizes streamline their payroll and benefits administration. We can help you too. Whether the concept is new to you or you have been thinking about outsourcing payroll already, it is something worth talking to BenefitMall about.
Without further delay, here are the five payroll processing goals for 2017:
1. Update Employee Records
Incorrect employee information creates a lot of problems at tax time. It is also something that is very easy to address. You should make it a point to update all your employee records as soon as you can. Those records include information you need to submit tax forms:
• Legal name
• Mailing and permanent addresses
• Social Security number
• Number of allowances for withholding
One of the easiest ways to update employee records is to create a form that you can distribute to all staff members. Simply request they complete the forms and submit them according to a deadline set by the HR department.
2. Upgrade Time Tracking
Time tracking is critical for making sure employees are paid correctly and on time. How does your company handle this task? If you are still using paper cards, it is time to upgrade to the 21st century. The same goes for mechanical punch clocks and hand-written time sheets. We recommend upgrading time tracking to some sort of digital system that can be integrated into your payroll processing. A network-connected digital time clock is a good starting point.
3. Upgrade Payroll Software
Perhaps you've been using a payroll software package for a number of years now. That's great. But any package that's more than a couple of years old is one that is already outdated and not keeping pace with technology. This year is a great year to upgrade.
If you are not using payroll software yet, why not? Software solutions increase payroll efficiency, reduce errors, improve accounting, and ensure more accurate tax reporting.
4. Improve Employee Access
Employees who are happy with their company's payroll processing tend to be employees who have unfettered access to their information. Moving your payroll to the cloud makes it possible to establish online accounts for each of your workers that they can access information about pay, overtime, tax withholding, etc., whenever they want.
5. Outsource Your Payroll
Our fifth and final goal actually encompasses the previous four: outsource your payroll to a company like BenefitMall. Listen, we know how complicated payroll processing can get as a company grows. With years of experience in the industry, we can tell you stories that demonstrate just how valuable outsourced payroll services really are.
If payroll processing is weighing your company down, the most reasonable goal for 2017 is to get rid of that weight by turning it over to a payroll service provider. We would be happy to be that provider.
BenefitMall offers basic payroll processing along with additional services that include benefits administration, workers’ compensation, ACA compliance, 401(k) plans, and more. We are your one-stop provider for all things payroll and benefits.