Payroll…ugh. That dreaded time preceding each pay period when minutes turn into hours, day turns to night and each time you go through it, you find yourself wondering how anything could be so tedious.
Thankfully, you are not the only one that has experienced this. There are a number of ways that you can improve or change your payroll approach and take your precious time back.
We’ve been in the payroll business since Tubbs and Crockett were household names, 1985 to be exact and we have seen tons of advancements over the years. Gone are the days of punch cards and dot matrix printers…and if you are still using those, we definitely have improvements that you can make.
We are going to call out three specific and significant steps that you can take to get control of your time back by putting payroll in its proper place.
KEEP A CALENDAR
First, we recommend a good calendar. No, we’re not talking about a nice wall hanger with pictures of kitties. We mean get a calendar program, like Google Calendar, Microsoft Outlook, or ClickUp. The freer the better, right?
One of the calendars we’ve come to love and utilize here at PaydayHCM is the free Google Calendar. But whichever you choose, they will all have some similar features.
We recommend using the calendar to plan out and create important reminders for upcoming paydays and other payouts, such as bonuses. Doing this will help create a framework for your payroll and is an excellent tool for seeing the overall picture of your yearly pay schedule.
Reminders are vital here. Any program that will let you set reminders is worthy of investing some time on the front end. Meaning, you’ll have to take some time in the beginning to set it up but it will more than make up for it later when you don’t have to scramble to make up for a certain deadline that has slipped by.
OPTIMIZE YOUR PAY SCHEDULE
Another great way to simplify your payroll and save time is to optimize your pay schedule. In other words, get everyone on the same pay dates and choose the pay frequency that is best for your organization. More frequent pay periods are generally preferred by employees but must be balanced with the cost of running your payroll more often.
Be sure that if you are switching to a bi-weekly or other more frequent pay schedule it doesn’t drain your resources. You will want to avoid multiple pay schedules, as these can create many headaches and only get more complicated with time.
Choosing the pay-frequency can be more of a balancing act than anything else. Remember, more frequent pay dates, weekly or biweekly for example, will usually have a higher cost for the business but employees also generally prefer those to a monthly pay schedule. You will need to determine the right balance of pay frequency and cost for your business.
To ensure that you are on the right track, you should consider the costs associated with running your payroll, the effect your pay schedule will have on your workforce, and the future needs of your company.
IMPLEMENT TIMEKEEPING SOFTWARE
Once you have your scheduling and pay frequency dialed in, you will have a great foundation and you can implement a timecard app, payroll software, or other business management tool. These are great because not only will they keep accurate records of each employee's time, they can usually integrate with other programs you may be running, like accounting or HR programs.
There are different types of timecard and business management apps based on the size of the business you are running.
If you’re a small business, you may consider something basic like Buddy Punch, Timely, or Clockify.
If you fall into the medium-sized business category, then you will probably need something more substantial. Some of the options for medium-sized businesses include services like Paylocity, Monday, or iSolved.
Large businesses tend to lean more toward larger payroll companies, including ADP, Workday, and Paychex.
Where does PaydayHCM land among these payroll systems? We actually handle a variety of differently-sized businesses. We utilize the iSolved software, combined with our years of knowledge and experience, to help small and medium-sized businesses handle the challenges that come with running a business.
WHAT TO REMEMBER
We recognize that every business owner or manager is not the same. Not everyone can hop on a new computer program and start learning it easily. If you are one of those who struggle to learn the latest business tracking software or just feel that you’d like some expert guidance on wrangling that payroll, we have a great tailored option for you.
Most importantly, payroll doesn’t have to be a time-consuming, laborious process. By following the three steps discussed above, you can drastically improve your process and save yourself time.
Want more knowledge? Read about the benefits of wages on demand and learn more about pay schedules.
If you like the idea of improving your process but would like a little (or a lot of) guidance along the way, connect with a live expert on the matter.
