There has been a revolution in most areas of business management brought out by the increasing automation of key administrative functions. Professionals across the board have shifted focus from task management to value-based contributions. More recently, the shift of focus has been especially remarkable in the Human Resource management system. Suddenly HR is dedicating itself to attracting, recruiting, developing, managing and retaining talent, predicting skills shortages and developing and executing plans to address them. HCM systems allow HR professionals to remove the burden of departmental and functional management and procedural drudgery and gain their place at the top table.
As business trends shift and automation is developed and proven, new business areas come under scrutiny and are subsequently made accountable for the strategic value they impart, not just the efficiency of the tactical, functional and administrative exercise of their duties.
Is payroll next on the list?
Only ten years ago, web-enabled payroll software was a payroll game-changing innovation. And today, biometrics, payroll on-demand, web-based applications, geo-attendance and analytics are upon us. That’s how fast the world of payroll has changed and how far it has come. Regardless of the size of your business, it’s important to have an organized payroll management system in place to protect you from IRS penalties and to ensure your employees are paid on time. Here are 10 ways in which you can efficiently manage your payroll:
Determine whether your employees should be salaried or paid hourly.
For most employers, putting employees on salaries is easier to manage.
Decide how often you’ll pay your employees.
Pay periods can be weekly, bi-weekly, or monthly. This will help you stay organized and make payroll run more smoothly.
Classify your workers.
Whether you hire full-time employees, independent contractors, or interns, if the person is performing work for your company, they typically should be classified as an employee.
Pick the best software for the needs of your business.
When choosing payroll software for your company, try to select an option that’s hosted on the cloud. This will make it easier to access all of your payroll information in one place, whenever you need it.
Simplify your process to save time and money.
To simplify your payroll process, invest in an HR Management software. These types of applications enable employers to keep everything in one platform, which saves time and money in the long run.
Keep track of everything.
Another great way to simplify your payroll system is to keep your records and documents all in one place. Again, an HR Management software can do this for you
Factor in raises and benefits.
Want to make it easier to give your employees raises? Why not give them additional benefits as a type of reward? You could give your employees a stipend for childcare, a new laptop, or additional insurance. These are just a few of the tax-free options you can give your employees, which will simplify tax paperwork on your end.
Create a budget.
When planning your payroll, be sure to budget for statute payments and taxes. Managing payroll requires patience, organization, and communication across your entire organization. By following these tips, you’ll be able to streamline your payroll process and become more efficient.
PeopleWorks’ winning module, Payroll is the most sought after solution from the PeopleWorks HCM basket. With close to two decades of Payroll expertise, our module takes care of every small detail in payroll calculation. PeopleWorks facilitates error free Payroll Management with a completely integrated and secure cloud-based platform, it enables you to generate payroll reports from anywhere, at any time. To know more, visit www.peopleworks.in