6 Time-Saving Tips for Businesses with Large Payroll Needs
Correct and timely payroll processing is a significant task for a business of considerable size. A small-business owner may not have to deal with different salary regulations and roles as their team is simple and likely not diverse. But as your business grows, the effort of payroll management rises.
Unless you quantify the time and effort that this activity takes up every month, you can find your productivity depleting. So, how can you reduce the time spent on streamlining various payroll-related activities? From using a free paystub maker to apprising your team on payroll norms, we cover the essentials.
What Payroll Challenges do Large Businesses Face?
In large businesses, the employee roles, locations, tax brackets, and categories are multi-faceted. While processing payroll, you will have to account for your team members working across different states and cities in various capacities. Ensuring that payments go out timely and without mistakes is crucial to maintaining a happy, engaged workforce.
Practical Tips for Businesses with Large Payroll Needs
Below, we have compiled a list of tips that can ease your life as a large-business owner:
Use HR Management Software
If you have a large team to manage, you will benefit from a comprehensive HR management application. Many available options encompass recruitment, payroll, workforce management, and talent management. The latter two will help you with the daily allocation of duties, assignments, etc., and let you track attendance and the number of hours/workdays. When it is time for payment, it is straightforward to calculate overtime and issue paychecks to your employees.
Employ a Paystub Generator
For large businesses, processing payroll is a time-consuming task that is also prone to errors. It is best to use a convenient paystub generator that simplifies the job. With StubCheck.com, you can enter the payment information and allow the calculator to crunch the numbers. Along with performing the role of an online paystub generator, StubCheck.com can also help you with disbursing the payslips straight to the inboxes of your team members. From one payment cycle to another, the processing and storage needs will reduce. You will also minimize mistakes and delays.
Shifting your paystub generation online is also a healthy, green choice for the environment. Many big companies now opt for paperless payroll to limit their paper needs, be environmentally conscious, and reduce their carbon footprint. Moreover, it also works out well for employees as they have access to their payslips at all times (preferably on an employee portal). It comes in handy if they need to share their check stubs while buying a car, applying for a home loan, etc.
Tip: You can choose to use accounting software in sync with your HR suite and payroll application.
Establish Direct Deposit for Payments
Many small establishments use checks to make payments for their employees. However, if you run a large company, setting up direct deposits will be quick and efficient. It reduces the risk of losing the check and, consequently, saves you the effort of rewriting it. Directly depositing the money into your employees’ bank accounts eliminates the need to write and sign checks individually.
Conduct Regular HR Training
Payroll management is a dynamic profession. The tax rules and regulations by IRS and other state and government bodies keep changing. Both small and large businesses must stay updated on these changing norms to avoid any compliance issues. Periodic HR training is an intelligent move to stay abreast of the evolving landscape. Failing to meet deadlines or addressing errors in payroll can invite hefty penalties. It will affect your revenue and put a dampener on your growth initiatives.
Assess Payment Schedules
If your business size is large, you probably have multiple pay schedules for different employees. For example, some employees may get paid hourly, while others get their checks bi-monthly. While trying to streamline your payroll process, consider if aligning the different schedules will make things smooth. Doing so might also lower the risk of errors and be swifter to maintain over time.
Many businesses now opt to outsource payroll management to a professional third-party agency. Such companies are experts at keeping up with the latest regulations. They have elaborate software and trained staff to iron out any creases in payroll processing. The upshot is that you will save yourself all the stress and have more time to focus on other business processes. If complete delegation does not bode well for your business or falls within your budget, you can consider using a digital tool like StubCheck.com. It eases the load of creating a paystub online and accounting for details like vacation pay, changes in marital status, overtime payments, etc.
Maintaining a functioning and error-free payroll system is a process that requires attention and diligence. As technologies and economies change, so can the structure of your company. Along with the best practices in other departments, it is vital to upgrade payroll processing periodically. Doing so can help you avoid running into roadblocks vis-à-vis fines, delays, and compliance problems.