Employees take a studied look at all the benefits before signing a deal and formally working for any business. Every employee wants to be treated kindly and fairly—monetarily and non-monetarily. And one of the biggest factors that keeps them motivated is a paycheck that foots their bills.
As an employer, it’s your legal responsibility to make sure that remuneration is fair, timely, and sufficient. This is why you need to carry out your business payroll process with diligence.
But the payroll process is far more complicated and sensitive than most people think it is. There are holidays that need to be taken into account, bonuses to be considered, and bank deposits to be made.
In this post, we’ll be discussing some ways that can improve your business payroll processes:
Integrate employee benefits
Employee benefits tricky to deal with when compared with other payroll elements. This is because they differ for every employee, as per their individual performance, association with the organization, and position in the hierarchy.
Most organizations get separate accounting systems to account for employee benefits. If the benefits are calculated separately, it becomes hard for the bookkeeper to synchronize it with the rest of the salary. Common examples of employee benefits are travel allowances, medical allowances, bonus, cash rewards, leave encashment, and appraisals.
To make things easier, choose an accounting system that allows you to integrate employee benefits with other payroll information. Most accounting software has options for employee benefits on the main dashboard.
You can do the same for holidays and employee vacations too.
Get the employees involved
Late-ins and days off are a common issue that companies encounter at the time of payroll reconciliation. A great way to deal with these issues is by asking employees to resolve attendance issues.
Ask them to mark their own attendance every morning and time themselves out when it’s time to leave. Set up employee access in a way that employees can apply for sick leaves and vacations themselves. HR can review these details and at the time of the payroll, they can be reconciled.
Doing so also means that you no longer have to maintain paper records of employee absenteeism and manually enter the data to calculate salary deductions. If the employees enter their own data, it’ll be easier for you to process it.
All you have to do is feed the deduction amount in the accounting software and the amount will be deducted from the employee’s paycheck automatically.
Set up automated payments
At most places, employees are paid every month, although some companies pay employees weekly too. Collecting data and processing it every month is quite a hassle for accountants. If your workforce is huge, this might even take several months. In short, the process of making bank deposits and payments every month is both time and cost-inefficient.
Thankfully, with the help of accounting software such as QuickBooks, you can set up automated payments. This means that each month, the designated amount will automatically get transferred to the employee’s account. All you have to do is enter the payroll details for each employee in the system and set a date when the cash has to be dished out. Your bookkeeper can be asked to review the payment details once before they’re ready to go out.
In the case of QuickBooks, you don’t have to pay for a payroll add-on. The payroll module is well-integrated with the rest of the software.
How does QuickBooks help?
QuickBooks makes sure you don’t miss the payroll deadlines. It reminds you when it’s time to pay the employees and when you need to start gathering the data. Furthermore, you can run the payroll within minutes.
As an employer, you’ll be required to file and pay taxes not only on behalf of the business but that of employees as well. QuickBooks takes care of that. It categorizes both taxes separately and helps you calculate the file the total tax expense.
The biggest benefit of QuickBooks is how it facilitates multiple payment options. All you have to do is enter the bank details and the software will ensure swift payment when its time. Streamline payroll with QuickBooks today!
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