Payroll Software – Top Five Time Savers

Are you feeling stressed when it’s time to complete your payroll? Take advantage of the tools available within payroll software to eliminate your stress and shorten your payroll processing time. Here are some time-savers that can make a drastic impact on your payroll processing.

1. Ditch the Spreadsheets.

Most businesses do keep track of pay codes within their payroll software system. Pay earning codes store the formula used to calculate each employee’s pay. On the other hand, pay deduction codes are used to calculate things like vacation, paid time off, wage garnishment and a whole host of other functions. Many employers opt to keep track of deduction codes in separate spreadsheet. The general belief is that the payroll system cannot calculate their specific deduction needs because they are too complex. The truth is, there are payroll software systems that can handle a wide variety of deduction codes, including the complex. It’s worth checking into. Once deduction codes are set up, the system handles the calculating, and you don’t need to bring in that information by hand.

2. Pay via Direct Deposit.

You might be surprised how much time you spend printing checks, stuffing envelopes, and managing printer and paper supplies. These can all be gone if you choose to pay employees via direct deposit. Instead of printing, stuffing, and delivering, checks are distributed in one short step to the bank account of the employee’s choice. You save time, and employees get their pay faster.

3. View Pay Data Online.

If you pay employees via direct deposit, you can cut out the step of printing and distributing the pay advice slip – a document that contains information about employee pay. Put the pay information online, in a secure environment, where employees can log in anytime to get the pay information they desire. As an added benefit, if an employee calls years later looking for pay information, you can simply get them their password, instead of scouring through old files to find things like their W-2.

4. Copy Pay Runs.

If you don’t want to recreate your payroll entirely, use the ‘copy pay’ function to copy pay from a previous pay run, for those whose salary remains the same, such as salaried employees. Using this function can save you many manual time entries!

5. File Taxes Electronically.

There are so many unnecessary steps when it comes to filing payroll taxes. Order the forms and envelopes, run the data, print the forms, stamp the envelopes and mail them. And that doesn’t even include printer maintenance! Skip all of the extra work and file your taxes electronically!

If you have used the same payroll system for many years, check and see whether any of these time-saving features are available to you. They can really cut down on payroll processing time.

Payroll Outsourcing to Straighten Things Out

Gauging by its present trajectory, the practice of payroll outsourcing is going to be one of the most inherent aspects of the corporate realm in a few years.

The HR outsourcing industry has witnessed a huge spike in its numbers as is evident through various researches conducted. As the global economy gets more and more unpredictable and prone to risks, the emphasis on cost reduction is getting more prominent. And thus, this stimulates the outsourcing industry, the effects of which trickle down to payroll outsourcing.

Now, the process of reimbursing employees in a typical corporate environment is an elaborate one and requires an abundance of resources, particularly with a large workforce. This sometime necessitates the practice of outsourcing the payroll tasks to an external agency that has the requisite resources and offers its services on a price that falls well within your budget. In fact, making savings on money happens to be one of the most hotly pursued reasons for going for payroll outsourcing.

Several elements combine to form one payroll – you have the gross salary divided into a number of segregations that involve the signed-up pay, the bonuses, the overtime, the travel allowances, the severance pay and many more. It doesn’t matter how simple you are trying to keep things at your organization, the payroll scheme of things would always be multi layered and require great attention to details.

Handling the payrolls can be a demanding task as they require managing large amounts of data and managing them with precision. Keeping up with this large data might lead to a few discrepancies creeping up. With payroll outsourcing, you can hand this task over to an external resource so that you can focus your in-house resources on the more core operations of your organization.

So if you are leaning towards payroll outsourcing, you should be absolutely sure that you hire services of a company that is reliable and has a positive word of mouth spread around it in the market. There are various concerns floating around the outsourcing phenomenon that are often well founded if you contract the job out to companies with poor work ethics and distrustful reputation. Some such concerns include data insecurity, no control over the entire process, no access to the reports, etc. and that’s why, you can’t go in for the first outsourcing services provider you come across. The company you choose should be a result of an extensive research and some references.

The most reliable payroll outsourcing service providers also use the most advanced technologies so that the tasks are expedited and are accurate to the highest degree. This is another added advantage to signing up with them. So, invest more time in getting to know your outsourcing partner and be certain that you are investing in the welfare of your organization.

5 Advantages of Using a Payroll Service

Processing payroll can be a complex and time-consuming task for any small business. The different payroll functions include determining the employee wages, withholding taxes, updating sick and vacation pay and deducting different staff-contributed payments for the benefits.

Mistakes in preparing the payroll can have a negative effect on the business and it is important to make sure that the job is performed accurately. Many businesses choose to outsource this service for a number of good reasons.

– It is cost effective

The cost of hiring the payroll service is quite affordable and you can spend about half of what it would cost to do the job in-house. Paying a salary to a full time payroll manager will translate to more money in the long run. This means that the service is cost effective and you can free your employees to focus on other important functions of the business.

– It is convenient

When you use the outside service, you can benefit from the convenience that allows you to arrange the work with a simple phone call. By simply contacting the firm and giving them details of the salary amounts, hours, deductions and any other necessary information, the firm will process the checks conveniently. You can even update any staff payroll information on the firm’s website.

– Enhanced accuracy

The professional services are experienced at their job and you can be guaranteed of accuracy. With the increase in competition, the payroll firms know that they have to provide excellent services in order to maintain your business. The service providers also ensure that they stay up to date with any laws relating to taxes and employee payroll.

– Increased functionality

Many of the payroll companies offer a wide range of additional services such as handling employee retirement plans and providing direct deposits. You can also get functions like provision of management reports. Some will also help in the preparation of W-2 forms; they calculate employee tax obligations and perform other services that the client may need.

– Ensure compliance

The payroll functions include a range of laws and regulations and when you hire the professional service, you can be sure of staying compliant. The firms can help to save you legal fees that accrue when laws are broken. When you use professionals who understand the legal issues, you can have peace of mind from knowing your business is in good hands.

When looking for a payroll company, it is a good idea to carry out research and get recommendations so that you can get the best service.