Tuesday, August 6, 2013
When it comes to covering every last aspect of managing your business, there are a few things that sometimes slip between the cracks. One of the main things that some business managers do not give enough thought is payroll management. While focusing on how much you are actually paying your employees is important, you also need to think about how you are actually paying them. Writing each employee an individual check may work when you only have one or two people who work for you, but you will definitely need to make an upgrade in this department as your business begins to grow. Let's look at some of the main tips that you should remember when it comes to properly managing your payroll.
Automate the Entire Process
The main thing that you need to think about when it comes to optimizing most aspects of your business these days is automation. There is always some new kind of machine or software that is developed every year that can completely change a certain aspect of how most businesses operate, and that is definitely true when it comes to payroll management. There are countless different types of software that can be used to automate the payroll system for your particular business, and you can even automate the time tracking process to make sure that everyone is being paid the right amount during each payment period. When you have a computer handling everything from tracking work hours to actually sending out direct deposits to your employees' bank accounts, it gives you much more time and energy to focus on more important aspects of your business.
Hire Someone to Overlook the System
Even though everything can be automated these days, it is still important to have someone audit the system from time to time. You would not want a computer glitch to end up overpaying a certain employee because sometimes employees will not be completely honest when it comes to getting paid twice as much as they were supposed to get paid. Make sure that you have someone in the HR department to double check the payroll system every time a new paycheck is sent out.
Make Sure That You are Following the Law
One of the best aspects of having everything automated is that you can be sure that you are always following the law when it comes to payroll. All of your records will be collected in an organized fashion, so you will always be able to give a definite answer if you ever get a call from the Labor Department. While complying with all of the latest changes in labor law can be quite a hassle, it has definitely become much easier over the years with all of the new software that is available to businesses around the country.
Always Check for Upgrades
While there is nothing wrong with sticking with a certain payroll system for a long period of time, it always makes sense to make sure that you are staying on top of this particular industry. When something new is released that will be able to save you even more time and money, you need to hop on it as quickly as possible. You definitely don't want to be the guinea pig for any new software, but you should definitely make an upgrade if all of the bugs and glitches are out of the way of a new automated payment system.
Rebecca Whiteside. Rebecca is a professional HR writer who frequently contributes new human resources articles across various platforms.