Your employees are an essential part of your business, which makes payroll a priority. Companies with strong technology are able to process payroll efficiently and accurately. Unfortunately, not all systems offer simple, effective support right out-of-the-box. Many businesses have unique processes and operations that require additional structure and support. What do you need to turn your payroll weaknesses into strengths? Here’s how you can find out.
Let’s Take A Look at Your Payroll Processes
Most business owners and operators are busy running the business. Evaluating payroll doesn’t usually warrant much of their time. However, with growth and changes, payroll processing can become increasingly complicated. Your team knows what has to get done and how to do it, but existing business technology may not make the process easy. Timesheet changes, splitting time, pay rate changes and complicated benefit programs can easily throw a monkey wrench into payroll operations. As a result, your payroll team may develop creative, manual workarounds to get the information they need entered properly into the payroll system.
Complicated payroll processes are steadily impacting productivity and are a constant frustration to your payroll team. Paper-based processes, spreadsheets and other workarounds take time and put critical financial data at risk; a big weakness. There is technology that helps, but you don’t want to abandon one accounting system for another. Luckily you don’t have to take such drastic measures.
Start by taking a thorough look at your payroll processes from employee records to timesheets to allocating expenses to paychecks. Talk to your payroll team and select employees to see how this data is captured and applied within existing systems. You are looking for processes that are taking more time than necessary or weaknesses in existing technology. Determine how many times data is b