Do you feel stressed when it’s time to do your company’s payroll? You know it’s an all-day affair, and your employees need to leave you alone so you can get it done. Fortunately, there is an easy way to save time on payroll. Use a payroll system to make the process faster and easier.
Remove Steps in the Payroll Process
You probably have different classifications of employees. For example, some of your employees might be paid by the hour and others make a salary. To effectively manage your payroll, you run it in batches, following a multipage checklist to ensure accuracy. This is so time-consuming that it can easily take the entire day to process payroll, and you probably need all hands on deck to meet the deadline. A payroll system will allow you to replace your batches with data sets. Using data sets cuts down on the steps you need to process payroll. You can save as much as eight hours per pay period when you use data sets instead of batches, and you won’t need as many employees handling the tasks.
Only Enter Data Once
You likely spend much of your time rekeying data from one system to the next. This isn’t just boring. It also takes a lot of time, but you can avoid it with a payroll system. A cloud-based system allows you to access the same data from one system to the next, so nothing has to be rekeyed.
Report Consolidation
Sifting through payroll reports to find the information you need can take hours. You might have to look through a handful of files to find the data you need, and by the time you finally retrieve it, it’s time to go home for the day. A payroll system consolidates reports for you, and because they are searchable, you can easily find the information you need. Organized, consolidated reports can save you hours.
Automatically Updates Taxes
You probably get nervous every time there is a change to the tax code. You have to spend hours updating your payroll to reflect the changes, and you hope that you were accurate in your assessments. Fortunately, a payroll system automates these changes for you. When new tax codes go into effect, the system updates can go back to work without worrying about the payroll.
Automated Updates and Backups
You have to update and back up the payroll system on a regular basis. You might handle this yourself or delegate it to your IT staff. Either way, updates and backups can take hours, and if you miss one, you could lose everything. You can avoid this by using a payroll system. The system will update as needed and back up your data so you can always access it. This doesn’t just save time. It also alleviates stress.
These are just some of the ways you can save time with a payroll system. If you are tired of spending hours upon hours on payroll, it’s time to use a payroll system.
