5 Best Practices for Company Payrolls in 2017

Payroll

Effective payroll practices keep your company’s finances on track and contribute immensely to employee satisfaction. Because your hardworking employees not only deserve an accurate but also timely pay, for the families they take care of, for the bills they must pay.

Payroll can be a dragon but nothing a great solution can’t tame. As organizations evolve, so does technology and regulatory standards and payroll solution to match them all. To make it simpler deciding which solution does the best job for you, here are five best practices you may need to adhere to this year:

1. Say Goodbye to Paper Trails

Did you know that you should keep all records associated with an employee’s payroll and taxes for at least three years? Even at a small company, that’s a lot of paper. With the right payroll software in place, it becomes not only space-effective but also more accurate and searchable.

2. Direct Deposits Save Time & Money

Direct deposit benefits both you and your employees. On your side, it eliminates the time and cost associated with writing and printing checks. On their side, it saves time and reduces the risk of misplacing a check. It’s another step toward a paperless HR process that gives everyone involved a smoother experience.

3. Transparency in Processes

Payroll shouldn’t be a mystery, but too often employees feel uncomfortable talking about it. Transparency about your payroll process is key to combating this issue and making sure everyone at your organization has a good understanding of their responsibilities and yours.

4. Keeping the Tax Paperwork Neat

As much as they all dread tax season, your employees are also on the lookout for important tax information to get their refund process underway. You can make sure everyone gets their paperwork on time by automating the system or even going paperless with payroll software.

5. Keeping Up with New Recruits

Every time a new employee arrives at your office, so does a mountain of paperwork. Using a customized payroll solution, you can put stricter guidelines and more automation in place, saving time and effort on training new hires.

Leave a Reply