Payroll is necessary for any business’s successful operation, although it is one of the largest expenses. Often time-consuming and complex, payroll can easily turn into an administrative nightmare if improperly done. A provider of tax services in Philadelphia, Pennsylvania lists down ways you can make your current payroll more efficient:
- Use a self-service model
Adapting to self-service models where employees get to manage their personal information can greatly help streamline the payroll administration. The HR department will have more time to focus on other tasks.
- Keep policies simple
Avoid making your paid time off, attendance, expense reimbursement, and many other policies more complex as doing so can only complicate your payroll process.
- Provide electronic pay stubs
With the advent of technology, most people don’t keep paper stubs anymore; preferring electronic stubs instead.
- Use direct deposit
Experts on financial services in Pennsylvania recommend that you make a direct deposit if you’re not yet making a direct deposit for paychecks. Many employers found that making direct deposits actually helps them save.
- Create a payroll calendar
Consider establishing a payroll calendar that lists pay periods to keep everyone on the same page when it comes to processing the payroll. In the calendar, outline the needed inputs, date of completion, and due dates for all tax deposits.
Need help with accounting services experts to prepare for your company’s payroll? Reach SEIGLER’S TAX & FINANCIAL SERVICES, LLC today!