Making your payroll management process quicker and more efficient is doable – all it takes is a smart strategy and the dedication to improve your system. The outcome will be a better payroll management solution that not only saves you time, but also money that can be put back into your business.
- Combine all your various payment schedules
Do you have a bunch of different pay schedules that don’t align? Maybe you pay permanent employees once a fortnight while casual employees get paid weekly. It might have seemed like a good idea at the time, but multiple payment processes can make your financial operations inefficient.
Minimising pay cycles by combining them all into the same schedule means you won’t have to worry about duplicating payments or causing errors. Once everyone is on the same plan, your payment schedule will be easier to maintain while maximising efficiency.
- Upgrade your payroll software
Thanks to online solutions, there are so many options for finding the perfect payroll software for your business. Don’t rely on pen and paper anymore – take advantage of state-of-the-art payroll technology that can ensure greater accuracy and reduce time spent on data entry and processing.
Using a solution that integrates with your payroll software can mean you sync your employees’ pay rates immediately – no wasted time, and no possibility of entering the wrong rates into your system.
- Go paperless
Using payroll software is an easy way to ‘go green’, as well as to reduce the cost of supplies, speed up payment operations and – most importantly – keep all your data secure. Get rid of paycheques, written-out timesheets and paper pay stubs. Using an online solution is an easier way to manage your payroll while doing your part for the environment.
- Stay on top of tax requirements
As a small business owner, you’re already well aware of how important it is to stay on top of your finances. And in much the same way, understanding your tax obligations is vital to maintaining a healthy cash flow.
If you’re unsure about anything, don’t wait until the end of the financial year to ask questions. Speak to your accountant or financial advisor, or do a bit of solo research on the ATO’s website – there’s heaps of information about small businesses, their tax obligations and a range of concessions to take advantage of. Get clarity on the ins and outs of your payroll requirements to avoid any costly mistakes or delays.
- Too much trouble? Outsource it!
Winning new customers, hiring and training seasonal employees, managing payroll – it’s no wonder small business owners are always on the move. We understand that there are already too few hours in the day, which is why it might make sense for you to outsource your payroll to the professionals.
If you don’t have the time or resources to manage your business’s payroll on your own, hiring someone to do it for you can offer heaps of benefits. Not only can you win back those hours spent calculating payments and making transactions, but you can also rest easy knowing the people managing your payroll are experts in tax and your legal requirements. With nearly half (47 per cent) of all businesses outsourcing their payroll, according to Robert Half, it could be the best solution for a time-strapped owner.
Managing payroll may seem like a small part of your job, but it can actually have several knock-on effects if not managed properly. By making it an efficient and speedy process, it can free up a few hours every week and keep your team happy knowing they will always be paid correctly and on time.