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Five Ways to Streamline Your Payroll Process

11/8/2017

 

​​For business owners with employers, payroll is a necessary task that can slow your day and tie you down if you let it. As we are coming up on the end of the year, now is a good time to review your current processes.
 
While reviewing your current situation, see if you can make payroll less time-consuming by integrating any or all the five ideas below.

Employee Onboarding
 
​​Empower your new hires by letting them do their paperwork for you. 
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A good payroll system allows employees to “onboard” themselves, completing the I-9, W-4, and direct deposit authorizations electronically, even before they show up for their first day. You will still need to ask for ID on their first working day, but at least you won’t have to do their paperwork for them.   
 
Integrate Employee Benefits
 
Rather than hire several separate companies to handle benefits, some payroll systems allow you to integrate benefits solutions right in their dashboard. That way, you will not have to re-enter employee data in multiple systems, which often gets out of sync. Deductions and payments can also be integrated to save accounting time.
 
Delegate Time Sheet Entry
 
Require non-exempt employees to enter their own time; all you should have to do is approve it. The right time sheet application can take care of that, and a great time sheet application will allow employees to enter time from multiple options, including time card, cell phone, and others.
 
Eliminate the Annual Worker’s Compensation Audit
 
Tie your worker’s compensation vendor to your accounting system, and you will be able to avoid that time-consuming annual reconciliation report required by your worker’s compensation insurance company. You can also avoid the large annual payment because the insurance will be taken out each payroll cycle.
 
Reduce the Frequency of Payroll
 
It is not always possible, but if you can pay employees less frequently, you might be able to cut your payroll time in half. Pay weekly employees every two weeks or pay bi-weekly employees monthly. Reducing payroll frequency boosts cash flow as well.  
 
Try one of these five ideas to streamline your payroll time and costs in your business. In addition, feel free to reach out to us to discuss your payroll needs and how we can be of support to your success!
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact your CPA or tax advisor for additional details.
Sarah Packer link
6/13/2019 08:15:36 am

My husband and I want to start a business in a few years and payroll is something I'm in charge of, but don't know much about it. I didn't know payrolling could be easier if you pay your employees less frequently and it also increases cash flow as well. If it's too much to handle, I might hire someone to help me with payroll processing, but I enjoyed reading these tips for future reference.


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    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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  • Home
  • Why Us?
    • Reviews
    • Open Positions
  • Client Services
  • Resources
    • Save on QBO Subscriptions!
    • Tax Refund Status
    • Gusto Year End Checklist
    • Videos >
      • Business Taxes >
        • 2019 Business Tax Highlights
        • 7 Ways Small Business Can Save On Tax
        • Taxes for S-Corp Owners
        • The IRS Loves Businesses
      • Personal Taxes >
        • 2019 Tax Highlights
        • Five Yearly Tax Essentials
        • 4 Common Tax Surprises
        • Retirement Can Be Taxing
        • Advance Child Tax Credit Reconciliation - 2022
        • Make the Most of Your Donations
        • Five Great Tax Secrets
        • Renting Your Property Tax Free
        • Ideas to Audit-Proof Your Tax Return
      • The Tax Cuts & Jobs Act >
        • The Tax Cuts & Jobs Act: What You Need to Do Now
        • The Tax Cuts & Jobs Act: Are Itemized Deductions A Thing of the Past?
        • The Tax Cuts & Jobs Act: The New Child Care Tax Credit
      • Tax Topics >
        • Tax Season is Coming!
        • The New World of Deductions: What Everyone Needs to Know
        • Proving Your Deductions
        • How to Fix a Mistake on Your Tax Return
        • How Long Should I Save It?
        • Tax Credit vs Tax Deduction
        • Understanding Effective Tax Rate
        • Understanding Marginal Tax Rate
      • Life Events >
        • Life Events: A New Birth
        • Life Events: Marriage
        • Life Events: Divorce
    • Articles >
      • Accounting & Bookkeeping >
        • How to Get the Most Out of Your Accounting Fees
        • The 10 Biggest Money Leaks in Your Accounting System
      • Business Factors >
        • IRS Rules for Classifying Workers
        • Checklist for a Healthy Cash Flow
        • 12 Ways to Improve Your Business Profits
        • 10 Step Annual Business Check-Up
      • Tax Topics >
        • Tax Guide for Self-Employeds
        • 15 Things Every Tax Payer Should Know
        • Disaster Casualty Losses
        • Travel & Entertainment Deductions
        • Tax Guide - A Deduction Checklist
        • What You Should Know About Tax Audits
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      • Newsletters - Monthly Editions >
        • Newsletter - Monthly Edition
      • Newsletters - Quarterly Editions >
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