Payroll can be a challenging task for many companies, especially for small business owners. If you are a small business looking to streamline payroll services, you can use QuickBooks Payroll for peace of mind and to ensure you’re compliant with the law.
Benefits of streamlining payroll
For a happy workplace, you need to ensure you pay your employees correctly and on time. The simplest way to achieve this is by streamlining payroll.
Streamlining a payroll process is all about integrating your processes to reduce the amount of work you have to do. It's about having a payroll system that handles employee onboarding, stores employee data, manages employee payroll, and integrates with your accounting software. You can also easily manage employee benefits and organise employee time to approve leave, assign roster shifts, and approve shift requests.
Payroll can be expensive as there can be many hidden costs associated with it. For example, if you outsource payroll, the firm could incur additional costs. If you handle it in-house, there could be forms and procedures you aren't familiar with and omit - which can be detrimental in the event of an audit.
How to streamline your payroll process
For larger businesses, the option to outsource your payroll could be the best choice. It's efficient and cost-effective, allowing you to focus on your business. While many businesses use an outside agency to handle payroll, with a streamlined process you can integrate some of the benefits of outsourcing into your system.
Reducing the frequency of your payroll cycle is an effective way to streamline the process. While many businesses pay weekly or fortnightly, moving to a monthly payment run can reduce the amount of time you spend processing payroll.
When you streamline your payroll process, you also don't need to employ a team to manage timesheets. Your team can complete and process their own timesheets themselves. All you need is to approve them. This is not only time efficient but also reduces the risk of incorrect timesheets.
