Payroll Automation Tips for Saving Time

If you’re an employer, you know that processing payroll can take up a lot of your precious time. You might have to follow certain steps like inputting employee information, double-checking payroll and withholding tax calculations, and distributing pay stubs.

With so many responsibilities and so little time, it can be hard to keep up with time management and workflow. By eliminating mindless tasks with software that can do those tasks in a fraction of the time, you will be amazed with how much new found time you will have on your hands.

Payroll automation can solve the pain points many management teams face. From scattered emails and multiple timesheets to sending hundreds of paper cheques. Payroll automation simplifies and streamlines payroll so that small business owners can focus on what matters most.

Accurate and Consistent Reporting

A great time saving feature of payroll automation is being able to calculate accurate and consistent reports in a matter of seconds. This will help you create insights from data; as the breakdowns are easy to understand with clean data reports. You will be able to run high- level summaries to see where the money is going and how much is coming in.

Analyzing clean data makes it easier to draw valuable insights for senior leadership. If your company creates meaningful insights, it'll be able to solve problems more effectively.

Project reports will allow managers to see how much time employees are spending on their tasks. Therefore, enabling the tracking of estimates vs. actual time spent on the project. Project reporting will help managers predict, plan, and execute on projects.

QuickBooks has a payroll reports feature that makes it easy to track labour costs. It shows a summary of hours tracked in a pay period and will let you see regular hours and overtime for all employees, as well as what they are clocking on a daily, weekly, and monthly basis.

Quicker Calculations

Manual payroll calculations take an immense amount of time out of your busy schedule. A business needs people looking over various Excel spreadsheets, comparing information from different sources, and calculating everything by hand.

With an automated payroll system, all a human resource employee needs to do is to enter all the information once, and the system will complete the rest. The end result will be a quickly completed and correctly calculated payroll for each employee.

Software Integration

The best payroll automation systems integrate with other accounting software, which allows information gathered on the payroll automation system to show up in the accounting software. This integration allows managers to finish payroll at a fraction of the time it would take to do it manually.

Instead of working reactively because you don’t have time to address team issues as you spend it going back and forth between software systems, you can begin working proactively.

You can sync QuickBooks Time with QuickBooks Online to run your payroll faster. You will be able to track employee work times, then sync timesheet data and run payroll automatically.

Avoid Calculation Errors

Performing all the payroll calculations can be a strenuous task. . It’s time consuming and leaves the door wide open for critical errors. Accounting software is dependent upon accurate entries. If the numbers entered in the system aren't correct or up-to-date, then miscalculations occur.

Payroll automation systems work with accounting software to automatically input numbers based on the hours collected.

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Easy Time Tracking

It's exceedingly time-consuming to track which employees took paid time off (PTO) or who is taking unpaid leave. But not knowing these details can cost your company thousands of dollars as you’re paying people not to work. Or you could be missing an employee for an extended period of time.

This type of important work shouldn't be done manually. Payment automation technology does it for you so you can ensure all your employees are being paid exactly what they are owed, every time.

Reduce Compliance Risks

Tax codes change and are difficult to keep up with. Payroll automation systems automatically update all tax codes so that you have a reduced compliance risk.

Tax season is usually stressful for people who deal with payroll systems. But with the right tools, like payroll automation, you can be sure the correct amount is being withheld from both the employee and employer.

Avoid trouble from the CRA and make sure your compliance audits go smoothly, or else you may be facing bigger problems than just not having enough time.

Scheduling Made Easy

Payroll automation allows managers to save time on setting up schedules and sharing them with employees – as the system will do this task automatically. You can also put in different job-related task details so that everyone knows what role they play in the project.

Employees will be able to see the schedules and find the location of their next job, as well as know where their fellow employees are with the click of a button. Being able to see a schedule in one place can also help with allocating nearby resources if one job finishes before another.

This feature allows managers and employees to be more efficient and productive on the job.

Digital Storage Solution

Storing all your payroll information in an automated payroll software can save you time by omitting the need to manually search through hundreds of paper records. How many times has a document been lost due to misplacement or damage? And for some reason it’s only in the minutes before we need it, that we realize it is gone.

Payroll automation will put an end to tracking employees or clients down for information because you will have access to everything within seconds.

QuickBooks helps streamline your payroll process by automating financial and payroll-specific tasks. Therefore creating a more efficient regime and allowing you to dedicate more time to running your business. Try QuickBooks Online today.

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