For business owners with employers, payroll is a necessary task, but it can slow your day and tie you down. To make it less time-consuming, here are five ideas you can put to good use:

  1. Employee Onboarding

If you hire a lot, empower your new hires by letting them do their paperwork for you. A good payroll system allows employees to “onboard” themselves by completing the I-9, W-4, and direct deposit authorizations electronically, even before they show up for their first day. You’ll still need to ask for ID on their first working day, but at least you won’t have to do their paperwork for them.

  1. 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 won’t have to re-enter employee data in multiple systems, which often gets out of sync. You can also integrate deductions and payments to save accounting time.

  1. Delegate Timesheet Entry

Require non-exempt employees to enter their own time; all you should have to do is approve it. The right timesheet application can take care of that, and a great timesheet application will allow employees to enter time from multiple options, including timecard, cell phone, and others. One example of a popular timesheet app is TSheets.

  1. Eliminate the Annual Worker’s Compensation Audit

Tie your worker’s compensation vendor to your accounting system, and you’ll 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.

  1. Reduce the Frequency of Payroll

It’s 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 can also boost cash flow.

Try one of these five ideas to streamline your payroll time and costs in your business. And as always, contact us at Innovative Financial Services, LLC today if we can help.

(“Payroll” by Matt Brown is licensed under CC BY 2.0)