How to Improve Your Current Payroll System

Payroll can be problematic for growing businesses, there’s no denying that. As your business begins to scale its market, you will be forced to employ more people to ensure that you remain capable of providing your customers with the level of service that they want and expect from you. Every time you onboard another employee and welcome them onto your team, you make life just that little bit harder for your HR department.

If you want to hire new staff members without stretching your HR team too thin in this instance, you should resolve to improve your current payroll system. 

Here are five ways you can do just that:

Make use of payroll software

Your HR team can only do so much. If you want them to optimize their daily workflow, you must empower them with payroll software. With a software solution such as XCD at hand, they will be able to automate a lot of their daily tasks. As a result, they could end up enjoying processing times that are 50% faster than the ones that they are currently used to.

Align your pay schedules

If you want to improve your payroll system, you simply cannot maintain different pay schedules. Everybody that you pay must receive their wage on the same day. By ensuring this to be the case, you will prevent process duplication and subsequently make less mistakes with regards to your payroll.

Streamline your payroll systems

Similarly, you shouldn’t use a plethora of different payroll systems if your goal is to optimize this all-important area of your business. You should streamline your systems by finding one that makes a number of different services available. 

Ideally, you should choose a system that provides the following services:

  • Tracking
  • Inputting
  • Capturing
  • Processing

Go digital

Going digital is something that you should definitely consider doing. Using less paper won’t just be better for the environment, but it’ll also help you to cut down on payroll mistakes that are easy to make. By digitizing this important area of your business, you will be able to check your payroll information at all times from one centralized platform. This will save you time and money in the long run, simply because you won’t have to look through hordes or letters and payslips to unearth the information that you are in need of.

Stay informed

The payroll industry is in a constant state of flux. There’s always a new trend taking place within it, and it’s important that you keep up with these trends. By ensuring that your finger is on the pulse of the payroll field at all times, you will remain informed when it comes to your regulatory financial and tax requirements.

If you want to cut down on costly payroll mistakes, you should put all of the advice laid out above into practice. Make use of payroll software, align your pay schedules, streamline your systems, go digital, and stay informed — if you do all of that, you’ll be sure to make life a whole lot easier for your hardworking team of HR professionals.