7 Tips for Successfully Managing Your Payroll Request for Quote
Are you worried about month-on-month payroll management that consumes more resources and time? Leave the worry to Osource. We will manage your payroll, removing the stress on resources.
Timely management of payroll is an essential part of human resource management—payroll management systems process employee earnings salaries, bonuses, deductions, and paychecks.
Whether an organization is small or big in terms of employee count, inefficient & unmanaged or even manually managed laborious payroll processes leads to the possibility of financial loss.
Here are the seven universally acknowledged practices that will make your payroll management process more accurate and efficient to avoid such common mistakes.
Align your Pay Schedules :
According to the owner/founder of Washington Accounting Services, "Minimizing pay cycles can help prevent duplication of multiple processes so that the payroll department can operate more efficiently."
Companies require unique pay schedules such as monthly, weekly, or bi-weekly for employees based on the nature of the industry involving a different type of calculating the earnings of the employees. Using an unaligned structure may not suit the requirement of an organization.
A predefined pay schedule is critical to handle the inputs required for timely payment of compensation month on month after applying deduction towards the cost. It allows the payroll department to focus on a regular calendar to analyze dates that might require a lag. OnexPoint offers an automated payroll calendar with inbuilt due notifications. It will also lessen the chance of delay during the payroll process.
Streamline your System :
Streamlining existing methods periodically is required to ensure an efficient payroll process. Reviewing and regularly revising the stages involved in the payroll process is an efficient way to optimize the payroll process. Instead of analyzing the process at every step, Osource's Onex Points intelligent design reduces the time required to analyze payroll data.
Automate your Payroll Process:
Manual processing of payroll is time and resource-consuming. It is easily susceptible to human error that can result in severe financial impact, and often gets unnoticed. With limited Human Resources, payroll processing can become a challenge, and the dependence on the team will be more.
Automating your payroll process is the easiest way to keep up with time-consuming tasks. A complete automated upload is best to calculate CTC Expense Reimbursement & Investment Verification Processing error-free as manually making provisions for considering these month-on-month changes will be difficult.
Osource Onex PIP, an advanced payroll management software, allows automated management of employee payroll, yearly bonuses, and retirement benefits calculations.
Turn to Paperless Payroll Processing:
Paperless payroll is the result of improved data storage and analytics technology. It serves to expedite payroll operations. 'Going green' is not only a step towards environmental preservation but also a leap towards cutting costs of erroneous manual processes and breach of data confidentiality. Also, a user-friendly human resource system has become the requirement to survive in the industry. The working force expects technology advantage for handling their obligations and is opposed to manual operations.
An online portal system should replace cards or timesheets, physical paychecks, and paper pay stubs. This eliminates paper-use as most employees prefer to receive their check stubs and pay information electronically.
Upload Documents and Make Revisions:
Documentation of payroll methods is an important management responsibility. Proper recorded documentation of payroll schedules helps analyze and audit payroll systems. It splits down each stage and makes it easier to identify weak points.
Once the desired payroll process is developed, it becomes necessary to document these procedures and share them with the payroll team.
Maintaining the confidentiality of the payroll records is also equally important. The Onex payroll process guarantees precise and encrypted handling of all the payroll information, allowing access to information on a need-to-know basis.
Documentations of the steps, filing payroll registers, and tax reports, along with the names of the individuals, can be fed to the software, after which multiple configuration settings align payroll management as per the convenience of the business.
Audit Your Payroll Process:
A periodic audit of the payroll process of every organization is a must to ensure that the system meets the requirements of the audit. Today, most auditing tools & techniques can simulate failures and quickly engage in the correction process. As such, a fail-safe gate generates when actual discrepancies occur, which are still minimal when the data is stored under a protected environment in the cloud.
The time saved in managing the payroll process over the cloud makes it cost-effective as there is no need for investment of hardware and software, and the focus could be more on core business operations. Besides, an efficient technology-based payroll system with inbuilt features for safety, confidentiality which uses data management under a cloud system, is more reliable than relying on a specific team of individuals on their manual operations.
Verifying, accounting, and reconciling payroll and cash documentation is also equally important, which has become more accessible in the software-driven process than the manual process.
Audit Your Payroll Process:
Outsource Your Payroll Process:
Many organizations have already understood the need for outsourcing payroll management to use technology to process payouts accurately and generate required reports for compliance.
Most business owners do not have the time or resources to build a new payroll system or update the existing one. In such cases, outsourcing to a licensed, full-service payroll management company can be a strategic and cost-effective option.
With increased cloud technology dependency, approximately 70%+ of mid-large size companies tend to be more likely to outsource payroll for optimizing security, integrity, and dependability.
An efficient payroll function should be cost-effective, user-friendly, time-saving, and data security besides meeting compliance requirements. The critical challenge for any Payroll administrator is to drive competence by integrating systems and data for precision and tracking.
With over 18 years of experience in delivering payroll services and currently processing five million payroll transactions across 300+ satisfied customers across the globe, Osource is one of the leaders in the payroll outsourcing industry.
Wish to outsource your payroll management processes and reduce the risk of inaccuracy?