Paperless payroll not only saves you time, but it also saves you money. If you’re looking for ways to save both time and money on payroll administration, this guide will introduce you to paperless payroll software. These software programs allow you to manage employee attendance and wages without dealing with the piles of paperwork that come with traditional paystubs. Here is a guide that can save time and money through paperless payroll processing.
1) Select a payroll software
Now that you’ve learned what options are available, it’s time to consider which ones will work best for your company. For instance, if you have multiple employees and need a solution that can handle any type of payroll processing, look for an online payroll software with customizable features. This way, your payments and deductions can be applied accordingly. Remember: The more complex your requirements are, the more important it is to ensure a certain amount of flexibility from a platform.
2) Understand the features that you want
Online payroll like pay stub generator come in a variety of price ranges and services. Make sure you understand what features are important to you, which ones are nice to have, and which ones aren’t necessary. The more you know about your preferences for service levels, reporting options, ease of use, etc., the easier it will be for you to find a solution that meets your needs. And when in doubt, ask around! Talk to other employees at similar companies or speak with friends or co-workers who may have experience using online payroll services. They’ll often have valuable insight about what they liked (or didn’t like) in particular solutions.
3) Download from your employer’s portal
It’s as easy as logging into your employee portal and clicking on payroll. You can view your pay stubs and even download them. If you don’t have access to your company’s portal, there are multiple apps and tools that allow you to store payroll information on mobile devices, so you can see it anywhere and anytime.
4) Update your employee records regularly
Keep your employee records up-to-date. You’ll save time when employees are doing well or when you need them for tax preparation. It also gives you an accurate representation of what’s going on in your company, which you can use for future budgeting and projections. But make sure not to include confidential information about an employee’s pay or benefits in their personnel file, even if it’s considered public record. You should keep that information private until an employee leaves or asks for a copy of his file.
5) See your year-to-date totals regularly
Being able to easily see your year-to-date totals for income and expenses is important because it allows you to know how close you are to your yearly goals. With paper paystubs, you’ll have your payroll summaries mailed out twice a year. With online paystubs, you’ll be able to keep track of these important figures daily or even weekly if that’s what works best for you.
6) Get help when you need it
While you can handle certain payroll tasks on your own, there are others that are best left to professionals. Hiring a specialist for payroll services, such as Remote, might make more sense if your company’s payroll is very complex or you don’t have time to deal with complex government regulations. If you prefer doing things yourself, start by using software designed for payroll management. You can then integrate it into your existing business systems and integrate third-party applications as needed. Another option is finding an accountant who specializes in payroll management. Even if they don’t offer online services, they can help you organize and process all of your data so it fits within regulatory guidelines. There’s no need to be confused or overwhelmed by federal regulations when you hire someone who has experience navigating them!
7) Avoid additional fees
Despite being a pay-as-you-go service, payroll processing companies have a surprising number of fees. The good news is that many of these fees can be avoided if you do a bit of research before signing on with any provider. Choose a cloud-based payroll software for your business, It is an efficient and cost-effective way of managing payroll
8) Maintain your own records
One of your biggest challenges, when you start managing payroll, is that, well, you’re probably not very good at accounting. It’s not fun to deal with taxes and figuring out what state you should pay in can be confusing. If it seems daunting, don’t worry; there are software products designed specifically for small businesses like yours. You can use online payroll services, but it’s often much easier (and more affordable) to simply subscribe to payroll software like UZIO. If you decide on using an online service, check their business model before starting out; some may offer services that you don’t need or want at a cost that might be too high relative to other options for your company.