Payroll Best Practice: 5 Great Tips for Managing Your Payroll
80% of small businesses struggle to find qualified staff to suit their needs. These issues come down to budget. It’s hard to find accountants who know payroll best practices who can also work on a shoestring budget.
If you can’t afford an accountant, you can still give your employees the best in payroll practices.
Here are four tips to make payroll easy.
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Hire for Efficiency
When it comes to managing payroll, you need to start off your management in the hiring process. When you hire people who are smart and efficient, you get good work out of them and value for your labor costs.
One of the biggest complaints most business owners is how much they spend on labor costs. They start looking for inefficiencies in how people work and demoralize their staff.
You can’t make someone who isn’t apt to be collaborative into someone who loves it overnight.
By hiring the right people to work for you, you won’t be stressing over payroll costs.
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Use Smart Scheduling
When it comes to best practices, you should be using an up to date scheduling system. The latest in scheduling technology can offer up to the minute changes as weather patterns shift or if events drive people in or out of town.
Smart scheduling will take into account local google searches, predictions based on previous patterns, and changes to your own sales figures.
Smart scheduling can push changes and requests your employees via email or text. You can offer more hours when people request them or limit scheduling when times get tight.
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Integrate Scheduling and Accounting
Whether you’re using a smart scheduling process or not, you can save money by integrating your schedule with your accounting software.
While it takes a little more of a manual approach, you can compare changes in sales to how much staff you have when you need it.
You can watch for trends over time and compare to previous years. If a random Sunday in August was particularly busy, check to see if there are any annual events that are going to occur again the following year.
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Give Digital Ac
When you’re doing payroll well, you’re making it user-friendly to your employees. Giving them digital access to their own paystubs and their tax information is important to helping them budget.
Every employee will have different tax and budgetary needs. If you give them access, they won’t need to bother your payroll staff for copies of things.
Your employees will want to be able to predict for their retirement or savings costs and you’ll be helping them plan for their future by giving them access.
A digital check stub maker can help by producing copies for you and your employees.
Payroll Best Practices Are Easy to Keep in Mind
For small businesses, prioritizing payroll best practices aren’t hard with the right tools on hand. If you provide strong payroll for your employees, you also ensure that you’re saving money by doing some of the work yourself.
If you want to know what complaints your employees might be keeping from you, check out our guide to be a better boss.
