Ways to Improve Payroll and Timekeeping in Your CompanyJan 26, 2022
According to the job site Glassdoor, the number of remote work opportunities grew by 360% between June 2019 and June 2021. Interest in remote positions is unlikely to return to pre-pandemic levels and will continue to grow even when the public health situation improves.
It has become essential for companies to adopt new solutions to accommodate the changing work environment. Payroll and timekeeping, in particular, ensure the effectiveness of remote work as a new setup for businesses.
This article shares the best practices in managing your employees' payroll and productivity.
Integrate a Digital Timekeeping Tool
An efficient way to keep track of your employees’ productivity is to digitize your timekeeping tool. It can help you plot the number of hours employees are expected to work in a day, week, and month, and the tasks they have to complete within those timeframes.
According to solutions vendor Software Advice, 43% of workers admitted not giving the correct number of hours per shift. Digital timekeeping software like Connecteam and Time Doctor can prevent these unfortunate circumstances. They have geofencing, which prevents employees from having someone else punch in or commit time theft.
Create Payroll Policies
You can implement policies and procedures for a complex process like payroll. Putting it down on the employee handbook will allow your employees to learn your company’s benefits and penalties related to payroll.
Create a procedure that will ensure your employees’ timely submission of payroll information or documents, such as overtime hours, petty cash computations, reimbursements, and leaves of absence.
You can have a policy that incentivizes employees who work exceptionally based on the timekeeping system your company is using.
You can also implement a policy that allows employees to initiate feedback sessions regarding their payroll and whether your timekeeping system is helping them manage their workload better.
Strengthen Data Protection
When working on a payroll system, data is extra sensitive since you will handle details like the employee’s personal information, taxes, and company cash flow. So, you must take precautionary measures to keep this data secure.
One of the safest options is a secure cloud-based storage solution. It reduces manual work so there’s limited human intervention, keeping the data secure. All updates and maintenance within the cloud are automatically done and can only be accessed by a few authorized people. Meanwhile, you can have multiple backup storage spaces if an incident leads to data loss.
Consider Outsourcing Your Payroll
Managing your payroll can be overwhelming. You have to handle loads of paperwork to ensure your employees receive their pay on time without missing taxes or miscalculating salaries.
Outsourcing payroll tasks to agencies can lighten the workload for your payroll officer, and these groups most likely already have the knowledge and expertise to handle financial activities. Just make sure that the agency you outsource to follows payroll laws and data security regulations.
Partner with a reputable HR Outsourcing Firm
Sourcelyn provides business owners with bookkeeping, payroll, and HR services, allowing you to save time, money, and energy while receiving efficient financial and HR management. Our team is committed to helping every client succeed and focus on their business goals.
Visit our home page to learn how our services can drive growth for your business and help you make informed decisions in your industry.
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Team up with Sourcelyn, and let’s thrive together.