6 Sure-fire Tips to Speed up Your Employee Payroll

Ask any entrepreneur, and payroll management is sure to emerge as one of the most draining business tasks. It is imperative to mete out payments in time, keep records, and adhere to tax norms that valuable business time gets spent in meeting these needs. But is there a way in which you can speed up this time-killing task without compromising on quality?

How to do Payroll Faster

Whether you’re looking to free up business hours or create free paystub, here are some easy to implement tips. Let’s discuss how to boost payroll processing in your organisation and generate more time to focus on profit-making activities:

1. Keep Informed on the Payroll Landscape

Your understanding of your company’s payroll function directly affects the time and energy spent on it. Keeping yourself abreast of this landscape includes internal factors such as company policies, pay periods, etc., as well as external factors like state and federal tax laws.

2. Have Your Paperwork Prepared

Payroll involves considerable paperwork, and keeping this prepared well in advance is certain to save time. Here are some things you should have sorted much before official tax season rolls in:

• Document your company’s tax filing. You will get an Employer Identification Number (EIN) that will be required during payroll processing.
• Prepare W-4 and W-9 forms for your employees while hiring them.
• Share printable w2 form 2019 with your workforce so they can file their taxes.

3. Stick to a Consistent Pay Period

Irrespective of the size of your workforce, maintaining a payment schedule has multiple benefits. If you adhere to a consistent payment period, your employees are more satisfied, and your payroll processing becomes more predictable. In fact, it is advisable to build a pay routine not only for permanent staff but also for independent contractors and freelancers.

4. Stay Updated with Organisation and Record-Keeping

Payroll management requires ongoing work, especially when it comes to keeping things organised. You should maintain records of the payments given to employees and contractors. (This becomes easier if you use financial software.) It is important to keep this up for every pay period during a fiscal year.

5. Opt for Digital Payroll

Paper-based payroll tends to take more time and effort than an automated system. It is also more prone to mistakes. If you choose financial software for payroll processing, chances are your storage needs will also go down. Small businesses can opt for a digital pay stub generator that builds payment records for employees in hardly any time. For example, at StubCheck.com, you can create stubs within minutes for only $3.99 a piece and send them directly to e-mail inboxes. Be careful if choosing a free online paystub generator as the internet abounds in fraudulent websites.

6. Consider Outsourcing Payroll

While this will depend on the size of your company and your available budget, hiring an external firm to do your payroll almost always reaps time-saving benefits. It frees your time for creative thought and business-enhancing activities while guaranteeing that finances are in order month after month.

Now that you have freed up precious resources that used to be spent agonizing over payslips and W-2 forms, it is time to concentrate on growing your business!