Running a payroll is no simple task and can be among your worst business-associated nightmares, especially if you are new to it.
When faced with the task, you can either hire an expert or invest in payroll tools to speed up the process. If you are a startup, the former may not be cost-effective, and besides, you have to learn to be self-dependent, which makes the latter a better option.
But how should you run your business or organization's payroll correctly? Here are five tools and resources that can help you simplify the task.
1. Paystub creators
As an employer, it is your responsibility to issue your employees with paystubs.
A pay stub, commonly referred to as a check stub, is a document issued to the employee at the end of every pay period showing detailed payment information. Usually, it itemizes wages earned for the said period, tax deductions, employer contributions, and other statutory deductions from the employee's earnings.
With the right online pay stub maker, generating pay stubs for your employees is a straightforward process. All you have to do is enter your employee and company information, choose a preferred template, and download your pay stub for printing.
2. Payroll software
Payroll software refers to applications used in the management, organization, and automation of employee payment. These types of software keep track of all payments while maintaining all the payment records.
Effective payroll software should allow you, as the business owner, to monitor employee work hours, tax information, and their pay structure and quickly integrate into the existing businesses' systems.
Some of the most popular payroll software in the market include Gusto, Paychex, Quickbooks, and OnPay. It is important to note that these payroll solutions vary in pricing and features depending on developers.
3. Timekeeping software
Manually keeping track of the hours an employee has worked can be overwhelming, especially if you have many employees in your organization.
Therefore, investing in attendance and time tracking software can be a good idea. These tools help you keep accurate records of the work done by each employee, which helps avoid errors when running payroll.
The best thing about time tracking software is that you can have them linked to your payroll software and automate the clocking in and out system to make the process more efficient.
A calendar may appear like a misplaced resource in this list. However, it is an essential resource that can help in correctly running a payroll.
It is vital to set up a payroll calendar to run an effective payroll that works for you and your employees. When setting up a calendar, make sure to set notifications and reminders to ensure that you are not caught unawares by payroll deadlines.
5. Cloud record storage
Employers are tasked with the responsibility of keeping employee financial records for non-exempt employees for three years. When holding such crucial information, you will need to have it backed up if, for some reason, you lose the hard copies. Cloud storage can ensure that all your employees' payroll records stay safe and that your business complies with the law at all times.
Effective and correct payroll management is crucial irrespective of the size of your business. Having the right tools and resources does more than save you money and time; it eliminates the possibility of lawsuits resulting from wrongly run payrolls.
While the tools for running a correct payroll may not be limited to the ones mentioned above, these five tools and resources offer a good starting point in streamlining your payroll process.