Payroll is a crucial component of your business, whether you are just starting out or have been using a payroll system for many years. As your business grows, payroll can also become more complex, making it difficult to manage. The good news is that payroll systems have the ability to automate complex functions and streamline the process. Take advantage of setting up and using these key features within your payroll system, and payroll processing will become much easier (Source: http://www.redwingsoftware.com/rwssn/home.aspx?page=341).
Employee Wage Garnishment
Wage garnishment can become complex, and an employer must process garnishments correctly or may face legal repercussions. Set up wage garnishment calculations within your payroll software, so they are computed automatically when payroll is processed, and you will ensure accurate dollar amounts are withheld, keeping both creditor and employee happy. Setting up minimum net pay, garnishment priority, and the priority of other deductions are also extremely helpful, and can ensure compliance with court-ordered wage garnishments.
Electronic Tax Filing
While change can be hard, you should definitely consider setting up electronic tax filing as a way to streamline your payroll. With electronic tax filing, you file tax forms electronically via the internet, rather than printing and sending them via mail. The savings on paper supplies, such as envelopes, paper, stamps and printer supplies, can be significant. The labor involved with the printing and stuffing envelopes is eliminated, and the tax filing process becomes much faster when filing electronically.
Pay by Piecework
Paying employees for piecework can become difficult if it is not set up within your payroll system. Add on the job of hand-entering the information into your payroll system from a spreadsheet, and you have an increased margin for error. Set up piecework calculations in your payroll system, and you can drastically cut down on the time spent managing it within a spreadsheet.
Time Clock Import
Using a time clock is a great way to keep time, but can make time entry difficult if that data is then entered into the payroll system by hand. Replace that process with an electronic time import, where you automatically import that data into your payroll system. The process will become easier and will improve data accuracy.
Within your payroll, you may have liabilities to pay such as child support, which must be paid by you as an employer. Make that payment process easier by setting up those ‘vendor’ payments within your payroll system, and you can generate those checks right from the system. This can save considerable time.
The way you set up and use your payroll system can make a big difference in your payroll processing time and accuracy. Follow these tips for payroll setup to improve your payroll today.