Punch to Paycheck

As companies tighten their budgetary belts and scrutinize profit and loss sheets, they will look increasingly to payroll professionals to account for resources in their departments.

Processing delays, missed deadlines, and re- keying errors can literally cost your department thousands of dollars a year and countless wasted hours. This translates into tighter profit margins and less opportunities for growth. Moving to an e-payroll platform can help reduce the time, money, and man-power needed on unnecessary manual procedures. This will increase productivity and free up staff to pursue more strategic tasks, giving employees more control of their information. Pushing for streamlined payroll processes will give your company the ability to make better use of the resources that are already available and drive growth for the business as a whole.

 1. Bridge the data gap

When it comes to measuring productivity, it’s the little things that count. If you have had any experience with working with payroll software systems in the past, you will no doubt have experienced the need to jump from one standalone system to another. This is because most companies run their payroll, HR, general ledger, and tax reporting processes on different applications.

That’s why reason, systems integration should be the first priority of any well-run payroll department.

The benefits of payroll systems integration are far-reaching and immediate. By making diverse components of your payroll related business practices work together, you allow for significant performance gains. Some of the more obvious advantages include:

• No double entry – Eliminate the double input of data between HR, payroll, and benefits departments.
• Real-time data – Eliminate the need to transfer data across applications. Information is automatically updated which keeps up-to-date figures for reports.
• Simplified routine requests – Allow employees to review their own personal data by integrating with an automated services solution.
• Save time – Alleviate need to double-check figures with other departments. Have more time to focus on more strategic initiatives.

Many companies are choosing to tie their systems together with a Web interface capable of connecting islands of automation. Others are deciding to go with complete Web-enabled packages that give them instant support in a comprehensive suite of services, without the need for hardware or software. These services tend to be more cost-effective and put the risk of rollout success on the vendor.

It is best to be fully versed in this kind of time- saving software as these applications are becoming more and more popular. Payroll staff will be called upon to analyze their data and examine trends as their usage increases.

2. Go with the flow?

Nothing is more annoying than having an important deadline looming and having to wait on two or three other people before you can complete your task. How can you ensure that you get the support that you need to keep the wheels of your operations moving?

Workflow automation programs help you keep track of the progress of any requests you make by recording the time the request was made and when it was completed. Safeguards can be put in place whereby a manager is contacted if a reply isn’t received by a certain time. This gives employees the added peace of mind that critical tasks will be dealt with promptly and saves the hassle of having to chase people down.

3. Push for progress

While it is important to consider the needs of individual employees when organizing payment methods, ultimately you have to keep the big picture in mind. Companies are looking increasingly to payroll professionals for advice on how to optimize resources and cut costs. The greater the direct deposit adoption rate, the greater the savings.

Some companies have achieved adoption rates of up to 98 percent by using raffles, contests, sweepstakes, and promotions to encourage participation. Others have stopped delivering checks in person to employees, instead mailing them on payday, which provides an incentive to use direct deposit because you receive your check sooner. Still others require all new employees to use the direct deposit system.

To achieve the desired efficiencies, it is best to gear your solution towards your company’s culture. Although your eventual goal is for the universal adoption of the system, it will require small, gradual steps.

4. Track labor more effectively

One of the most common payroll errors is not meeting labor compliance regulations. It is easy to lose track of PTO when there are so many functions that come under the payroll umbrella. Unfortunately, this is a costly mistake that can eventually cost the company heavily in lawsuits.

Most companies have solved this problem with time and attendance software that allows employees to monitor their own schedules and enforces the policy equitably. This also reduces the burden on you and your managers and eliminates PTO abuse.

For more information about how to streamline your payroll process, contact an iEmployee product specialist.