Doing payroll is a critical part of your business. You may outsource it, or handle it completely on your own. But you have to agree that your payroll process has a great effect on your employee efficiency, morale, and more. So here are 4 tips to optimize payroll at your organization.
Implement an official payroll policy
First, determine your payroll schedule.
You can align or combine your different pay schedules to streamline the entire payroll process for different types of employees. A simpler payroll schedule is of course easier to maintain and process.
Next is approvals.
A major chunk of time that goes into payroll processing is getting approvals.
While it’s always prudent to not rely upon a single employee for approvals or payroll processing itself, it’s a good practice to create a strict payroll approval process.
Let everyone understand that the payroll approval process is non negotiable.
Any promotions, terminations, and personnel changes need to be previously approved so that you won’t face any major payroll issues.
And finally, collect time and attendance records in real-time to simplify timekeeping.
Most times, you can integrate your timekeeping software with your payroll software, like PayrollNinja, so all the data is integrated in real-time.
Centralize your employee records
This will save time, and you won’t have to deal with piles of spreadsheets or documents to get through employee records.
For instance, in PayrollNinja, you can add employee information, set basic pay, allowances and calculate statutory contributions (Inland Revenue Board (LHDN), Employees’ Provident Fund (EPF), Social Security Organisation (SOCSO), Employment Insurance Scheme (EIS) and Human Resources Development Fund Levy (HRDF) as per Malaysia laws), and you’re set forever.
PayrollNinja will calculate the monthly payslips as per the custom rules you’ve set up based on the centralized employee records you’ve keyed-in earlier. Thus reducing your workload, while giving the opportunities to your employees to see what they’re going to be paid and never encounter payment issues.
Automate your payroll
As we’ve mentioned above, a great way to optimize your payroll processing is by automating it. Payroll software or systems like PayrollNinja, are great at minimizing errors and reducing your workload.
You can also integrate it with your other systems like accounting, time-keeping, and other business operation systems for more productivity.
And you can rest assured with an automated system, like PayrollNinja in Malaysia, to keep you compliant with the respective state’s laws and compliances.
All you have to do is maintain regular training and education of your personnel with the payroll software, and you’re good.
Ask for feedback
Your employees are your best asset. Once you adopt a new payroll system, you can ask your employees for their feedback.
Adopting a new business system can be challenging. So here’s our free 14-day trial offer to get you started. You can try it out. Have your employees check it out. And chances are we will be working together for a long time.
Now, over to you..
So the above were the 4 tips to optimize your payment process and possibly boost your business. Have you tried any of these tips yet?
Share with us in the comments below.
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