As a small business owner, you’re constantly thinking about your business. From your sales and revenue to managing your employees and dealing with ongoing paperwork, you’re under a lot of pressure.
While you can’t completely avoid the stresses of being a small business owner, there are ways you can be more efficient with your time and spend it on the things that matter most – like growing your business.
One of the biggest challenges for a small business can be payroll. This is both a short- and long-term challenge. Manual processes are time-consuming, as is keeping track of employee paperwork. Plus, staying up-to-date on changing and complex legislation is arduous.
According to a 2016 study by PwC called The Missing Middle, Bridging the Strategy Gap in Family Firms, more than a quarter of family businesses say maintaining compliance with government policies, regulations and legislation will be the biggest challenge for them over the next 12 months. And failing to stay compliant can result in a huge financial hit on the business.
Here are five ways to simplify payroll, so you can focus less on paperwork, and more on growing your business.
Manual processes and sifting through stacks of paperwork are a time suck. Using paper records, spreadsheets, or disparate systems all create more room for error. Get that time back by automating your payroll process. Not only will you be equipped to pay employees in a more accurate and timely manner, but you’ll be better able to manage compliance by using a system that helps keep track of the latest government regulations.
As the owner of a small business, you don’t have time to handle the paperwork and administration associated with processing payroll and updating employee records and information. A simple and impactful solution? Get your people on board to do it themselves with self-service.
Self-service access means that employees can view and download pay stubs, access pertinent forms whenever they need them, update their personal information and get records of employment online. Giving your employees access to everything they need to view and manage their pay records means you’re spending less time on ad hoc requests and manual changes.
Often, small business owners wear many hats – and payroll admin doesn’t have to be one of them. There are ways to keep your payroll managed and up-to-date without doing it yourself. For example, consider outsourcing your entire payroll process to a third party. Not only do you reduce the risk of payroll errors, but you’ll also have access to the technology and expertise needed to get payroll done right.
When in doubt – and short on time, leverage expert advice. These experts can answer questions related to HR and employment labour regulations, and help you create employment letters and contracts.
Take advantage of this expertise and advice to make sure your people decisions are in line with current employment legislation, and save yourself time and potentially costly consequences.
Manually entering employee hours shouldn’t be taking up hours in your day. Using a time and attendance solution helps you more accurately keep track of your employees’ working hours. Some solutions also automatically import hours into your payroll solution, which not only saves you time, but also helps you to be more accurate when paying employees.