Use The Latest Software

Using or upgrading to the latest payroll software is always going to be step one for making payroll more efficient. Year on year, many of the complicated processes involved in paying everyone in a company have been automated and in turn so much simpler. The advancement of payroll software tools has allowed companies to downsize their payroll department and save themselves enormous sums of money. It also tends to reduce human error, which is a big plus. Inevitably you will still need to have some people working in the payroll department to oversee everything, but you should be able to downscale quite significantly. Using the latest software is step one of how to make your payroll more efficient. 

Try A Self-Service Model

A self-service model is another way to reduce the workload of the payroll department. It is a system whereby staff members are in charge of updating their personal details themselves, rather than having to go through HR and payroll. You would be surprised how often members of staff move house or change their bank account. Putting the responsibility in their hands is a smart move to improve efficiency. It is also easier for them to get it right, rather than having to relay personal details through emails for someone else to type in. A self-service model might just help your company make payroll more efficient, so this makes a great second step. 

Make Your Policies Simple

To make your payroll process as efficient as possible, you need to make sure that all your policies are super simple. Asides from paying main salaries, there are often additional things to work out, like overtime, expenses, and reimbursements. If there is some complicated formula for working out somebody’s overtime or expenses, try to revisit this and see if there is a way of making it simpler. Sometimes, there ends up being a solution that costs essentially the same but requires so much less time to work out. If all your staff members understand how your policies work, then you should be in a good place. Making your policies clear and simple should be step number 3 in making your payroll more efficient. 

Electronic Pay Slips

Paper payslips are definitely on their way out, but if you still use them at your company, you should consider switching to electronic payslips. It is so much better to have them stored digitally than physically. It is then super easy to have them emailed to staff so that they can have instant access to all their pay records. Having all payslips distributed electronically will also save the company loads of money on printing costs too. As long as your electronic payment system is secure, there are no downsides to switching over to e-payslips. This should be step four in making your payroll process more efficient. 

Direct Deposit

In recent years, direct deposit of salaries has become the preferred method for payroll. There was some confusion about this and anticipation that this might somehow cost more than the alternative. Thankfully, for most companies, this method of payment is much cheaper and more efficient. If you moved over to this method, then you would be able to automate the actual payment part of payroll, as it could be all done digitally. Moving to direct deposit should be step number five of making your payroll process more efficient. 

Payroll Calendar

The last tip for making your payroll more efficient is to introduce a payroll calendar. This is something that is more of an organizational construct and is good housekeeping. Everyone in the payroll department and in the whole company should understand exactly when all the relevant dates are for each part of the payroll process. If they need to get in their expenses claims on the 15th of each month, then they should be able to see a calendar with this date highlighted for each month. Setting this is up should be the sixth step in improved payroll efficiency. 

When working for a big company, it’s all about efficiency. It is really easy for large companies to end up burning money on inefficient processes and departments. Payroll is one such place that can easily be improved and made more efficient.  Hopefully, this article has helped make your payroll process more efficient.

The post Increase Your Payroll Efficiency in 6 Simple Steps appeared first on Adclays.

Instead of doing all the hard work by yourself, why not benefit from the various blessings the internet has bestowed us with. There are hundreds of payroll software companies with their products available online. You can choose any of them and make the work easy for you.

Sounds simple, doesn’t it? However, there’s a drawback to this method as well. The thing is that not every payroll software is proficient enough to be used by every company. Every program has its own pros and cons, which need to be studied before choosing one.

Among all these payroll programs, we have found a hidden gem that deserves a lot of hype and attention. Netchex, a full-fledged online payroll software, certainly deserves to be the most preferred choice for every company.

Here’s an in-depth review of Netchex:

Extensive Range of Features

One of the major perks of using Netchex is that it comes with an extensive range of feature. This makes it much more than just payroll software for accountants. You can use it for recruiting, onboarding, time management, attendance management, learning management, and other such features. Simply, this program also facilitates the overall management of the business. Therefore, it can be used as an admin/management tool as well.

Netchex can also calculate taxes on your behalf. This way, you can run your business without having to worry about getting penalized for not maintaining tax records. The best part? You do not need multiple login credentials to access these features. All these features are available on the same dashboard.

Suitable for Every Company

While most payroll software solutions are suitable for small businesses, Netchex can serve mid and large-sized companies as well. And another great feature is that it can suit every business, regardless of its nature. So, whether you offer commercial laundry service or have an extensive plant, you can use Netchex to keep track of your employees’ working hours, calculate and deposit their salaries, and pay taxes.

A Portal for Employees

Netchex comes with a dedicated portal for employees. They can log in to this portal and access vital information pertaining to their payroll. Furthermore, they can get this information on their mobile as well. So, even if they are not at the office, your workforce can know about their payroll details. Employers, too, can access this small business payroll software at any time without any issue. All they need is a computing device and an active internet connection.

Convenient Payment Plans

Different payroll solutions come with different payment plans. However, when compared with Netchex, it definitely emerges as a winner. A feature worth mentioning here is that Netchex also offers a dynamic payment plan. This means that you can select the features that you want to use and pay for them only.

Reporting

This is another thing HR personnel dread. It is surely a challenging task to sort through the entire data of the year and create year-end reports. However, Netchex can make this easy for you as well. You can easily create reports in different formats to suit the needs of your business.

Drawback

Although there’s no major drawback associated with Netchex, there’s, however, one tiny blemish we’d like to address. We have already talked about how convenient Netchex’s payment plans are. But, they aren’t listing on their website or any other platform. In order to know about them, you would need to get in touch with their representatives. This can be a real hassle at times, despite the fact that Netchex’s customer support services are top-notch.

Final Thoughts

There you have it! This concludes our detailed review of Netchex. Based on the information provided above, it’s safe to say Netchex deserves to rank among the best payroll management software in 2021. So, if you are an entrepreneur looking for a payroll solution for your business, try Netchex now. You can get its demo version as well if you are still unsure.

The post Netchex – A Hidden Gem (Payroll Management Software) That Needs Your Attention appeared first on Adclays.