Whether you have 10, 20, or over a 1,000 employees, effective payroll management is an absolute must in running an efficient organization. This includes keeping track of accrued taxes and paying your employees correctly and on time. Thus, it is no understatement when we say you want to make sure you are using your human and technological resources efficiently to ensure prompt, correct, and organized payouts.
Principles of Effective and Efficient Payroll Management
Prompt and Fair Payroll
While all employers dream of having employees that are motivated, engaged and eager for company success, it's important to remember that one of the top reason they are there is to earn a paycheck. Your responsibility as an employer is to ensure that your workers are paid on time, and that the company bank account always includes enough money to cover paychecks. Believe it or not, many organizations still delay employee paychecks, keeping a lag time from anywhere between one to two weeks from the pay period's end before checks are distributed. While this may provide the short-term benefit of easier company cash flow, prompt payment with minimal delay will improve employee morale, happiness, loyalty, and output...
With Accuchex's Time2Pay payroll management system, all of your payroll data gets pre-verified and securely processed within minutes of your submittal. Because it is web-based, operating in real-time, you can process employee payments anywhere and at anytime. Your employees will appreciate the option to choose between having their paycheck directly deposited within their personal bank account, or have it deposited onto a special Time2Pay pay card, allowing them immediate access to their earned money.
Payroll Taxes as Payroll Management
As an employer, you are required to regularly withhold a number of state and federal payroll taxes, including Social Security, Medicare, and any local income taxes. This can be further frustrating if you live in a state where your employees' share of the industrial insurance tax also needs to be withheld. Failure to correctly withhold taxes, or sending in late tax deposits, can cause you a ton of unnecessary penalties.
With Time2Pay's payroll management system, in addition to fast and easy payroll submittal, you also receive the help of the tax experts at Accuchex. For over 20 years, Accuchex has grown to be among the largest independent payroll companies in the state of California, but also provides efficient and accurate payroll tax filing across states and counties. We stay on top of changing tax laws, so that you can spend less time worrying about fees and more time doing the business you do best.
Managing Employee Hours and Needs
Successful payroll management includes not just paying your employees efficiently and meeting your tax needs, but also facilitating employee needs and organization. While reducing employee hours will lead to a reduced payroll and payroll tax liabilities, it can be dangerous to be understaffed. Understaffing can lead to poor employee performance in terms of heavy workloads and an inability to keep consistent with business clients. You always want enough staff on-hand to meet your customer demand. Sometimes this may even mean keeping a slightly overstaffed organization to keep employee workloads fair and ensure that customers or clients will always have access to an educated and enthusiastic staff.
These facets of payroll management require keeping an organized database of employee records, including hours worked, as well as past and current payrolls. With Time2Pay's payroll management system, we designed the software to be user-friendly for both employer and employee. On your side of the payroll management program, you'll have 75 standard reports and special custom reporting features to keep track of Time and Attendance and Employee Scheduling. For employees, there is a special Employee Self Service access site that allows them to view their own information for increased organization.
