Hey there! Are you struggling with payroll processing for your business? If you’re not handling it correctly, you might be losing out on a lot of money. The good news is there are several ways to simplify the process and save time and resources.
According to a recent survey by PwC on MSMEs, taxation is one of the main issues that affect business growth, and errors in payroll processing can lead to penalties for defaulting tax laws. That’s why it’s important to do it right.
Tips to Simplify Your Payroll Process
Manually running your payroll process can take days. You do not want to spend days calculating the amount of pay designated to each employee and the tax deductions when you can invest that time into more productive activities for your business’s growth.
Here are some tips we have highlighted to help you simplify your payroll process and, in turn, help your business grow;
Here are some tips to help you streamline your payroll process:
Go digital – Eliminate paperwork and introduce a software program for your payroll processing to save time and reduce the risk of errors.
File payroll taxes electronically – Save time and costs by setting up an e-filing system to help you automatically withhold and file taxes for each employee from their payrolls.
Have a central record – Keep all employee records required for payroll processing in one place to save time and avoid missing important information.
Pay your employees by direct deposit – Adopt direct deposit as your payment option to save time and cost in issuing cheques.
Take advantage of a payroll service provider – Explore the services of a payroll service provider to automate the process and save time and resources.
How can I simplify my payroll process with Earnipay?
With the Earnipay Payroll Processing solution, you can pay your employees their salary without going through the stress of payroll processing. You also stand a chance to enjoy many benefits by using the product. Some of these are highlighted below;
- On-demand pay: With Earnipay, your employees can enjoy on-demand pay. This way, they get paid their earned salaries as they work and do not have to wait until the month’s end for their pay. This option has proven to help grow employees’ loyalty in workplaces.
- Flexible payroll financing: Earnipay offers optional financing to help your payroll processing. You might have cash flow issues but must pay your employees. With Earnipay, you can request payroll financing and pay your employees on time.
- Security and confidentiality: Security and confidentiality are paramount in payroll processing. We offer the best in making sure confidential and sensitive payroll information doesn’t get leaked.
- Automated payroll calculation: With Earnipay, you do not have to calculate each employee’s payroll after deductions and benefits. Our automated system will help you with the calculation at no cost. This feature will give you enough time to tend to other business activities for growth.
- Reduced error rate: Our system is automated and free from human error. You can avoid errors in payroll processing by just uploading your payroll information and letting our system process your payroll.
- Flexible payment option: With Earnipay, you can pay your workers by direct deposit or by issuing cheques, and they can also opt-in for the on-demand pay option.