Whether you process payroll in-house or use a payroll service, you likely have a process to enter and track employee information, hours worked, and all the associated necessary information to pay employees.
A basic payroll program may meet most of your needs at the start, but as time goes on and the business grows, there will be areas that need to change along with your business. As a business changes and continues to drive for more efficiency and cost reduction, there several areas to consider in your payroll program to make improvements. Consider payroll features that can decrease the load on staff resources and reduce the costs of paper, printing, check stock, envelopes and postage. All of these things, in turn, will not only save employee time, but also considerable money.
Payroll program capabilities that help improve efficiency and reduce costs:
Direct Deposit Payment
Transfer pay electronically to employee bank accounts, rather than issuing printed checks.
Publish Pay Advices
Distribute direct deposit pay advices electronically, rather than printing on paper and handing them out.
Online Time Clock
Implement a mobile/online time clock that enables employees and supervisors to enter time online. Giving employees and supervisors the ability to manage time entry online, and importing that directly into the payroll system saves considerable time and eliminates double entry.
Time Clock/Time Capture Device Import
Import employee time from a time clock/time capture device electronically, rather than entering the information by hand.
Electronic/e-Filing of State and Federal Reports
File tax forms and reports electronically via the internet instead of purchasing all the associated materials, printing and sending them.
Leave Calculation and Reporting
Maintain accrual, payment and reporting of vacation, sick leave, and PTO with the ability to print accrued, used and remaining on employee pay stubs.
Local Tax Tracking
Set up and track local taxes or tax groups, rather than keeping track of that complex information in a spreadsheet.
Multiple State Tax Tracking
Track and pay taxes in multiple states, and track tax requirements for mobile employees working in multiple states.
Benefit/Deduction Tracking
Track benefits such as 401K, cafeteria plan, and other benefits/deductions and employer matches within your payroll program rather than using an external spreadsheet.
Wage Garnishment
Wage garnishment can be complex, depending on many factors. Track and pay complex wage garnishments in your payroll system. If your program cannot do it, you will need to manually calculate every payday and enter it into the system.
Many businesses that are outgrowing their payroll program or seeking time and cost-savings contact Red Wing Software, seeking a better way to handle their growing payroll needs. CenterPoint Payroll Software is an in-house or cloud-based payroll software program that can accommodate all of these functions and many more.