9 PAYROLL BEST PRACTICES TO IMPLEMENT NOW

Creating the right payroll management plan requires that you implement the right steps. It’s important to understand that these action items may evolve, depending on changing tax laws or the shifting needs of your growing business.

The following best practices for payroll are a good start toward solidifying your approach and ensuring that it will work for your company.

• Keep Track of Deadlines
• Create Written Policies
• Keep Complete Records
• Improve Time and Attendance
• Classify Employees Correctly
• File on Time
• Improve Your Payroll System
• Upgrade Your Payment Method
• Take Advantage of Cloud Security

Employee records may be substantial for your organisation, but using an online tool like a management software package can help you save and secure all this data digitally. Issues can arise quickly, and sometimes years after the fact, so always keep complete employee records. This includes maintaining retirement statements, pay stubs, and tax forms for several years.

If your employees track their time, create a better system that lets them clock in and out seamlessly. With real-time tracking solutions, you can stay ahead of the game if an employee is going to hit overtime hours, and you can better manage who qualifies to receive benefits.

At GDX Group, we provide our clients with a reliable system in place for tracking payroll-related deadlines. Our digital calendar sends automated reminders.

Your business may already have an employee handbook, but we suggest you consider creating a separate payroll manual that answers common questions related to issues such as pay periods, paid time off and tax forms. Having a manual helps HR employees avoid getting a lot of the same questions from different employees.