If you are a business owner and you have a considerable number of employees, no matter you like it or not, you need to run payrolls and that too carefully!
Out of the different tasks involved in managing workforce and business, handling payroll is one of the most crucial and difficult tasks. It’s a well-known fact that nothing can make your employees angrier than leaving an error while computing their compensations. If the mistake is very rare, then it’s fine, but if the errors occur quite frequently, then the consequences could be troublesome.
But why the process is so daunting for employers?
In general, it is just calculating the amount of dollars to be paid to every worker on the basis of their number of working hours. Means a very simple task, but, it is exactly the opposite of it! The process is extremely complex as it involves a wholesome process from tracking employee hours, to their categorization, to setting up deductions to getting W2 forms filled and filing payroll taxes.
This clearly indicates that no office administrator enjoys processing payrolls. So, what are the most common tasks involved in payroll processing that give everyone a headache?
Here listed are a few:
Approving Timesheets on Time:
It goes without saying that pay day is the most crucial as well as difficult day. You need to run payrolls and disburse salaries and that too without making any mistake. The most common aspect that leads to errors is wrong time tracking. Additionally, administrators really need to get behind managers to get the employee timesheets approved (or rejected) so that the task could be carried forward. If you are still using the manual process or outdated time tracking systems, then the process can get further delayed.
Manual Reporting is Time Consuming:
Managing Payrolls is not just generating salaries, a lot more work is involved. If you are handling the complex task manually, then it will not only eat up a lot of time, but you will also get challenges while preparing reports for job costing, new hire, general ledger, etc. due to the complexity involved.
Manual Data Transfer:
If you don’t have an integrated HR and payroll systems, then you have an extended task of manual data-entry. Every time you run payroll, you have to manually upload the employee data that is very tedious and time consuming. Not only is the time factor, manual intervention is also prone to increased errors.
Paper Paychecks are Expensive:
Electronic payment modes such as direct deposits, or fund transfer or e-checks save much of your time, whereas providing printed paycheck is not only time consuming but expensive too. If you have limited number of employees, then the process can work, but if you have a considerably larger workforce, then getting the task done and that too accurately is quite a difficult task. Whereas in automatic payroll system, you can get the paycheck ready within a few clicks.
Complicated Tax Laws:
With every passing year, tax laws and provisions are increasingly getting trickier. Thus, it is the employer’s responsibility to abide by all the federal, state and local laws and dispatch the payments on time. Missing out even a single law provisions can lead to hefty penalties and law suits.
Considering all these challenges and issues that employers face, it is but obvious that they tend to either outsource the job or get an all automated system to run payrolls. TeemWurk Payroll Manager can help you manage this task accurately and efficiently. The simplified system can help you make timely computations and tax filings to stay compliant with tax laws and avoid any penalties. The employee self- service portal enables employees to view their pay stubs, and get complete salary breakdown to get more clarity. Therefore, TeemWurk can be your absolute solution to all your payroll hassles.