Five ways to improve your small business payroll

Running a small business comes with unique challenges, and managing payroll is one of them. 

And that’s because payroll is complex!

The intricate dance of hours worked, taxes, and compliance can be enough to give any small business owner a headache. However, fear not! In the age of modern software and technology, small business owners don’t have to do payroll manually and can choose from a wide variety of solutions. 

While Fingercheck is an award-winning payroll and HR platform, we want to highlight a few things small business owners can do today to make sure they spend less time on payroll and more time on growing their business (and yes, all these things can be done using Fingercheck too 🚀)!

Integrate hourly time tracking and attendance right into your payroll

Time is a valuable commodity for small businesses, where every minute counts. Consider implementing user-friendly time-tracking solutions that seamlessly integrate with your payroll. 

This reduces manual errors and transforms your payroll process into a more efficient and reliable system.

Many small businesses succeed by adopting integrated hourly time-tracking solutions, leading to increased accuracy and efficiency.

Don’t add another platform; ask your provider if they offer HR tools

Instead, look for solutions that holistically integrate these functions. Why waste time using other providers’ people management, hiring, or onboarding tools when you can do it all within your payroll solution?

As a small business owner, it’s hard enough to carve time out of your day to focus on ways to grow your business. 

Choosing a provider that offers HR support saves time and minimizes errors associated with data transfer, allowing your HR and payroll processing to work seamlessly together.

Automate your payroll and taxes

Automation doesn’t have to be scary or require business owners to understand the AI technology behind it. All you need to understand is that it’s helping you save time and mitigate liabilities from tax or compliance errors.

As you look to automate your payroll and taxes, you’ll want to make sure your solution does the following:

– automatic tax calculations and filings

– direct deposit functionality

– integration with time and attendance systems (see above)

– compliance updates and support

Automating these processes doesn’t just streamline your day-to-day operations; it significantly mitigates the risk of errors and eases the challenges posed by taxes and compliance ( federal, state and local). 

If you’re fortunate to have an accountant or bookkeeper, leveraging a provider that handles your tax filings will improve your year-end preparation – providing your business with more effective assistance that’s tailored to your unique business needs.

Better employee tools = higher employee engagement

In the fast-paced realm of small businesses, the key to streamline payroll processes lies in empowering your employees with efficient tools. Consider adopting solutions prioritizing employee experience and offering user-friendly applications catering to various aspects of their work life.

Mobile clock-in/clock-out for easier time tracking

Recognizing that time is a precious commodity for small businesses, providing your employees with a dedicated app for clocking in and out is invaluable. This user-friendly feature simplifies the time-tracking process and ensures accuracy, eliminating manual errors associated with traditional methods.

Better scheduling and employee management

Streamline scheduling and communication among your employees using mobile software is crucial, especially if your business is remote or non-desk work. Having this type of tool allows employees to manage their schedules efficiently, facilitating better coordination among team members. Whether swapping shifts or coordinating tasks, having a centralized platform for scheduling and communication enhances overall workplace efficiency.

Offer earned wage access as a benefit

Earned wage access is not just a benefit for employees; it’s a strategic move for employers. Forbes reports that access to earned wages helps employees pay bills on time, reduces financial stress, and even helps them avoid payday loans.

Leverage customizable reporting

Embrace the individuality of your business by choosing solutions that provide customizable reporting features.

Craft reports that suit your needs – whether it’s keeping track of overtime, managing expenses, or understanding trends. Having the ability to personalize your data empowers you and dramatically improves the way you make decisions. 

For businesses looking to gain valuable insights from their payroll data, customizable reporting is a critical element in driving actionable results. Forget downloading data and doing it manually; make sure you choose a provider that boils down all the information you need in a simple and easy-to-understand format. 

In the fast-paced world of small business, staying ahead requires smarter solutions. 

While comprehensive platforms like Fingercheck are available, making sure you implement these practical steps into your payroll and HR management can offer significant benefits. 

By embracing modern features and capabilities, you’re not just streamlining your payroll processes – you’re future-proofing your business for the challenges ahead.