Have you audited your payroll process lately?
If you’ve been processing your payroll the same way for years, chances are you could benefit from an audit or the incorporation of new workflow software. Even if you’ve recently developed new payroll procedures, you might be able to take advantage of new processes that will improve efficiency and compliance while reducing costs and errors.
Automatic Payroll Deposit Forms
One of the best ways to improve the way that your organization runs its payroll is to introduce automatic payroll deposit forms. Instead of relying on a payroll specialist to manually enter each employee’s banking information into a spreadsheet or another software program in order to create a tangible weekly check, an automatic payroll deposit form will put the money right into employees’ checking accounts.
This reduces costs by eliminating significant amounts of expenditures related to paper and ink, and cuts down on the potential for error. Sometimes, paper checks have misprints, misspellings and transposed numbers that can cause a delay in an employee’s payment. Aside from saving your company money, automatic payroll deposit forms will also save your employees time, as they’ll no longer have to take the trip to the bank to cash their checks. This means that they’ll receive their money sooner and won’t waste time and gasoline.
Payroll Compliance Audits
Consider reviewing your employer records to ensure that your organization is in compliance with federal and state laws, internal policies and collective bargaining agreements. A payroll compliance audit ensures that all the proper contributions are made to respective funds in accordance with the Employee Retirement Income Security Act of 1974 (ERISA). It will also verify that participant data is accurate and complete. When contributions are late or underpaid, this is considered a prohibited advance of credit to the contributing employer. By conducting an audit, you’ll know that your organization is accurately reporting covered employees. A comprehensive payroll compliance audit will also include hours/wage testing, subcontractor reveals, probationary testing and jurisdiction. As a result, you’ll be able to identify potential problems, inaccuracies and contribution variances and correct them in a timely manner before it’s too late.
Most workflow software can be tailored to meet the needs of finance operations in any organization. Don’t rely on your inefficient manual data entry practices to complete your company’s payroll as these are inefficient and increase the chances of costly errors.
When you automate your payroll, you’ll be able to streamline processes to prevent pesky delays that alienate employees and stress out your payroll department. This way, you’ll receive automated notifications, track your progress, reduce costs, optimize workflow process and improve visibility. You can automate your payroll and other financial tasks with PerfectForms’ easy to use workflow solution, which empowers you to design your own unique forms with a simple drag-and-drop function.
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