As a small business owner, you understand the importance—and the complexity—of payroll management. Wage and deduction calculations, keeping up with changing labor laws, and maintaining compliance are just a few of the mundane payroll tasks that can easily overwhelm business owners. Many businesses in Houston, Galveston, and Austin, Texas are beginning to streamline their payroll processes, and you should, too. Time and resources are limited, and smart local business owners are looking for innovative solutions to reduce administrative tasks so they can focus on long-term planning and growth.
Streamlining payroll is more than just making life easier—it saves time and resources, ensures compliance, enhances employee satisfaction, and makes your business more dynamic and agile.
Time is one of your most valuable resources, and efficient payroll processes maximize it. But there’s more to payroll efficiency than that. It strengthens the foundation of your business to set you up for success. Here’s how streamlining your payroll processes will benefit your business:
If you’re seeing the benefits of streamlining your payroll, it’s time to think about how to do so. Below are five tips to help you simplify your payroll operations, avoid errors, and make your business more efficient.
Are you still manually managing your payroll? Not only is this time-consuming, but it is prone to human error. Delayed paychecks, miscalculated tax withholding, and errors in overtime are a few common issues that plague payroll departments. Avoid these issues and protect your reputation by automating your payroll.
Automated payroll software lets you:
Most modern payroll software can be integrated with your current accounting and business software—if it doesn’t, then it won’t be worth the investment. Integrated payroll software automatically transfers data between systems, which means you are free to attend to other aspects of your business. Integration saves time and ensures accuracy, which is the entire point. When looking at your business’s Key Performance Indicators, you’ll be sure to notice the difference automated payroll makes.
We know that Texas has fewer business regulations than other states. That doesn’t mean that payroll compliance is necessarily easy or should be overlooked. If you want to stay compliant with federal and state labor laws, as well as avoid headaches such as penalties, paycheck disputes, and even an audit, here are some important regulations to keep an eye on:
You likely already do this, but there are a few options that can make this easier. One option is to work with a payroll provider that has compliance support. Another option is to employ software that undergoes regular updates. This will keep you in compliance with the frequently changing payroll laws. Staying ahead of compliance not only protects your company’s finances and bottom line—it protects your reputation and good standing in the community.
Payroll accuracy relies on timekeeping accuracy. Handwritten timesheets and spreadsheets are prone to error—errors that lead to disputes, negative employee morale, and valuable time spent rectifying the mistakes. Instead of manual time tracking, use a digital time-tracking tool that does the following:
Many cloud-based time tracking tools can be accessed from mobile devices. For businesses with employees in the field or remote teams, this facilitates accurate time tracking. Furthermore, when these tools are integrated with your payroll platform, it eliminates the need for manual entry, which saves time and avoids more errors.
If you haven’t moved on from paper checks yet, it’s time. Paper checks are slower to process and use more material resources. They can also be misplaced or lost, and may need to be reissued. Digital pay options get money to your employees faster and more reliably, which means they’re happier. It also saves you time and money.
Digital payroll options include:
Digital pay options cut down on administrative workloads and printing costs. They are also far more secure. And it can help with your reputation as an employer—employees prefer to receive their money faster, and digital pay options will help keep you a competitive employer.
It used to be that small businesses had to handle their payroll internally. Outsourcing was something only larger companies could afford. However, many banks and local payroll service providers offer affordable services specifically for smaller businesses.
By using a payroll provider, you can:
Payroll service providers offer local expertise as well. This means your Houston-based business can benefit from Texas-specific insights and expertise, allowing you to stay compliant and receive individualized support.
You don’t need to be stressed about payroll any longer. Witha streamlined payroll system and the right partners, you can save yourself time, risk, and headaches. You can also make your business more versatile and prepared for future growth.
Moody Bank offers business banking solutions that can assist with payroll, cash flow, and even business loans. We understand the needs of small, local businesses in Galveston, Houston, Austin, and across Texas. Whether you need help improving your payroll processor are curious about our full-service business banking solutions, our team is here to help.
Contact Moody Bank today to schedule a consultation and let us support your business now and for years to come!
