- September 23, 2022
- Posted by: admin
- Category: Human Resources
How Can Employee Payroll Management Help Business Owners
When people come across this phrase, they feel it is just about calculating employees’ salaries and wages and sending them to them. However, employee payroll management involves a lot more than calculating the salaries and wages of the employees in your company.
If you are a business owner, especially with employees who receive more than the national minimum wage, you should read on as this article would talk about what employee payroll management is all about and how you can provide one for your business.
What is Employee Payroll Management?
Employee payroll management is the process of calculating and dispersing payments to the employees of a company. It involves tracking employee work hours, subtracting necessary taxes and deductions, and depositing their net income to their respective bank accounts.
It also involves keeping a record of specific employee information like staff numbers, bank account details as well as tax and pension details. Businesses with employees who receive payments equal to or higher than the national minimum wage are expected to pay taxes for these employees. With payroll management available, employers can work more productively on other operations in their businesses. Moreover, employee payroll management saves employers from problems with governmental tax officials and gives employees more confidence about their payments being accurate and not delayed.
How can Employers or Business Owners Provide their Business with Employee Payroll Management?
There are 3 ways employers or business owners can provide payroll solutions for their business.
1. Performing payroll management themselves through the use of software that provides payroll solutions.
Employers can choose to learn all they need to learn about payroll management and do it themselves with the use of apps and software that are specifically built for payroll accounting and payroll calculation.
This software help keep staff records automatically updates data, and generates pay slips. You can as well link your business bank account to these payroll systems to have your employees’ payments processed. Many of them also come with reminder features to help you remember when it’s time to begin processing your employees’ payments.
Examples of such payroll management systems are: Quickbooks , Square Payroll, TalentBase, PrimePayroll, Paychex, Paycom, BambooHR, etc. Many of these payroll systems come with a payment plan as well as free trials for new users.
Some small business owners who are also familiar with how payroll management works can also manage their payroll themselves with the use of free software like Microsoft Excel and Google Sheets.
2. Another way is to hire a payroller or payroll administrator
This is someone whose job is to offer payroll solutions. Many of these payrollers or payroll administrators also have human resource (HR) skills that match well with their payroll management skills.
3. Another common method is what is known as payroll outsourcing.
This is when a business works or collaborates with another business that offers payroll services. Most of the time, the payroll outsourcing firms are also human resources outsourcing firms that offer a full service HR support service for their clients.
Asksus-ng Business Support Services is a good example of a business that offers B2B cross collaboration Payroll services and also provides HR solutions on staff recruitment and outsourcing. Click here to request our payroll services.
When making your choice on which option is best to run your business, the cost of service and other service benefits.