Talking about the Best Payroll Practices, I remember reading somewhere that an organization without payroll system in place is like an island without man. A business leader knows that Payroll is a necessary component of any business organization- be it big or small.
More and more growing organizations are following best payroll practices as it is evident that the big players with payroll processes in place are spending way less on per worker as compared to others who do not have payroll processes and are paying more annually on per worker.
Agree that the goal of any business is profit making but as the business gets established a business owner shifts the goal to low-cost and efficient service provider. Only then a company becomes a preferred business partner to its clients.
So be assured that if you are following Best Payroll Practices, it will pay significant dividends.
Timelines are Deadlines
Managing timeline is most important aspect of any business operation. And it is even more significant in payroll services. Payroll is a part of efficient HRIS and it is also directly proportional to employee.
Employee Classification is the key
The HR best practices of job roles, job descriptions and streamlined KRAs of each and every employee is believed to be a business edger. Categorization of employee’s department specific, role specific, salary based, contractual, permanent or temporary matters
Manage Payroll Confidentiality
Maintaining data and information confidentiality is of utmost significance for payroll providers. There is a ton of personal information shared with the payroll providers which includes bank account details, social security etc., and other employee information. At DKM Online, we do not allow inter-departmental information sharing, it is in absolute control on senior management team.
Integration and Assured Data Entries
Integration with other processes is one of the most significant best practices of payroll. Integration is the way that assures zero duplication in data entry, it reduces errors and also assures timelines and consistency in payroll functioning.
Manage End-to-End Processes
Payroll processes need to be maintained end-to-end, at each step. From Payroll records, to confidentiality – each process need to be maintained effectively. The management of end-to-end processes is significant because it is a time dependent process. Another significant aspect of Best Payroll Practices is to train your internal team on each process of payroll management. This is also significant for integration of processes internally as well as with third party or outsourcing partner.
Choose Payroll Partners Wisely
Organizations prefer outsourcing payroll processes to third party companies. DKM Online is one of the proud payroll provider to many leading players in the industry. Payroll is a strategic department and needs expertise. Payroll Companies including DKM Online are now acting as the Outsourcing Partners and they manage outsourced payroll of MNCs across the world from one single office. They have the efficient resources, systems and required IT security.
Make sure of Security in Payroll Software
The outburst of payroll software providers is so much that it leaves the client confused. Selecting the right payroll software is one of the most critical best practices of payroll. You should always make sure that the software includes analytics and custom reporting tools. A software should be complete payroll database and it should help the team in assessing salary raises, overtime, leave management etc.
Payroll is a constantly evolving process and best payroll practices shall be a must goal for any organization – big or small. DKM Online is managing payroll for few of the best business brands from India and abroad. Our new vertical for startups and SMEs is there to help the Start Up India Stand Up India campaign across the nation.