AKW Financial
AKW Financial
Financial & Business Management

How to streamline your HR, Payroll and Benefits management in a small company

pannellapril3
10 Sep 2019 09:51 AM Comment(s)

How to streamline your HR, Payroll and Benefits management in a small company

Human resources and the financial side of HR, payroll, and benefits, can take up a huge amount of management’s time. 


It needs to be done well, at all times, if one is to avoid problems with tax and employment authorities.

 

There are several things you can do to streamline your HR “paperwork” management.

 

Forget Paper - While it might seem like something we should have done a long time ago, most HR systems are far from paperless. There are files everywhere, “just in case.”

 

Contrary to popular belief, there is no requirement in most states to maintain paper files. What is required is that your files are readily accessible and safely stored where that information is secure and in line with compliance regulations. The truth is that our next suggestion, cloud computing, is safer than having files around with Social Security numbers and personal data sitting in an office.

 

Get in the Cloud - All of your computer work should be in the cloud, but your HR paperwork needs to be there now. Cloud computing has myriad advantages over network based system. 

 

  • It’s more secure. Since the cloud system has active antivirus and hacking protection, it’s much safer than most small- and medium-sized business server systems. 

  • It’s not susceptible to disaster. A flood in your server room could wipe out all of your files. That won’t happen on a cloud-based system where everything is redundantly duplicated across several servers.

  • Software is always up-to-date. If you’re using a cloud-based software system, you don’t need to worry about updates and security patches. The software company will handle all of that.

 

Empower Employees - Let your staff have access to their paid-time-off, sick day count, and more. This will reduce the number of questions you have to answer immensely. Staff can even request time off online, get their signed confirmations online, and find their tax documents online.  

 

If your staff is able to handle their own HR paperwork, you won’t need to be bothered with all the little questions that employees often have. 

 

Centralization - If your business only has a single location, it’s not an issue, but if you have more than one location, centralizing your HR will save a lot of time and pain. 

 

Centralizing is as simple as having just one HR department for multiple locations. No matter how far apart those locations are, you can easily have human resources handled from a single location. This is especially easy if you have cloud-based HR software.

 

Centralization also relates to software. A good firm or software will allow you to have payroll, health benefits, pension and all your HR information in one place for not only management, but also their employees. 

 

Let Someone Else Handle Payroll - Payroll is a minefield of stress and potential issues. Laws can change almost daily. If you miss a law, you can find yourself on the wrong end of a fine or a prosecution. 

 

A payroll company makes its living by keeping track of those laws. They also accept legal responsibility for payroll processing. It’s a lot less hassle and painful to let someone else handle your payroll. 

 

In fact, if you outsource nothing else, outsource payroll! It will make all the rest of your professional life easier.

 

Online Job Sites - This might seem like a no-brainer, but there are still lots of businesses that feel that advertising via the local paper is a great thing. For the most part, local papers don’t print jobs ads any longer, and not a lot of potential candidates are looking there.  

 

Using an online employment site is quick and easy. All you need to do is take a few minutes to list your job online and wait for applications to roll in. Many of these sites will offer a basic package at a lower price, than feature listings that highlight the offering. Start out with the basics and ramp it up if you need to later.

 

Outsource Human Resources - The simplest, and often the best, way to handle human resources is to let someone else do it. 

 

An HR firm will handle everything you need, from payroll processing, vacation tracking, new hire and exit paperwork, compliance, benefits, and so much more. Most of them will do it based on the number of employees, so you’re not paying an outrageous amount if you only have three staff members.

 

By having your HR handled by an outside firm, you’ll be able to concentrate on your business knowing that you are in compliance with all local, state, and federal regulations.  

 

Conclusion

 

Human resources, given the amount of regulations and various issues that arise daily, can be incredibly time-consuming, By planning well and using the right tools, you can reduce the amount of time and effort needed to make sure you are compliant, your employees are happy, and this important aspect of your business is well maintained. 

 

It will set you free to able to focus on your business and its profitability.  For more details on streamlining your HR, payroll and benefits for you business contact AKW!

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