Make Direct Deposit Easy
Do you know how much dispatching a hard copy payroll check costs a company? A business will pay up to two dollars for each paper check it distributes, but when they use direct deposit, each transaction costs only about thirty-five cents. If you think about it, with the elimination of paper paychecks, your company or government entity, such as local county government like Valencia County in New Mexico, could save 100’s or even thousands of dollars each month.
Some companies that offer these payroll
services will see a significant increase in direct deposit enrollment simply
because the programs that they are using require it. Employers who have started
using these services have gotten their staff to obtain banking information to
be able to transition away from hard copy, paper checks. In some cases, for
some miscellaneous unknown reason, certain employees will not be able to get a
bank account. When presented with these circumstances, there are alternative
options, such as pre-paid debit cards available that will allow them to get
paid with the direct deposit systems.
Employ Automated Online Timekeeping System
It can be easy to manipulate paper time
sheets or an electronic spreadsheet type system to a person’s benefit by adding
minutes here or there, be it purposely or simply due to an inaccurate time
clock. Employers, you may be quite surprised how much money you can save and
how many errors your payroll can avoid by switching to an automated time
keeping system. These devices or systems are usually simple to roll out and
integrate into your current payroll system.
Improve Employee Retention
When you look at companies that usually pay right around minimum wage, the percentage of wages paid out may seem fairly low in comparison with other industries, however when you factor in the higher level of turn over, that can easily become far from the truth.
Business owners may like the idea of lower wages, but this can produce a higher turnover rate within the company. Each employee that chooses to jump ship ultimately costs the company both time and money that gets added to the task of payroll. When you add up the costs of adding, then subtracting them from the payroll, the time spent considering appropriate tax deductions and setting up the banking or checking information for their payroll account, it can be much more costly to have a high turnover rate than you might think. By keeping a happy staff, you will save money overall on your payroll.
Look to your local payroll resources, like the Payroll Company, based in Albuquerque, NM, to help save your business or organization time, money and improve your payroll process.