A few Employee Payroll Best Practices

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Employee Payroll Best Practices
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A few Employee Payroll Best
Practices

• Adapting and implementing Employee Payroll Best
  Practices is in everyone's interest, because
  payroll, despite the enormous amount of
  automation that has gone into it lately, is quite
  complicated.  It takes up a significant part of
  the company's revenue and time, but yet has to be
  implemented at various stages of the
  organization's work.

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Why instill employee payroll best practices?

• The answer is simple to avoid clogging of data
  and muddling of other functions. Once the payroll
  is clear and fine, it follows for the company
  that most of its other functions relating to
  finance fall into place. Payroll is at the very
  core of financial operations, and it costs the
  average organization a lot.

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• It is estimated that the payroll costs
  organizations anywhere between just under 100 to
  over 700 a year per employee. When projected to
  the overall size of the company, this is
  certainly a whopping cost. So, if organizations
  can implement a few employee payroll best
  practices, it goes a long way in helping them
  save on costs.

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Integration

• Integration is the soul of payroll practices.
  Once payroll practices are integrated into other
  practices such as HR, administration, tax,
  electronic attendance monitoring and so on, the
  result is that there is a lot less effort, time
  and cost that are involved in carrying out
  day-to-day payroll practices, which become a lot
  more lubricated and easy.

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Avoid duplication

• This of course, is a very obvious statement.
  Banal as it might sound, it makes enormous sense
  for organizations to carry out this one simple
  best practice. Duplication may sound innocuous
  compared to frauds, but its impact on the work an
  organization has to do to sort it out is
  baffling. Avoiding duplication at all levels of
  the payroll is a major one among employee payroll
  best practices.

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Streamline pay cycles

• Instead of paying employees or other owed parties
  on an ad hoc basis, it makes sense for an
  organization's finance department to allocate a
  day or date for payments. This simple employee
  payroll best practice goes a long way in saving
  effort and resources such as effort and paper.

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Adapt and implement smart automation

• Payroll professionals could instill one of the
  best employee payroll best practices by
  implementing smart automation systems. An
  automated system must be capable of offering good
  insights into the payroll practices. It should
  also help Finance understand and analyze trends
  and traits.

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Attitude is the key

• Of course, on top of these stated ideas for
  employee payroll best practices, the organization
  has to make sure it approaches the topic with an
  open mind. It should first identify the need for
  initiating employee payroll best practices. It
  should be aware of what is happening in the
  market, and should identify the challenges it
  faces before implementing employee payroll best
  practices.

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