Ask any employee, and they will tell you that the one thing that makes them really happy is knowing that they will get paid faster than they usually do. Since the current work week is not the one for which they are being paid, there are ways of speeding up payroll processing so that all employees are really happy about payday. Here is what you do.
Process Your Own Payroll Onsite
Processing your own payroll onsite reduces delays caused by events out of your control. Whether you hire your own department of payroll and accounting employees, or you hire payroll processing services to work onsite, you can get the payroll done faster because that is all these employees are focusing on earlier in the week. They are not encumbered by any other responsibilities except processing the payroll. Better still, require that they process payroll over the previous weekend for faster deposits.
Require Direct Deposit
Some companies give their employees the option of a paper check versus direct and automatic deposit. That creates all kinds of delays because the payroll has to be processed in two different ways, and checks are usually processed second because direct deposit is faster and easier to manage. Skip the paper checks.
Tell all of your employees that it is direct deposit or nothing. Be prepared with the proper payroll software to distribute payroll to several different banks in the area. If employees do not have a checking account and do not want to get a checking account, offer a prepaid debit card program whereby payroll can be deposited just like a direct deposit into a checking account. In almost every instance where a direct deposit was the only choice for employees to receive their pay, people were paid one to two days sooner than if they were paid by paper check, and the checks were not delayed by postal service issues.
Offer a Prepaid Debit Card Program
Not everyone is able to get a checking account. A lot of banks require a good credit score to open a checking account. Many employees might not have good credit. For that reason, and to aid faster payroll processing for everyone else, offer a prepaid debit card program. These programs are linked to actual checking account numbers assigned to the individual cardholders, so they can treat it just like a checking debit card. Then everyone's pay can be processed equally as quick and efficiently.
For more information, contact a company like 360 Payroll Solutions today!Share