6 Ways to Save Time Money Managing Your Payroll

6 Ways to Save Time Money Managing Your Payroll While the majority of employees count down the days until their next payday, this isnt quite the case for HR professionals unfortunately. For them the very thought of payday approaching brings about  quite different emotions and what can be a very lengthy and frustrating process fills them with dread. In fact, 25% of payroll leaders spend more than 50% of their time on day-to-day payroll activities, so theres no wonder its not exactly their favourite task. Managing the payroll doesnt have to be such a nightmare, however, and a lot of time and money could be saved if a few changes are made. Namely have put together some of their top tips for making your Payroll process more efficient. Heres what they recommend: How can you save time on payroll? 1) Switch to salaried positions Employees with fixed pay save a lot of time calculating hours worked, overtime and time off. 2) Give employees unlimited holiday   Not only will it make employees happy, but giving them unlimited PTO  will reduce the number of pay-codes you have to deal with. 3) Make direct debit compulsory   88% of employees are paid by direct debit, which payroll professionals feel helps them to meet their payroll needs. 4) Offer prepaid FSA cards With and FSA card, employees are more likely to spend pre-tax dollars which lowers their taxable income meaning youll spend less on Social Security payments. 5) Automate tax filings   1 in 5 people handling payroll taxes  internally report spending more than 6 hours a month on the task. 27% of small businesses report spending more than $10,000 on the admin of federal tax. 6) Move payroll to the cloud   45% of companies plan to move payroll to the cloud in the next 2-3 years. Doing so helps to eliminate manual work and makes it possible to integrate with other HR software. [Image Credit: Shutterstock]