Navigating the foundation of a payroll practice and developing its success is no easy task. There are myriad pitfalls and opportunities for success. Mismanagement and inefficiency in a payroll practice, especially a new one, can lead to almost immediate downfall. Business Finance Magazine compiled 6 strategies for Payroll Best Practices. The full article can be found here but I will attempt to summarize the most important.

1. Integrated Payroll and Web Migration
Use software and the requisite technology to your advantage. Simply managing payroll is not the end solution. You must use your software suite (ie: TaxSlayer Books) to your full advantage. Make full use of its reporting functions and productivity features. These software features were built with you in mind so make sure you take advantage of them. Never underestimate the power of web integration. TaxSlayer books now has a web version that allows you to access and manage your client information from any computer with web access and this can be an invaluable tool.

2. Customize pay delivery for each client
While most of the time direct deposit may seem like the best option for funding payroll you want to make sure that you check with your client and that they in turn poll their employees to find the optimal solution. Some companies may prefer paper checks and you want to make sure that you cover every base. TaxSlayer Books can accommodate paper checks or direct deposit with ease.

3. Consolidate processing and reduce pay cycles
Make sure that you work with the client to ensure that everything is as streamlined as possible. There is no need for you to be repeating work that they have already done and vice versa. Also, minimizing pay cycles can help minimize the work required to process payroll. If you can convince a client that pays weekly to move to a bi-weekly cycle and so on it will drastically reduce workloads while achieving the same end result. TaxSlayer Books can customize pay cycles to fit your client’s needs.

4. Build Effective Reporting
Reporting can be the lifeblood of a payroll system and that becomes glaringly obvious when you don’t have it. Make sure that you maintain a strong reporting system and that it is readily available for you AND the client. The reporting system within Taxslayer Books is robust to handle any of your needs.

These are the basics for any payroll company. Follow these as a baseline and you should be off to a great start.