Entrepreneurs should understand that few things are effortless in business says Edmonton bookkeeping. Instead, any system that they are going to develop will take a lot of planning, thought and trial and error. As Atul Gawande says in his book, The Checklist Manifesto: ìwe always hope for the easy fix, the one simple change that will race a problem in a single stroke. But, few things in life work this way. Instead, success requires making hundreds of small steps go right, one right after the other with no slipups, no goofs and with everyone pitching in.î This describes perfectly how an entrepreneur can create a payroll system that is the best for their business.
It is extremely important that entrepreneurs ensure that they have a payroll system set up, because as millennialís enter the workforce, they are leaving jobs faster than ever before, resulting in a higher turnover rate with employees. As an entrepreneur needs to hire employees, they need to have a great onboarding strategy, as well as a system in a place devoted to helping them either terminate employment, or what they need to do when an employee quits. Edmonton bookkeeping says that this is going to be very important for an entrepreneur to have set up in their business before they hire their first employee, to ensure a smooth process.
A great onboarding strategy would require an entrepreneur creating a checklist out of all of the things they need to get from their employee to ensure Edmonton bookkeeping has all the information they need to enter it into the accounting software and manage payroll properly. This checklist might include things such as a social insurance number, and date of birth, and address as well as their banking information. By having this checklist ready, along with other paperwork that needs to be done such as the employee handbook or the employment contracts, entrepreneurs can stop worrying about what they need to do if they hire someone, and focus only on building their business, knowing that when the timing is right, they will be able to hire someone seamlessly.
They also need to ensure that they have a letter in place for if they need to terminate an employee, to ensure that they are upholding their legal requirements, and giving employees what they are entitled to according to labor standards. Having these systems in place ahead of time, not only can create efficiencies but can actually help an entrepreneur avoid being sued, over a wrongful dismissal from an employee.
With how important it is to ensure proper hiring and termination protocol is followed, Edmonton bookkeeping says that this should be one of the first things that an entrepreneur does in their business so that they can grow their business without worry, knowing that as soon as they need to hire an employee, they have the systems in place to allow that. That way, an entrepreneur does not have to worry, and they can focus instead on growing their business.
Edmonton Bookkeeping | Creating A Unique Payroll Process For Businesses
Many entrepreneurs are so focused on growing their business, that they do not stop to consider what needs to be in place for when they hire their first employee says Edmonton bookkeeping. However, it is extremely important that entrepreneurs think of this ahead of time, so that they can create a system that is cohesive, and can allow an entrepreneur to hire people and pay them properly and efficiently.
One of the most important aspects of this is ensuring an entrepreneur has an efficient time tracking software in their business. Many entrepreneurs believe that they do not need to do time to track their employees because they trust them. However Edmonton bookkeeping says that time tracking software not only protects employers from having times stolen from them by dishonest employees, but it can also protect the employees to ensure that they are always getting paid exactly what they are owed. If an employee has had the experience of being shorted hours, they may appreciate an employer who insists on a time tracking software.
There is various features that can help an entrepreneur ensure that their staff is where they are supposed to be and when they are supposed to be there. GPS tracking that ensures an employee is on-site before they can clock in, or features that send a picture of the employee as they clock in to verify they actually are at work can help ensure time is being tracked accurately. Some of these time tracking software can also ensure that an employee is driving at their company vehicle according to speed limits, or that they are also appropriately tracking their mileage.
If entrepreneurs also say that they do not need every employee to submit a time sheet, because they have salaried staff, and since those staff work the same hours every week, and get paid the same amount they do not need to submit time sheets. However, especially if an entrepreneur is outsourcing their payroll to Edmonton bookkeeping company, they need to ensure that every employee without fail is submitting a time sheet. The reason for that is because if a salaried employee takes time off or goes on vacation, that needs to be included in the time sheets and then submitted to be Edmonton bookkeeping company. That way, they can use the accrued vacation to pay for their time off. This is most important if an employee is paid out there accrued vacation at the end of the year, or if they leave the business and need to have their vacation paid out. If the bookkeeper has not been using the accrued vacation, it may results in them getting paid out more than they are entitled to.
If entrepreneurs have any questions about how to create an efficient payroll system that ensures all staff are getting paid for all of the time that they are owed, they can always contact their Edmonton bookkeeping company.