Finance News & Insights

The most wasteful Payroll tasks and how to avoid them (Infographic)

Employees look forward to payday like children look forward to Christmas. But for the workers who handle the payroll process, it’s another story altogether — and new research shows exactly how challenging, costly and time-consuming that process can be.  

The folks at Namely, an HR, payroll, and benefits platform, recently put together an informative infographic on the trials and tribulations of the payroll process.

The day-to-day grind

Some highlights include:
  • 25% of payroll leaders spend more than 50% of their time on day-to-day payroll activities.
  • 1 in 5 people handling payroll taxes internally report spending more than 6 hours per month on the task.
  • 27% of small businesses report spending more than $10,000 on the administration of federal taxes alone.
  • 45% of companies plan to move payroll to the cloud in the next 2-3 years.

In addition to the eye-opening stats, the Namely infographic also outlined the following tips to help employers create a more efficient payroll process:

  1. Switch to salaried positions
  2. Go unlimited with PTO
  3. Require direct deposit
  4. Offer prepaid FSA cards, and
  5. Automate tax filings.

Namely-Payroll-Infographic-972px

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