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          Finally! The trick to securing greater T&E compliance
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          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
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          Payroll Best Practices: 4 Ways to Save Time and Money
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3 ways the most efficient Payroll departments save

Jared Bilski
by Jared Bilski
June 23, 2009
  • Payroll
1 minute read
  • SHARE ON

Payroll processing costs eating away at your budget? Take a look at what top-performing payroll departments are doing differently — and make any necessary adjustments.

According to a 2008 study by the American Payroll Association, the most proficient payroll departments can save nearly $1 for every employee payment they make. The actual difference in processing costs per employee (from best to worst): $2.06 to $3.03.

Huddle with Payroll to determine any areas where you can potentially streamline processes.

Here are three things the most efficient payroll departments are doing now:

  1. Less paper. Ramp up use of direct deposit or paycards to reduce paper and save money.
  2. Watch off-cycle payments. Limit the number of off-cycle payments (bonus payments, incentives, etc.) and save.
  3. Go the “Self-Service” route. Boost productivity and free up employees for more important tasks by going with self-service options whenever possible.

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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