What Is a Payroll
A payroll is a written record of a list of a company's employees (also known as a payroll list or payroll checklist). However, it's commonly known as a document that showcases a summary of the total sum of money that each certified employee receives as a salary, which is actually a correct and more elaborate definition. Payrolls are usually processed by human resource (HR) managers. Some of them process payrolls weekly, and some monthly, depending on their company's payroll schedule or calendar. Since a payroll is quite time-consuming to process, some managers make use of payroll calculators, payroll templates, and payroll samples to help them process it efficiently.
How to Create a Payroll
Every company or manager has its own distinct method of creating payrolls, it all depends which ones suit them best, and you may have you're own as well. But still it's good to learn a few tips on how to do it more effectively. So without further ado, here are a few tips on how to create a payroll.
1. Classify Your Employees
This is actually a very basic tip, and you may be wondering why we bothered including this. It may be very basic, but it's actually very essential. If you don't classify your employees, dispersing their salaries in the payroll sheet/document becomes a lot harder. It could lead to major discrepancies in your payroll sheet/document.
2. Create a Budget
Keep in mind that sample sheets such as payrolls aren't just about salaries. Taxes, social security, and health benefits are also a huge part of it, and most employers are required to pay for those. That's why creating a budget weeks before payday is highly advisable. It will help your company prepare for the quite hefty expenses of paying salaries and other employee benefits.
3. Simplify the Process
A simple sheet such as payroll doesn't have to be complicated. When in fact, it's best to keep its info straightforward. There's no need to showcase numerous breakdowns with numerous numbers with percentage symbols and decimals.
4. Keep Documents and Records in One Place
Doing so will help you process the payroll a lot more efficiently and swiftly. This mainly concerns employee timesheets, vacation leave forms, sick leave forms, tax forms, and any other document and record that's needed for the payroll processing. Keep them all in one file folder, envelope, or drawer. As long as it's a place where you can easily locate them.
5. Use Reliable Tools
We live in a generation wherein technology is basically spoon-feeding everything to us, so why not take advantage of it. There are literally hundreds of tools to help you process payrolls. But among the best are Google Docs, Google Sheets, MS Excel, MS Word, Numbers, and Pages. Why? It's because these tools have the right features that makes payroll processing a lot more convenient. You can also make use of downloadable payroll templates, of which are abundant here in Template.net pro.