Employees get paid as their reward for the labor they provide to their respective companies. The process of remitting the payments can be complicated due to the high number of employees, and if such a thing happens, the employees can feel demoralized and this can disrupt the normal workflow. It is prudent to have reliable payment systems to avoid issues with late or lack of payment to employees as it could land the employer to court as it is against labor laws. As an employer that needs to avoid late payments, consider the following methods that can simplify your work.
The first system that you can try for payments is depositing the payment directly to the employee’s bank account with the payroll software. Some of the common payroll software that you can consider using include QuickBooks, Quicken, and patriot. The payroll software differ in the features they have, and so you can compare and contrast and you can choose to have the one with extra features that can help out the human resource manager with time management.
Moreover, you can consider paying the employees with a personal check. Consider this method when you don’t have an option. It is advisable to account for taxes and withholdings when using personal check system for your payments. To simplify the payment method, consider to use the paycheck stubs maker.
Another option is to outsource payroll services. Outsoursing payroll services allow you to focus on other projects as the firm or individual you have hired, commit to paying your workers. The third-party payroll service provider should be able to remit the payments in good time and to the address of the employees. Consider outsourcing payroll services from systems like Intuit, on-pay and sure payroll.
For employers that hire contractors or freelancers, it is advisable to use peer to peer payment systems. You can choose to use peer to peer services like venom, Zelle, PayPal, and square cash. The peer to peer systems use the online platforms for payments that incorporate withholding tax and other taxes.
Payroll cards are another alternative to employees payment method. This method is cost-effect as it reduces the cost of cutting and cashing checks. You can use the payroll card system through visa, Paychex, and flexwage.
Cryptocurrency is another better method of payment that has been brought about by improvements in technology. As a business that need to harness the benefits of using cryptocurrency in paying for your workers, you can use systems like etch and bitwage. Using cryptocurrency as your payment option is advantageous since you don’t have to incur any transaction cost and there is accountability with the system as the transactions are posted on the public ledger.