Simplified Mechanisms of Remitting Payments to Employees.
Provision of payment to employees is because of the services they provide to the company. The payment system can be at times complicated making employees feel frustrated and less motivated. Employees are protected by the labor laws such that if an employer doesn’t remit the payments as required, they could be charged in a court of law and so it is advisable to avoid such cases by having a reliable payment system. The following strategies come in handy to help out with payment of employees, and so as an employer you should consider one of them.
The first system that you can try for payments is depositing the payment directly to the employee’s bank account with the payroll software. Among the payroll software that you can choose from include quicken, patriot, and QuickBooks. 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. As you use the personal check system, you should remember to account for the taxes and withholdings for the sake of auditing. It is prudent to use a paycheck stub maker that can help you with the process.
Furthermore, you can choose to outsource the employee’s payment services. The need to outsource arises when as a company you feel the pressure to remit the payment is too much as you have to deal with other issues. The advantage of outsourcing payment services to your employees is that you get to focus on other things and your workers are paid in good time hence a win-win situation for you both. You can choose to outsource the payment systems from systems like sure payroll, Intuit payroll, and on-pay systems.
For employers that hire contractors or freelancers, it is advisable to use peer to peer payment systems. Such systems include PayPal, Zelle, square cash and venom. These payment systems use online payment systems that incorporate tax and withholdings before remitting the payments.
Another simpler method of paying employees is through depositing cash on payroll cards. With payroll cards, you don’t have to deal with expenses of cashing and cutting checks hence it is cheaper for both parties. The available payroll card options include visa, Paychex, and flexwage.
Cryptocurrency is another better method of payment that has been brought about by improvements in technology. Systems like etch, and bitwage allow businesses to pay their employees in this method. 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.