{"id":2952,"date":"2023-06-22T09:46:13","date_gmt":"2023-06-22T13:46:13","guid":{"rendered":"https:\/\/www.dailypay.com\/2017\/09\/25\/five-tips-for-saving-money-on-payroll\/"},"modified":"2024-12-04T16:55:19","modified_gmt":"2024-12-04T21:55:19","slug":"five-tips-for-saving-money-on-payroll","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/five-tips-for-saving-money-on-payroll\/","title":{"rendered":"Five Tips for Saving Money on Payroll"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2952\" class=\"elementor elementor-2952\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-22890e87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"22890e87\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-49e8b6bd\" data-id=\"49e8b6bd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-64b40949 elementor-widget elementor-widget-text-editor\" data-id=\"64b40949\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Payroll is a big deal. It\u2019s a lifeline for employees, and it\u2019s the largest expense for a company. The expenses directly tied to employee compensation are vast:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regular and overtime wages<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bonuses<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commissions<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Benefit days such as vacation and sick time<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Severance pay<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fringe benefits<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Health benefits<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">These don\u2019t include mandatory liabilities like Social Security and Medicare taxes, federal and state unemployment insurance or additional taxes state and local governments may require.<\/span><\/p><p><span style=\"font-weight: 400;\">When all is said and done, wages can account for a large part of the revenue of small businesses. If you\u2019re not careful, payroll mistakes can cut into the revenue even more. Here are four tips for saving money on payroll.<\/span><\/p><h3><span style=\"font-weight: 400;\">1.\u00a0 Consider outsourcing payroll\u00a0<\/span><\/h3><p><span style=\"font-weight: 400;\">Are you spending too much time and internal resources on payroll? It can be time-consuming and expensive. If you have a small or medium-sized business, you might not have the ability to dedicate the appropriate resources to the intricacies of payroll, either. It\u2019s easy to miss deadlines, forget about new regulations, or make errors when calculating more technical aspects of payroll like items exemptions from payroll taxes. <\/span><span style=\"font-weight: 400;\">If you handle payroll in-house, there may be costs associated with the time and effort spent on payroll administration, including calculating employee hours, tracking benefits, processing deductions, and generating paychecks or direct deposits.<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mitigate the risk of payroll<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Eliminate penalties<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complete payroll more cost-effectively<\/span><\/li><\/ul><h3><span style=\"font-weight: 400;\">2. Switch the frequency of payroll<\/span><\/h3><p><span style=\"font-weight: 400;\">Most companies process <\/span><a href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/weekly-vs-bi-weekly-pay\/\"><span style=\"font-weight: 400;\">payroll bi-weekly<\/span><\/a><span style=\"font-weight: 400;\"> because it\u2019s the cheapest and most simple way to process it, regardless of whether you are running it in-house or using an outsourced payroll vendor. Bi-weekly payroll can sometimes lead to problems for employees since bills and rent are usually due on the 1st of each month or on their own schedule.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">On-demand pay companies like DailyPay allow your employees to access their earned income whenever they\u2019d like. With DailyPay, employees are able to access their accrued and unpaid earnings ahead of payday, and then those transfers are thereafter resolved with DailyPay through your regular payroll process, so your regular payroll cycle isn\u2019t disrupted.\u00a0<\/span><\/p><h3><span style=\"font-weight: 400;\">3. Improve direct deposit enrollment<\/span><\/h3><p><span style=\"font-weight: 400;\">Companies that offer perks like DailyPay see an increased amount of direct deposit enrollment if the software requires it. Nicole Lehman from The Maids franchise noted that when her company signed on to DailyPay, \u201cI had three people that were not on direct deposit get set up with banking information just so they could use the DailyPay service.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">If you have \u201cunbankable\u201d employees, or employees who are unable to get a bank account for whatever reason,\u00a0 you can offer resources like the DailyPay Visa<\/span><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\"> pre-paid Card as an alternative to paper checks. <\/span><span style=\"font-weight: 400;\">The<\/span><a href=\"https:\/\/www.dailypay.com\/dailypay-card\/\"><span style=\"font-weight: 400;\"> DailyPay Card<\/span><\/a><span style=\"font-weight: 400;\">\u00a0gives employees instant access to their earned pay for no fee.<\/span><\/p><h3><span style=\"font-weight: 400;\">4. Improve employee retention<\/span><\/h3><p><span style=\"font-weight: 400;\">In industries that primarily pay minimum wages, the percentage of wage in relation to a company\u2019s overall revenue may seem low, but with high rates of employee turnover, this isn\u2019t actually the case.<\/span><\/p><p><span style=\"font-weight: 400;\">Low wages may be great for business owners but it can cultivate higher amounts of turnover. Each time an employee quits, you lose time and money. This money gets added to the total cost of payroll, which includes time spent onboarding and offboarding employees, setting up banking or checking account information and allotting accurate tax deductions for each employee. By improving employee retention, you can save money on payroll.<\/span><\/p><ol start=\"5\"><li><span style=\"font-weight: 400;\"> Adopt p<\/span><span style=\"font-weight: 400;\">aperless payroll and online self-service<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">Implement an online self-service portal where employees can access their pay stubs, tax forms and make changes to their personal information. This reduces administrative tasks, printing costs, and mailing expenses.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Find how DailyPay can improve your payroll process, and save money for your bottom line.<\/span><\/p><p><!-- \/wp:dailypay\/btn --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd38494 elementor-widget elementor-widget-ucaddon_dp_button\" data-id=\"fd38494\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP Button -->\n<style>\/* widget: DP Button *\/\n\n.dp-blue-white-btn:hover{\ncolor: var(--blue-color) !important;\n}\n\n<\/style>\n\n<div class=\"dp-btn-wrap dp-mt24 mb0 \" style=\"justify-content: center;\">\n <a class=\"dp-btn-normal dp-blue-orange-btn \" href=\"https:\/\/www.dailypay.com\/demo\" target=\"_self\">Book a demo <i class=\"fas fa-chevron-right\" style=\"font-size: 12px;position: relative;bottom: 1px;margin-left: 1px;display:none\"><\/i><\/a>\n<\/div>\n<!-- end DP Button -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Payroll is a big deal. It\u2019s a lifeline for employees, and it\u2019s the largest expense for a company. The expenses directly tied to employee compensation are vast: Regular and overtime wages Bonuses Commissions Benefit days such as vacation and sick time Severance pay Fringe benefits Health benefits These don\u2019t include mandatory liabilities like Social Security<a class=\"read-more\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/five-tips-for-saving-money-on-payroll\/\">Read More<\/a><\/p>\n","protected":false},"author":79,"featured_media":38313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[147],"tags":[60],"class_list":["post-2952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-payroll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Five Tips for Saving Money on Payroll - DailyPay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/five-tips-for-saving-money-on-payroll\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Tips for Saving Money on Payroll\" \/>\n<meta property=\"og:description\" content=\"Payroll is a big deal. It\u2019s a lifeline for employees, and it\u2019s the largest expense for a company. The expenses directly tied to employee compensation are vast: Regular and overtime wages Bonuses Commissions Benefit days such as vacation and sick time Severance pay Fringe benefits Health benefits These don\u2019t include mandatory liabilities like Social SecurityRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailypay.com\/resource-center\/blog\/five-tips-for-saving-money-on-payroll\/\" \/>\n<meta property=\"og:site_name\" content=\"DailyPay\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dailypay\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-22T13:46:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T21:55:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Five-Tips-for-Saving-Money-Blog-Image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brian Clifford\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dailypay\" \/>\n<meta name=\"twitter:site\" content=\"@dailypay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brian Clifford\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Five Tips for Saving Money on Payroll - DailyPay","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.dailypay.com\/resource-center\/blog\/five-tips-for-saving-money-on-payroll\/","og_locale":"en_US","og_type":"article","og_title":"Five Tips for Saving Money on Payroll","og_description":"Payroll is a big deal. 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