If it seems like holiday decorations are hitting the shelves earlier and earlier each year, it’s because they are. Stroll through any craft store and you’ll find jack-o-lanterns competing with turkeys competing with pine trees.
But one holiday you won’t find represented on the shelf is one that affects us all: National Payroll Week.
Celebrated during the first week of September, National Payroll Week recognizes America’s employees and the payroll professionals who pay them. If we’re doing our math correctly, that’s just about everyone.
As much as employees might love their jobs, earning a paycheck is a big reason why they show up for work. Payroll is how they pay their bills, buy their groceries, and fund their livelihoods.
But payroll has a dark side. For business owners, payroll is often the biggest expense, so just one payroll mistake could be catastrophic. Unsurprisingly, payroll is also what many business owners spend the most time on—collecting time cards, manually entering data, and checking it twice.
With that in mind, if you’re not celebrating National Payroll Week, we’ve got five good reasons you should be.
1. Employees are happier on payday than Christmas
According to a 2018 survey commissioned by QuickBooks Payroll, employees say that payday makes them happier than Christmas morning.
For some, payday means they can make yet another dent in their pile of debt, pay off their bills, or pick up some much-needed groceries. For others, payday means they can finally splurge on that dinner they’ve been craving all week, pick up that book they’ve been meaning to buy, or enjoy a well-deserved night out.
No matter how employees intend to use their paychecks, one thing is clear: Payroll managers bring more joy than Santa Claus. And that’s something worth celebrating.
2. Employees aren’t always paid on time
Which brings us to the aforementioned dark side of payroll. Late paychecks aren’t something to celebrate but definitely something to acknowledge.
One in 5 employees says they don’t always receive their paycheck when they’re supposed to. And 18% say just a single late paycheck would make them quit their jobs.
It might seem extreme, but many employees rely on getting their paychecks on time to pay their bills, set up recurring payments, and avoid costly overdraft fees. For employees living paycheck to paycheck, one late payday could be an expensive setback and a huge detriment to employee morale.
On top of that…
3. Employees are still receiving inaccurate paychecks
Despite the amazing advancements in time tracking technology, business owners are still using inaccurate systems to track employee time. We’re looking at you, spreadsheets.
As a result, 1 in 4 employees says they have received a paycheck with errors. And 1 in 6 says a single inaccurate paycheck would make them quit their job.
Employees rely on accurate paychecks to represent the amount of time and effort they’re putting in on the clock. Shortchanging workers by just a few minutes each day adds up quickly. And it could land even the most well-intentioned business owners with a Fair Labor Standards Act violation.
On the flip side, paying employees more than they’ve earned could result in major cash flow problems for the business. It’s in everyone’s best interest to keep those paychecks on point.
4. Paychecks are evolving
Not all paychecks are created equal. How employees are paid is just as important as how much. 21% of businesses still pay their employees with paper checks, but the majority of employees say they would rather be paid via direct deposit.
Direct deposit makes it easy for employees to set up recurring payments and enable automatic bill pay (which a 2017 ACI Worldwide survey claims 32% of American consumers do). But it’s a big benefit for business owners as well. Paying employees in cash introduces a host of tax and payroll complications for both parties, and paper checks can easily be lost or stolen.
Because employees care so much about being paid correctly and on time, payroll managers who are still relying on cash or checks (or even infamous payroll cards) should consider an updated method.
5. With the right tools, payroll is a snap
Payroll is among some of the most important things for small businesses (read: all businesses) to get right. National Payroll Week exists to give this very important process the recognition it deserves.
And TSheets exists to make payroll easier.
With TSheets, employees clock in and out with the press of a button. When it’s time to run payroll, employees can review and submit timesheets from anywhere. And because TSheets works directly inside QuickBooks (and integrates with your favorite payroll software), finishing payroll takes just a few minutes.
In fact, customers who use TSheets save 6% on gross payroll costs and shave up to three hours off their payroll process every time they run payroll.
It’s accurate payroll made fast and easy—the best reason to celebrate.
Revolutionize your payroll process. TSheets customers save 6% on gross payroll costs, on average.*