That time of year is fast approaching…payroll filings, W2 issuance, and making sure you have the right payroll software provider in place to best serve you and your employees. Let's face it, although no one likes processing payroll, it is necessary part of doing business and everyone counts on getting an accurate paycheck.
All too often in the event industry, companies choose to do payroll in-house or utilize payroll platforms that are simply not designed for how they uniquely operate when dealing with both a contingent, freelance workforce and more traditional full-time employees. These systems make it a challenge to account for multiple positions, and multiple pay rates - all in the same pay period. In turn, they create a bad experience for both employees and crew.
When it comes to your business, how do you know that you have the right payroll processes and systems in place?
Here are 4 signs your event payroll platform needs upgrading:
1. Not an industry fit
2. Inaccurate paychecks
3. Hidden costs
4. Poor customer service and no HR support
#1 Sign - Not an event industry fit
There are hundreds of payroll systems out there. Almost all are built for traditional workforces who report to the same place, doing the same job, for the same pay rate each day. However, as you know, there is nothing traditional about an event workforce who is mobile, works multiple jobs, and even gets paid varying rates for each job.
How important is it to have a payroll solution that was designed specifically to fit the needs of the event industry? A system that makes it easy for you to account for multiple positions, and multiple pay rates - all in the same pay period. A system that is flexible to accommodate your full-time, part-time, and freelance employees.
What could make it even better? A payroll system with all of the tools that you need to stay compliant in every state that you do business in. And, all state tax filings are included!
#2 Sign- Inaccurate or late paychecks
Did you know that 61% of Americans are living paycheck to paycheck? That means the paychecks that you are issuing to your employees really matter. And, it’s also why in order to keep your best crew members coming back to work for you, it's vital that you pay them accurately, and on time.
Old way: When you are using manual methods like paper timesheets, manually keying data into payroll, using spreadsheets to calculate things like overtime or account for state-specific regulations, you run the risk of errors. And, we all know that errors in payroll can mean headaches, penalties, or potentially even legal fees.
New way: An event-industry-specific payroll solution, that will ensure that you can not only consistently support your employees by paying them the right amount, for the right job, but you also alleviate the problem of human error. What what be ever better? Being able to pay your crew more often - with no added costs.
#3 Sign - High hidden costs
Batch fees, check fees, report fees...these are just a few examples of some hidden fees that payroll providers often charge. In the ever-changing environment that event companies operate in, it's important to be able to make changes without concern of racking up these extra fees.
Old way: If you are using an in-house payroll solution, inefficiencies related to manual or outdated processes may be the first and most apparent source of additional or hidden costs. In this case, automation is what can make a huge difference in your workflow.
According to the American Payroll Association, payroll automation can help you reduce payroll process costs by as much as 80%.
New way: A system that automates your processes and allows you to account for all of the complexities found in the event industry. Bonus if you can combine the payroll with time system in order to remove the burden of paper time sheets and manually keying in hours worked.
#4 Sign - Poor customer service and no HR support
If you're currently experiencing customer service woes with your payroll service provider, you are not alone. Payroll software is notorious for sub-par customer service and support.
Teams often struggle with getting their problems resolved or their questions answered in a timely manner. This, in turn, has a ripple effect on the rest of the business.
With so much at stake and with just as much to gain, it's time to take a hard look at your current payroll software. Does it meet your business needs? Does it exceed them?
In any situation, it’s best to evaluate your current payroll provider and/or processes every year and determine the best course of action moving forward.
Did you know that changing payroll providers is most ideal at the end of the year or quarter to simplify your filings? Now is the time to take a look and ensure that you have the right payroll systems in place.
Explore LASSO's workforce management platform built specifically for the live events industry and all of the payroll quirks 💸