How to ensure that your payment processes are smart and secure - TechRepublic

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Checklists and vendor comparison spreadsheets can certify that your company is paying employees and vendors on time.

There's nothing more important than paying people on time. Businesses and executives quickly lose credibility if they can't meet this most basic requirement of running a company. It is crucial for this vital process to operate correctly and efficiently to keep vendors, employees, and contractors happy.

It's worth investing time and effort in improving your payment process to be efficient and professional. There are many companies that will manage the complex payroll process for you or provide software for your internal team to use. If you need to upgrade your payment process to add new functionality, you'll need to spend time researching your options and defining your requirements. But how do you do that?

These TechRepublic Premium resources can help. These checklists and vendor comparison charts will ensure that you don't miss any crucial steps or pick a service that can't deliver the services you need.

From tracking exempt and non-exempt wage data to monitoring bonuses, from logging retirement plan adjustments to maintaining PTO records, completing a payroll cycle can require hours for even a small company. This payroll processing checklist will make each payroll cycle go smoothly and help you perform audits, secure payroll data, and safeguard related accounting tasks too. This detailed record keeping can prove invaluable in preventing errors and catching vulnerabilities.

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This handy spreadsheet makes it easy to compare payroll vendors on a range of criteria including cost and services offered such as PTO management, bookkeeping integration, and new hire reporting. There are also eight "intangible" criteria in the document including scalability, reputation, and working relationships. This spreadsheet can track all your work and make it easy to pick the vendor that best fits your needs.

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Criminals are always working to intercept and disrupt authorized electronic payments. Some bad actors are so good at breaking into payment systems that they can generate unauthorized payments to illegitimate accounts. This ACH payment process policy ensures that all organization accounts payable, accounting, finance, and administrative employees and representatives understand the appropriate procedures and safeguards that must be followed to create and complete outgoing electronic payments. 

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This policy provides an update to the accounts payable process to cover pandemic-related operations adjustments for paying invoices, submitting tax payments, and completing other accounts payable responsibilities. This policy covers the additional security procedures that accounting, finance, and administrative employees must use during times of remote work. These procedures cover fraud prevention and monitoring requirements as well.

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