Choosing a Pay schedule
Niural supports scheduled payroll, continuous payroll and real time payroll. As you think about the right payroll schedule for you, think about:
What’s required by the law?
Check if there are any constraints on when or how you can run payroll. You may want to run semi-monthly or monthly payroll, or daily/hourly payroll based on your needs.
When is it best for you?
Payroll is the largest expense for a lot of companies. Will running payroll cause cash flow problems? Is there a period of time when it’s more convenient for you to run it? Set up your schedule in a way you’re comfortable with.
What do your employees need?
Don’t forget that payroll is all about taking care of your team. They basically give you their labor on credit, and it can be hard for them if they have to wait a month to get paid. Try to get a sense of their needs and what they prefer — especially if they’re likely to have cash-flow issues of their own. Niural is proud to support real time payroll - you can pay your employees hourly, daily or in any frequency you want.
Once you decide on the pay period, be sure to let your employees know so they can plan accordingly.
Niural’s pay schedule comprises three sections:
Pay frequency: This represents the regular intervals at which employees receive their wages or salaries.
Pay Period: This represents the duration for which your employee worked.
Pay Date: This is the specific day on which employees receive their wages for the given pay period.
Types of pay frequencies
Weekly: Employees receive their pay on a specified day each week, leading to a total of 52 pay periods annually.
For example, every Friday.
Biweekly: Employees receive their pay every two weeks on a particular day, which results in a total of 26 pay periods per year.
For example, every other Friday.
Semi-monthly: Employees receive their pay twice per month on two fixed dates, leading to a total of 24 pay periods per year.
For example, on the 15th and the last day of the month.
Monthly: Employees receive their pay once a month on a particular date, resulting in a total of 12 pay periods per year.
For example, on the 26th.
Add a new pay schedule
Before setting a new pay schedule, be sure to check your state laws to know what schedule is right for your team.
- Go to the Payroll section and select Settings.
- Click Set Payroll Schedule under the "Pay schedule" section.
- Set payroll frequency, pay date and pay periods.
- Click on Save.
- Review the pay schedule and click Confirm.
Change an existing pay schedule
To edit a pay schedule,
1. Go to the Payroll section and select Settings.
2. Click Set Payroll Schedule under the "Pay schedule" section.
3. Click Edit.