Raise your hand if you love payroll!
Oh, wait, nobody raised their hands…
Payroll is one of those necessary yet not-so-fun parts of owning a business. While some may like processing payroll, others would rather attend a colonoscopy.
If you’re one of the latter variety, this article is for you. We’ll give you four basic payroll tips to make this task a piece of cake.
1. Get the Right Tools for the Job.
Processing payroll is no different than any other function of your business. You need good software in place to make it easier and less stressful.
Do you have different software to track, review, and submit payroll? Consider combining your payroll processes with a software upgrade. Different software packages offer different levels of processing.
The software you choose depends on how much you want to spend and how many employees you have. Some offer options to do all of your accounting within the same system. Others only track and submit payroll.
Another tool you can use is an online pay stub generator. This gives you an easy place to make, send, and print pay stubs for your employees.
2. Keep the Education Coming.
When you do your own payroll, you must stay up-to-date with continuing education. Tax laws change every year. Remaining in compliance with state and federal laws should be your highest priority.
Attend online courses. Do your research on the latest payroll tools and tax laws. Make it part of your annual payroll process to review state and federal regulations.
3. Create a Checklist.
It always helps to follow a list. Create a checklist that you can use to make the process easier.
Start by breaking payroll down into weekly, monthly, quarterly, and annual tasks. Create a separate list for each of these timeframes. Put the list in a shareable space on your company network so that anyone who needs it can access it.
You can also find useful lists online. Look for checklists that you can customize to meet your company’s needs.
4. Put Paper in Its Place.
Consider going paperless. Payroll is a particularly paper-intensive part of owning your business. With the right paperless tools, you can eliminate lots of headaches.
The biggest benefit of going paperless is the cost savings. It may cost you some more upfront to invest in the right software, but it’s worth it in the long run.
Use an online portal system where employees can go to find their paperwork and tax forms. Eliminate physical paychecks by switching to direct deposit. These measures will make payroll easier for you and save you some cash in the future.
5. Basic Payroll Tips to Make Payroll Easy Peasy.
These are some of our favorite basic payroll tips to make payroll an easier process. But there’s always more to learn, which is why continuing education is so important.
To review, make sure you’ve got the right tools for the job at hand. Create a checklist that’s specific to your needs. Consider going paperless for less hassle and greater cost savings.
Looking for more tips to make starting your business a piece of cake? Check out this article for some good ideas on how to start small and make it big!
This article was originally published at Youngupstarts.com