Is the state of your small business payroll keeping you up at night? You’re Not alone. Payroll is typically one of, if not the, biggest concerns that the average small business faces.
That being said, it doesn’t have to be nearly as challenging as it often is – check out these quick tips to deal with payroll like a pro:
Keep on Top of Deadlines
If you want to manage payroll as well as possible, then you need to keep on top of your accounting deadlines and employee payment dates. If you know what you will need to do well in advance of when you need to do it, then you’ll never have to worry about last-minute rushes in the payroll department again, So, set up a system of alerts for important financial dates and stay on top of those deadlines.
Make Use of Payroll Software
Payroll software systems that automate every aspect of the process for you are such a boon to the small business owner. You can, for example, use a pay stub generator to generate payslips and stubs, software to collect the information you’ll need to file your tax returns and software that calculates your tax requirements for you. Some software will do all of this in one neat little package! By using the latest tech, you can significantly cut down on time and worry in the payroll department!
Ensure You Have support
Of course, software systems are not infallible and should your computers be down for any reason; you don’t want to be left without the ability to deal with your payroll. That’s why you should ensure that either the software you use comes with online technical support or you have the details of a good tech support professional who can help you out in a pinch. Having the details of a freelance payroll specialist would also be a good idea, just in case.
Pay Attention to Detail
When you’re setting up your payroll system, it’s important that you pay attention to detail because should you input even one piece of information such as an incorrect employee start date or salary into the system, you will eventually run into problems, and it may even look like you were deliberately trying to mislead the IRS! The last thing you want as a small business is the IRS on your back, so be very careful – check, check and check again.
Stay Informed of the Legislation
Payroll legislation is not set in stone, so it is very important that you stay informed and keep up to date with any changes. When a change does happen, be sure to immediately alter your payroll system accordingly, so that you don’t have to back track and correct any mistakes you’ve made by keeping the old system.
If all of that sounds like too much trouble and you aren’t exactly a whizz when it comes to financial matters, outsource it to a self-employed payroll manager, and you’ll rarely have to think about it again.
I hope this helps you to get and stay on top of your payroll duties as a small business owner. As you can see, it really is easier than you think!