Think about all the different tasks that an employer has to accomplish to keep their business running. That task list is very long and undoubtedly includes payroll. While many employees may not recognize the work and depth of payroll processing, those who issue paychecks have a very good idea of all the intricacies involved.
Payroll is complex and ever-changing process.
Here’s a few suggestions to help make payroll processing easier:
Get organized: Payroll has a lot of due dates, taxes, reports, etc. Find a system for organization that works for you. This could be a calendar, weekly or monthly planner or a simple to do list. Have a visual reminder of what is coming up can help you efficiently handle payroll.
Simplify polices: There are many policies that contribute to payroll such as attendance, paid time off, expense reimbursement and commissions. By making an effort to simplify and streamline your polices, you can lift some of the stress, making it easier for the employees and the person in charge of payroll.
Electronic pay stubs: By forgoing paper stubs, you can save money and time. It also gives an additional layer of confidentiality for the employees.
Consider technology: Automating payroll can deliver huge benefits. You can opt for payroll software to help with payroll and taxes or you can use a payroll company to handle all of your pay and tax needs.
Prepare for the future: The IRS typically releases new information in early December for items in the coming year, such as tax withholdings changes, new benefit charts or deduction amounts and new W forms. Know what these items are and what deadlines you will have throughout the year.
Outsource your payroll: Free up your time by passing off the responsibilities to someone else. Outsourcing can also lead to reduced costs and the security. Using payroll experts to accomplish your needs and help avoid any penalties.