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Think about all the various tasks an employer must accomplish in order to keep their business running successfully. 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. How can we make this complicated process as easy as possible?
Payroll is complex and ever-changing process.
Here’s a few suggestions to help make payroll processing easier:
Get Organized: Processing payroll requires attention to detail for numerous due dates, taxes, reports etc. It is crucial to find a system of organization that works best for you and your business. This could be a wall calendar, monthly planner, scheduled calendar reminders or a simple to do list. Having a visual reminder of what is coming up can help you effectively handle payroll.
Simplify Polices: There are many unique policies that contribute to payroll processing, such as time/attendance, paid time off, expense reimbursements, garnishments and commissions. Review policies and make an effort to streamline various processes, this with allow you to mitigate stress. When you simplify your policies, you also make it easier for both your employees as well as the individual in charge of payroll.
Go Paperless: Consider electronic pay stubs for your business, by forgoing paper stubs, you will save time, money and paper. Electronic pay stubs will also provide your staff with an additional layer of confidentiality.
Utilize Technology: Automating payroll processes can deliver huge benefits to your company. Payroll processing has benefited from technological advances of the last decade, and can be completed almost exclusively electronically. Payroll software’s are available to help handle payroll and taxes, similarly payroll companies like Big Fish can help directly with all your businesses payroll and tax needs.
Prepare for the Future: The IRS will typically release new information in early December for items relevant in the coming year. Releases can include things such as changes to tax withholdings, new benefit charts or deduction amounts, even new W forms. It is crucial to be aware of these items and their deadlines throughout the year, Big Fish offers services with regular updates on these IRS regulations, allowing your business to be up to date on the latest information.
Outsource: Let’s be honest, payroll takes up a lot of valuable time in a business. Free up your time by passing some of that payroll burden to someone else, an organization you trust. Outsourcing payroll can lead to a reduction in overall labor costs and improved data security. Use experts in the payroll industry to meet your needs and help avoid any penalties.