If you’re responsible for handling payroll duties, you know the work can be cumbersome. With countless employees, benefits packages, and varying pay rates, there are lots of factors to juggle. Fortunately, there are ways to streamline this process so your employees are paid and you’re not worn out.
Curious to learn more? Read on to find 3 pro tips for doing you should know!
Payroll Tips Include Staying on Top of Taxes
Knowing how to do payroll means being aware of state and federal tax protocol. And if your company moves or you start hiring remote workers, your tax withholding amounts can change. Be prepared to budget properly so you can pay the withheld taxes and avoid fees.
Make sure employees fill out a W-2 form so you can have their information, including social security numbers, on record. And never use your budgeted tax money to cover other company expenses! You could run into legal trouble, so make sure your human resources team is on the same page.
Get Organized When Doing Payroll
Do you have a payroll calendar? If not, it’s time to start one that your entire human resources office can access. Include preliminary deadlines and account for holidays and other issues that can affect processing times.
Better yet, make sure multiple people are trained on practices and offer routine refresher training. One of the best tips for doing payroll is to use a buddy system approach to ensure that someone can cover the duties if another person is out sick. Otherwise, you’re asking for a disaster if a deadline is approaching.
When your employees are paid on time, that helps boost employee morale. And that, in turn, can help with employee retention. When it comes to tips for payroll, be transparent and let your employees know when and how they will be paid!
Use an Online Servicer for Payroll
A combination of sticky notes and spreadsheets won’t give you the efficiency you need when it comes to payroll. You need a designated space to list employees, wages, and pay dates. And you need a clear method to track payments, employee hours, and benefits.
An online platform can make doing much easier. You won’t have to correct instances manually when employees forget to clock in or out. And you won’t have to handle the math when it comes to taxes or payroll funding.
Instead, you’ll get a centralized space for records, and the wage deduction calculations will be automated. Turn to yourfundingtree.com for an efficient management platform. The user-friendly platform coupled with great customer service will make your life easier.
Learn How to Do Payroll Right
Doing payroll doesn’t have to consume your life. With a clear calendar, regular training, and the right software, can be palatable. You’ll be ready to deal with turnover, new employee onboarding, and tax withholdings!
For more tips to improve your business practices, check back for new articles soon.