In A Time Crunch? 7 Quick Ways To Do Your Employee Payroll
Handling your employee payroll is a necessity that comes with the territory of any industry you work in. Your employees need to get paid with accuracy and on a set schedule for your company to be run effectively (and legally). With that said, payroll can also be time-consuming, so you'll need to learn how to do employee payroll when you are crunched for time.
How can you make this happen? Consider the points in this article to manage your payroll on your terms.
1. Make Sure That Your Documentation And Registration Is Properly Set Up
When you set a solid foundation for your payroll handling, it'll make the entire process quicker and easier from then on out. For starters, your business's tax filing should be officially documented and properly handled. Once you file for your business, you will be given an Employer Identification Number (EIN), which you will need in order to do your payroll.
If you hire employees, you will need to have them fill out W-4 Forms upon hire, and get independent contractors to fill out W-9 Forms. When you are able to get this information laid out upfront, you shouldn't have a problem handling payroll and also taking care of taxes each year. When it's tax time, you will need to issue your employees W-2 Forms so that they can handle their own taxes.
Start with this work and make sure that you go through it with a fine-toothed comb. When you make mistakes on these early documents, having to fix these errors will create costly setbacks as your company grows.
2. Automate Your Payroll Whenever You Can
When it comes to handling payroll, automating the work is one of the best steps that you can take. The entire process will be quicker when you don't have to think about it. Manually handling your payroll is incredibly time-consuming, and allows more room for making errors, as fatigue starts to set in. By automating your payroll process, it'll be easier for you to get everyone paid in a timely manner, and without making costly mistakes.
3. Figure Out The Best Way To Track Time Or Payscale
You need to be particularly mindful about how you handle payroll when you operate a small business that is growing slowly but surely. How do you want to pay your employees? How often? When you have the answers to these sorts of questions, it will then be easier to address your payroll in a neat and organized way. Pick a time each week or month that your employees get paid, and stick to it.
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Paying people inconsistently is one of the worst things that can happen to your company because a workforce that doesn't get paid correctly or on time will eventually become disgruntled. Make sure that your employees know exactly how much they are supposed to get paid each period so that there are no questions or confusion each time they get their checks.
4. Choose The Timetable That Is Easiest For Your Company
The timetable you choose for paying your employees is a matter of preference. However, you should always set it up in a way that makes your life easier. Whichever day is the free-st for you should be the time that you handle payroll. The last thing you would want to do is do your payroll on days that are long and busy because you are more likely to make mistakes that you will have to later correct. Paying your staff through direct deposit is also a useful idea because it cuts out wasted time and lets you make corrections on the fly.
5. Make Use of Some Software That Is Useful
If you are going to do your own payroll at all, let alone in a timely manner, you will need to have a great software to use. When you have access to a payroll software platform that is effective, you will be better able to automate your payroll and also keep track of every detail. There are several payroll software plans you can buy or subscribe to, so shop around until you find the software that you find the easiest to use.
6. Keep Up With Filekeeping And Regular Processes
Handling your payroll is an ongoing task, which means you have to stay neat and organized. Keep diligent records of each and every pay period, because you never know when you have to draw upon these records. When you have a software plan, it is easier to compile and archive these records and use them how you see fit. Be sure that you also keep hard copies for your own records.
7. Bring A Payroll Company Onboard To Help You Out
Finally, you'll really streamline your payroll when you outsource the work. A payroll company can assist you with whatever kind of work you have, regardless of the size of your company. Shop around for reasonable rates, so you can get your payroll done without spending an arm and a leg.
Address Employee Payroll Correctly
When you need to address your employee payroll in a timely manner, it starts by factoring in the tips that keep you the most organized. By utilizing the seven points above, your payroll should be streamlined and productive. Check out some of our pay stub templates and reach out if you have any questions