Three Quick Tips to Help with Payroll
Managing a business isn’t always easy, especially without the proper expertise and resources. When many business owners first open their doors, they often find themselves struggling to focus on the growth and success of their new venture. Instead, the work related to employment, taxes, insurance, and more often piles up and owners/managers find themselves taking on these administrative burdens.
One of these administrative tasks is especially time consuming: payroll. From garnishments to paid time off (PTO), regulations to W2s, payroll responsibilities can quickly add up. As an organization grows, payroll and tax duties will also increase, making the process even more complex.
Payroll doesn’t need to be complex, however. With the below tips, your business can simplify the payroll process and create efficiencies that will save time and money.
Regularly auditing your payroll ensures that employees are happy and your payroll department is running smoothly. To audit efficiently, you’ll want to be sure that you’ve checked all of the paperwork twice. Older companies may run into issues with time-theft from employees. These types of problems can be frustrating, if not eventually dealt with. If you feel you’re running into this issue, perhaps an automatic swiping and tracking system would be in your best interest.
Many employees are often not given an overview from their employer on how how payroll works. Each company is different and, if employees are left to guess, they may be expecting a completely different payroll process. It’s important to communicate to employees how payroll works, how often they’ll be paid, where to log their time, what format their payments will be, and more.
Knowledge Is Key
The team within a payroll department has a very important job. That being said, it’s important to ensure that this team is thoroughly trained, while also being regularly educated on new developments within the payroll industry. Payroll and income tax rules are constantly changing, so be sure that your payroll employees are aware of these updates.
Don’t be Afraid to Ask for Help
For businesses that do not have a dedicated payroll team, you may want to consider getting some assistance. Thankfully, outsourcing organizations, such as GIGA Solutions, can help businesses by taking over a majority of their payroll responsibilities. By outsourcing payroll, business owners won’t even need to worry about potential payroll errors, the changing payroll and tax laws, and filing/distributing their W2s. The time that business owners usually spend on payroll can now be spent focusing on their business’s success.
The last thing that a business owner wants to deal with is a problem on payday. If you are a business owner, be sure to have your payroll process running smoothly and don’t be afraid to outsource the responsibilities to a third party if needed.
At GIGA Solutions, we understand the challenges that come with owning and maintaining a successful business. If you’re in need of payroll assistance, or you think your payroll department could improve, the experts at GIGA Solutions’ PEO and HR outsourcing Brokerage are ready to help. Contact us to get started.