It can take a lot of work to get payroll processed thoroughly, and it can be stressful to handle payroll on your own or with a team. If you are not organized, errors can happen which can lead to compliance issues or heavy fines.
You will want to set up systems that are streamlined, preferably automated, and those that work for you and your team. Here are four ways to handle payroll stress-free:
Set Up a Payroll Process Checklist
If you have a system in place for processing payroll, you won’t ever miss the mark. If you are inputting incorrect information or are regularly missing pay codes, for example, make sure to put these as items in your process checklist so you won’t forget to review them.
Keep a Payroll Calendar
If you find yourself continuously processing payroll late, you can remedy that with a detailed payroll calendar. You can mark all important deadlines, your pay cycles, and quarterly or annual events. Share this with your payroll team so you can all remain accountable and reach your deadlines on time.
Use a Digital Time Tracker
A digital time tracking system is the best way to keep your payroll on track. If you are having trouble keeping up with overtime and other tracking errors when using a manual system, switch to a digital time tracker. You can not avoid overpayment to your employees but also underpayment which could lead to compliance issues. You can also create reports and easily fix mistakes from a digital time tracker.
Create a Payroll Tax Compliance Checklist
This compliance checklist can have several sections to keep you up to speed with tax codes. These sections can include new employees, new contractors, running payroll, quarterly checks, and annual checks.
Each section should have the tasks you need to complete to remain tax compliant. For example, with a new employee, you should have them fill out their I-9 and W-4, then add the employee to your payroll system, and then have them set up their direct deposit.
You can also keep a list of the different classifications, which are regular full-time employees, regular part-time employees, temporary full-time employees, temporary part-time employees, and contractors.
Assemblage, LLC Can Help
Are you overwhelmed with managing your business payroll? Or are you just need a professional touch on your payroll database?
We understand that the payroll management process is a repetitive process, which can easily result in mistakes without proper management of the payroll database. We also know that ensuring compliance on a monthly basis could be cumbersome, time-consuming, and can lead to costly errors, if not properly managed.
No worries at all, Assemblage LLC possesses the outsourced skill set required to accurately handle your payroll. Let us take that hassle off you! Contact us today!