A shocking 82% of American workers have had a problem with their paycheck at some point during their careers.
Are you guilty of making payroll mistakes in the past? As humans, it’s natural to make mistakes sometimes, but payroll errors can be especially damaging. They can make employees lose trust in your company and even lower employee morale.
By learning a few tips to better manage payroll, you can help prevent future mistakes and make sure your employees stay happy and motivated.
We’re here to help with that! Keep reading to learn about helpful payroll management tips to help you stay on top of it.
Organization Is Key
One of the most important payroll tips is to stay organized. Keep all important documents in one place, organized in a way that makes sense to you. This will make it easier for you to complete payroll in a timely manner.
You should also follow the same steps every pay period, so you make sure you don’t forget anything. It’s a good idea to document how to process payroll using some kind of checklist, so nothing is overlooked.
Also, stay organized by following a payroll schedule, completing it at the same time each pay period. Create a payroll calendar with reminders for each pay period, as well as annual reminders about tax deadlines so you don’t miss anything.
Technology Is Your Friend
Thanks to new advances in HR technology, there have never been more payroll software resources available to you.
If you can start to automate even just part of the process, you’re less likely to make mistakes and you can free up some extra time in your day. Do some research about the most popular payroll software options available.
Some may offer free trials so you can get a feel for the software before committing to it.
Stay Updated on Payroll Laws
It’s not uncommon for legislation around payroll to change over time. It’s a good idea to stay up-to-date on any new rules and regulations that pertain to payroll in your state.
A failure to do so could lead to mistakes that result in costly penalties.
Consider the Benefits of Outsourcing
Many times, small business owners have to do just about everything themselves. If you don’t have a dedicated HR person, that means payroll is your responsibility, along with about 100 other things.
If your time could be better spent, consider an outsourced accounting service. There are companies who know all about the latest payroll laws so you don’t have to.
And, they can take care of everything for you, so you can focus on other aspects of running your business.
Manage Payroll With These Tips
Now that you know more about the ways to manage payroll for your company, you can develop a better system that works for you. Or, you might decide that it’s time to pass that task to a team of professionals so you can make better use of your time.
Either way, you now have more information to help you make your decision.
For more helpful business and finance tips, be sure to read through our other articles before you go.