4 Ways To Improve Your Small Business’ Payroll System
If you’re a small business owner, you probably have a long to-do list. From project management to payroll, it’s important to have a vision for your company’s future while also managing the day to day aspects of your business. If you’re looking for better ways to manage your company’s payroll system, you’ve come to the right place. Here are a few quick ways to improve your small business’ payroll system.
Know the Rules and Regulations
Failing to follow employment laws and IRS rules can be hugely problematic. It can be difficult to keep up with these rules and regulations as they are updated frequently, but paying close attention to them and ensure your company isn’t in violation will save you a lot of headache in the long run. Staying current with the most up to date IRS rules and regulations and employment taxes is an easy way to ensure your payroll process is correct and running smoothly.
Make Sure Your Policy Is Clear to Your Employees
Having a transparent payroll process with your employees is the best way to avoid confusion or misunderstanding in the long run. Employees should have a clear understanding of how the payroll system works and access to their payment processes and policies. Good payroll policies should include:
- Rate of pay, pay periods, and when payment will be received
- Mandatory deductions
- Policies for lunches and breaks
- Vacation policies
- Health and other benefits
- Procedures within each department for payroll, if applicable
Ask Your Team
Having a good payroll process in place doesn’t only benefit you; it can also benefit your employees and keep them around for years to come. Asking your employees if the payroll system is easy to follow and error free is a great way to include them in the process and find the best solution that works for your team. Implementing software or digital tracking systems can also eliminate human error in the payroll process.
Outsource Your Payroll
If you’d like to improve your company’s payroll system but don’t have the time to do it yourself, outsourcing it to a professional can be a great solution. Outsourcing your company’s payroll to a professional accountant is a surefire way to ensuring all rules and regulations are met, your numbers are accurate, and best of all, you don’t have to worry about doing it yourself. If you’re looking for an expert and friendly company to handle your payroll services, Clear Accounting Solutions is here to help. To learn more about our services or to schedule an appointment with one of our experts, contact us today!
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