According to 40 percent of all small business owners, bookkeeping and tax preparation are the worst parts of their job.
Do you agree? Do you find yourself feeling frustrated and overwhelmed every time you have to deal with financial matters like payroll processing?
If you’re in this boat, you’re in luck. There are five simple steps you can take to make your payroll processing strategy easier and more efficient. Read on to learn all about them.
1. Combine Pay Schedules
A lot of businesses make the mistake of having different employees on different pay schedules. They might pay managers and full-time employees on a weekly basis and pay freelancers on a monthly basis, for example.
Having to juggle different pay schedules is a surefire way to make payroll management and processing more difficult.
Get everyone on the same schedule to minimize the amount of time you have to spend on payroll-related tasks each month.
2. Consolidate Payroll Systems
It’s also hard to keep all your payroll-related tasks straight if you’re using more than one payroll system.
Try to consolidate everything into one software program so that you have to do less juggling. This will streamline your process and make it easier for you to stay on top of your business’s budget.
3. Go Paperless
If you’re not using a paperless payroll system yet, now’s the time to start.
Going paperless isn’t just good for the environment. It also helps you stay organized and makes it easier for you to store important payroll documents in a safe place.
If you’re tired of wasting time digging around for specific forms or files, going paperless is a great option.
4. Stay Informed
Be sure to stay in the loop about the latest changes to state and federal tax laws. If you’re not informed about these changes, you could end up paying more or less in taxes than you should or making mistakes that could get your business penalized by the IRS.
5. Consider Outsourcing
Finally, don’t be afraid to look into payroll outsourcing. If you don’t have the time to learn the ropes of your payroll software or stay informed about the latest tax law changes, why not let a professional deal with them instead?
Utilizing the best payroll services Australia, the UK, the US, or any other country has to offer will free up more time for you to focus on other things. It’ll also help you ensure your business’s payroll is being handled in the best way possible.
Get Help with Payroll Processing Today
Payroll processing can be tricky business, especially for new entrepreneurs who have never had to manage payroll before.
The good news, though, is that it’s pretty easy to learn the ropes and get into the groove. This is especially true when you’re making use of the right systems and services.
Keep these tips in mind and you’ll have a much easier time getting the hang of the payroll processing system.
Do you need more help in managing your business’s finances? If so, check out some of the other finance-related articles on this site today.