Are you looking for ways to make your payroll process easier? Payroll can be a time consuming and complicated task, but there are some things you can do to make it easier on yourself.
Keep reading for some payroll help options that every business owner can benefit from. Make this process easier on yourself so that you can spend more time doing things you need to do to help your business grow.
Related Post: Avoid These 3 Most Common Payroll Errors!
Switch to Salary
If you have the means and structure to, putting your employees on salary rather than paying staff hourly can make processing payroll much easier.
Salary employees typically make the same amount every week, which allows you to figure their gross pay, net pay, and tax withholding once and then copy it each payday. Additional payments such as bonuses will require additional figuring but using a salary system can save significant time in calculating payroll.
However, the salary system is not best for every business, especially those who have part-time staff. There are laws regarding what kind of employees can receive a salary payment, so it’s best to check with your accountant to see what the best option is for you.
Use Payroll Software
Using payroll software can significantly save you time on calculating pay and withholdings. There are also many different options available with banks and tax software companies offering tons of convenient online versions. This software often requires a low monthly fee but will provide useful tools to make the fee worth it for your company.
Typically, you will have to initially enter your employee’s wages and how much they have chosen to withhold. Then, each payday you simply enter how many hours they’ve worked, making this a great option for a company that cannot switch to putting all of their employees on salary.
Most payroll software will let you add other options, such as overtime hours, sick days, vacations, and commissions.
The software will calculate the net pay to create a payment summary for each employee. Some programs will also automate the direct deposit process or create checks for you so that you can simply run your check stocks through the printer.
Paying a payroll service or an accountant to handle your payroll is an incredibly easy option that can pay off and save you tons of time and stress. Most services will charge you a monthly fee based on how many employees you have. They will typically handle the direct deposit process for you or write checks from your account on payday.
Are you looking for additional payroll help? Head to the link to learn how to produce earning statements.
Get Payroll Help Today
If you’re sick of the time and stress that comes with doing your weekly or monthly payroll, consider some of the above options. Getting payroll help is a great way to save time as a busy business owner. Figure out which options would work best for your business needs.
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