Payroll can be an intimidating chore. It is usually described as the most time-consuming and frustrating aspect of business management. With that said, it’s not surprising that many new business owners feel overwhelmed with the task.
However, there are ways to simplify payroll processes. In fact, simplification is the key to making payroll processes doable.
How to Start
Most business owners are not accountants by trade. Even so, they are aware of the importance of keeping good records and tracking everything related to the business.
Payroll processes are based on recordkeeping. This includes everything from the addresses and social security numbers of employees to the hours employees work during each and every pay period. Other records that must be tracked include things like any deductions that will be withheld from paychecks and where those funds will be sent.
As an employer, it is important to ensure that you keep your employees happy; happy workers are more productive than unhappy workers. Plus, as an employer, it is your responsibility and obligation to pay employees accurately and on time.
In addition, employers must comply with all tax guidelines, laws, and regulations. It can be a lot to learn for someone totally new to payroll. That’s why it is advisable to begin learning about the processes as soon as possible.
If it Doesn’t Work
Some business owners simply do not want to take the time and effort to deal with payroll processes. The complicated calculations and stress about meeting deadlines and other worries are just too overwhelming.
These individuals have some choices. They can hire a payroll team, use payroll software equipment, or they can simply outsource payroll processes. Hiring a payroll team can be extremely expensive, especially for a new business, so that is seldom an option.
About Payroll Software Programs
Payroll software programs are ideal for business owners who want to maintain some or most control of the payroll processes. These programs are available online or as in-house purchases.
Before purchasing a program or subscribing to an online program, it is important to first determine your business needs and preferences. Some of the programs can be integrated with programs already in use in the human resources department.
Because data can be shared between the systems this can save you a great deal of work. In most cases, after the information is initially entered into the payroll software, you will only need to enter updates, such as pay upgrades and hours worked.
Most of the programs can either print checks or create direct deposits. Plus, the programs are updated with the latest tax regulations.
Alternatively, payroll processes can be outsourced. Businesses can consider outsourcing payroll either to an accountant or to a payroll processing company that specializes in these services. Obviously, payroll companies can usually offer better quality services.
Most of these companies allow businesses the option of maintaining as much control over their payroll processes as they like. However, the majority of businesses that decide to outsource to payroll companies seem to prefer to give up control. With this option, all they need to do is supply the hours worked by their employees and the rest of the payroll processes can be handled by the payroll company.
Peace of Mind
Running a business can be hectic. This is especially true when the business is new. The business owner always has a long list of things to do, and payroll can be extremely time-consuming.
The worry, angst, and frustration related to payroll can have a direct impact on other areas of business as well as on other areas of the owner’s life. For instance, it can lead to sleepless nights that result in less-than-pleasant days.
The solution is to simplify payroll in the easiest way possible. Outsource. It’s a one-word simple solution.
If dealing with payroll leaves you feeling drained, frustrated, and worried, then yes, you should outsource. It is easy, and it’s a cost-effective way to get the peace of mind you need.
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Debbie Allen is a professional writer and online marketer. Besides writing about payroll and online marketing strategies, Debbie also enjoys writing about things like home décor, self-development, the Law of Attraction, fashion, and work-at-home issues for a variety of companies such as Payroll.Intuit.com.