Payroll mistakes, even small ones, can lead to complex and costly tax compliance issues. Ensuring consistent, accurate pay is one of the essential components to building employee trust and loyalty. Here are five tips to make sure your payroll process is always efficient:
5 Tips for Getting Payroll Right Every Time
1. Accurately Document New Hires
Starting your new hire’s first day off on the right foot. You need to collect several essential documents to onboard your new employee accurately. Correctly compiling and onboarding the new hire is critical for a successful transition and compliance. Be sure to have a well establish onboarding system and checklist to ensure a more straightforward process.
2. Constantly Audit Your Payroll Process
When you are running a business, the only constant is change. This true statement also applies to your payroll process. As your small business grows and your workforce expands, it is essential to audit how you do payroll. What worked for two employees will not necessarily work for 5-10 staff members. Reviewing your payroll process allows you to verify employee data, generate accurate reports, and update employee benefits. Also, you might even discover that your current method is wasting a lot of time. Is it time to simplify your business with a full-service payroll software solution?!
3. Keep Track of Time & Attendance
Whether you are paying staff members salary or hourly, it is essential to collect accurate time and attendance. This is more important than ever before because of new regulations put in place last December. The Department of Labor has changed the Fair Labor Standards Act regarding overtime pay. Anyone making less than an annual salary of $47,477 is required to receive time and a half pay for overtime.
4. Stay Up-to-Date on Payroll Tax Compliance
It is critical to know that payroll tax laws vary from state to state. Your state and federal payroll tax laws are regularly changed and updated. Avoid unnecessary noncompliance fees by staying informed of the latest payroll rules and regulations as they apply to your industry. Or better yet, trust PayWow to oversee your payroll tax compliance.
5. PayWow Makes Payroll Simpler
Not all payroll providers and software are created equal. Knowing their capabilities will allow you to make well-informed decisions that will positively affect the bottom line of your small business.
Luckily, thanks to PayWow your payroll pains are a thing of the past. Our affordable full-service payroll and compliance solution allow you to focus on what matters– your small business. At PayWow we are dedicated to helping you and small business grow and achieve greatness.