Your energy is depleted, you are mentally exhausted and overwhelmed, and your productivity is suffering. You’ve found yourself with a more negative attitude lately; it is all in thanks to your payroll stress. Here are a few helpful steps to manage payroll tasks without letting it overtake your life.
Step 1: Stay Organized
Creating a payroll calendar helps you keep track of when your employees’ time cards are due and track daily, weekly and monthly tasks. Come up with a filing system that works for you to store forms and information — federal and state W-4s, I-9s, direct deposit information, and payroll records. Try color-coded filing for hard copies or folders and sub-folders for digital filing.
Step 2: Know Your Deadlines
Be aware of banking holidays that may postpone your employees receiving payment, scheduling for direct deposit to hit ahead of time instead of after. For year-end or tax season, keep track of when the last payroll is to be submitted and when W-2 forms are due to employees.
Step 3: Stay Educated
Stay up-to-date on payroll tax policies and laws. As an employer, you have a responsibility to remain educated on federal and state laws that can affect those who work for you. Those include minimum hourly wage, overtime, workers’ compensation, withholdings, the Fair Labor Standards Act (FLSA), and other major laws to protect workers.
Step 4: Invest in a Time-Tracking System
Invest in a time tracking system for your employees, taking the guesswork out of payment. Inaccurate timesheets can lead to under or overpayment of your employees. Whether it is a hardcopy punchcard or self-service through a computer, mobile, or another device, employee time-tracking systems will save you money and time.
Step 5: Outsource
Outsource your payroll needs and let someone else handle the dirty work for you. Save yourself the hassle by allowing another company to manage your HR and payroll services. In-house payroll can be stressful and time consuming for business owners, demanding precious energy that is better spent creating profit and growing your business.
Contact Quality Payroll today to request a free quote. Let us save you from dealing with the IRS, the State Tax Commission, Worker’s Compensation, and Workforce Services. We are here to guide your company through the challenges complying with labor laws and understanding company policies, compliance issues, and other legal complications business owners face.