Employees may only think of payroll when it’s time to get their paychecks, but you know payroll services don’t just turn on when it’s check-writing time. Payroll can be an arduous process, but it’s vital to the success of your business. Keeping your finances balanced and your employees happy is no minor concern—it’s crucial that these services be accurate and quick to keep your business running smoothly.
We at Palmetto Payroll Solutions want nothing but the best for your business. Here are some best practices to keep in mind while you consider your payroll needs:
Embrace technology
Technology is here to help. While it’s true that not every payroll program will be a good fit for your business, it’s worth the time to find one that meets your needs. Having an online payroll system can help with:
- Efficiency, making payroll easier to manage much more quickly.
- Accuracy, as most payroll systems have a set standard for how the process is to be completed. This helps cut down on errors that cost you money and time.
- Transparency, since your system will make it easy to track and audit your payroll process.
Know your compliance
Let’s be honest: there’s a lot to know about payroll compliance. You need to stay up-to-speed on overtime laws, tax rules and deadlines, and retirement account contributions. There’s no rule stating that this needs to be your area of expertise—you don’t need to be a payroll expert to run a successful business.
But if you aren’t going to manage payroll yourself, it’s up to you to hire a payroll services team who can assist you. Part of being compliant is knowing when to bring in help. If you’d rather focus your attention on other aspects of your business besides payroll, bring in a professional team that knows the ins and out of payroll law, who will make sure your business stays in compliance without you having to check over every detail.
Keep payroll duties separate
Accuracy and accountability are key when it comes to payroll, so it’s important to have a team of payroll service providers who can guarantee separation of duties. This means the person entering timecard data shouldn’t be the same person auditing the data looking for errors. Having a few different people available to review your information will help cut down on mistakes and keep your payroll system clean.
Whether you still want to perform payroll in-house or you’re ready to switch over to a payroll services team, always make sure you’re sticking with the best practices of payroll. It’ll help you keep your data clear and organized, while also making sure you’re doing everything in your power to comply with payroll laws.
