There are a few things in your business that absolutely need to be correct, or you’re in big trouble. Payroll is one of those things.
Obviously, your employees expect that you will pay them accurately and on time. But did you know that you can get in serious legal and tax trouble if your payroll is handled poorly? You’re responsible for paying your employees regularly, filing employment taxes, providing the appropriate benefits, and the list goes on.
As a small business owner, you have a few options when it comes to payroll. Your first option is to go at it the old-fashioned way, with a spreadsheet or even a pencil, paper, and a calculator. Obviously, this method is not recommended because of the large potential for human error and the time burden.
The second option is to use payroll software that will automate much of the work for you. This will dramatically improve your accuracy, but you are still responsible to manage the software and use it correctly.
Not all payroll software is created equal. Let’s discuss the things you should look for when choosing a payroll provider:
Regardless of the type of business you have, your payroll software should include the following:
You don’t want to have to remember to send your employees’ checks to them every time payday rolls around. Choose a payroll system that will automatically send out the money on a regular schedule so you can be sure your employees will always be paid on time.
Automatic Tax Filing
Good payroll software will automatically prepare and file your employment taxes accurately and on time so you can avoid tax penalties.
Mobile Time Tracking
We live in a mobile world, and your employees need to be able to track their time from wherever they are.
Payment Method Options
Your payroll solution needs to have the option for both paper checks and direct deposit.
An employee portal gives your team the ability to check in on their hours and request sick leave and PTO so that everyone stays on the same page.
Robust Reporting: With the right payroll software, you’ll be able to pull reports that give you both a big-picture look and a detailed summary of everything related to your company’s payroll.
Integration is the key to saving time, improving accuracy, and seeing your data in real time. If your payroll software can integrate with other aspects of your business, that’s a huge plus.
Having payroll software that will integrate seamlessly with your accounting software will save you hours upon hours of time.
With a job costing integration, you can evaluate the profitability of projects, not just how much you spend on employee costs.
Point of Sale
Compare your employee cost to the number of products you’re selling
We know that the idea of choosing payroll software and learning to use it effectively can be a daunting task. We can help! One of the many business solutions we can help you with at your Accounting Hub consultation is getting you set up with the best payroll solution for your small business. Schedule your consultation today and get your payroll questions answered.
If you The third option is to hire a professional to handle your payroll. This is the option for you if you don’t have someone on your staff to dedicate to payroll and don’t have time yourself.
At JR Bookkeeping, our payroll solutions save our clients an average of 10 hours per month that they can spend on running their businesses. We use QuickBooks® Online, the best accounting and payroll software for small businesses.
Our dedicated payroll expert will provide your business with personalized service based on your unique needs, so you can always rest assured that payroll is accurate, on-time, and government-compliant. Contact us today for your first month free!