Negosentro | Solving the Payroll Puzzle: A Small Business Owner’s Guide to Tackling Complexity | Your business may be small, but your payroll complexities can be significant. Constantly evolving compliance updates, employee data, and organizational issues can make keeping accurate payroll a time-consuming process. Errors can lead to tax issues, potential fines, and lawsuits—not to mention the erosion of employee confidence in your company. Let’s look at some of the challenges that can affect the intricate payroll puzzle and how payroll software could be the missing piece you need to streamline the task, avoid mistakes, and save time and money.
Employee changes
Whether you have two employees or 200, staff doesn’t stay stagnant. Your team members may:
- Receive a promotion
- Get married
- Move to a different county or state with different tax jurisdictions
- Switch banks
- Work a flexible schedule, overtime, or on commission
- Edit their retirement plan
- Increase deductions
- Change their classifications
- Take time off
- Enroll or change their health or dental insurance…and more
Yep, it’s a lot. And as a small business owner, you’re responsible for updating your employee data, so your team members will be paid accurately and on time. An incorrect paycheck that’s less than what it should be hurts the working relationship; an overpayment can cost your business money.
Minimize manual entry, increase accuracy
How can you reduce your finance and HR headaches? Support your business with a feature-rich payroll software system that can help you navigate the payroll process. Replace tedious manual tasks with a solution that fits your business so that you can easily:
- Automate payroll, including tax calculations
- Manage timesheets, garnishments, and adjustments
- Track time
- Set up and add employees to direct deposit
- Allow your team to enroll in benefits and more
Sync the software with the accounting and payroll management technology you’re already using and enjoy a comprehensive system that will improve payroll efficiency, increase information accuracy, and give you and your team time back to concentrate on more pressing tasks.
Legal developments
Benjamin Franklin famously said that nothing in the world is certain “except death and taxes.” We’d add regulatory changes to that. Whether it’s the IRS announcing a new exemption or a recently launched labor law affecting your industry, staying on top of it all is essential. And if you’re restructuring, expanding, or going through other transformations, you may have to interpret and adapt to an entirely fresh batch of legal requirements.
Compliance is one of the many payroll-related complexities you’ll likely encounter as a business owner. You’re responsible for understanding and complying with the following:
- The latest federal, state, and local payroll laws
- Income and Social Security taxes
- Compensation and pay frequency requirements
- Unemployment insurance
- Workers’ compensation, disability, and Family and Medical Leave Act (FMLA) laws
- Tax exemptions and other rules and regulations
Payroll software can help you stay compliant
Non-compliance can cost you steep penalties. But having a payroll process system can help you organize your payroll data and relieve some of the stress of staying compliant. You’ll have secure, meticulous records on hand, plus select software can automatically fill in the latest federal and most state payroll tax forms–and let you know when they’re due.
What if there’s an error and you hear from the IRS? Some payroll software solutions will help you resolve any federal, state, or local payroll tax mistakes made while using their product and reimburse any related penalty and interest costs. If you want added peace of mind and expert payroll support, payroll software is something to consider.
Complex organizations
Your payroll processes reflect the complexity of your business. Employ remote staff? Time tracking and attendance management can be more difficult. Have a global presence or operate in different states? You’ll have to adhere to guidelines and policies in those areas. Everything from irregular payment cycles and varying pay rates to hiring contractors can make payroll management more challenging.
Today’s payroll software can play a key role in facilitating your payroll management processes. It leverages the latest technology so that you can pay your team and access HR and benefits. There are plans that can benefit virtually any business and industry. Trade the time-draining, anxiety-inducing manual payroll process for a full-service payroll software solution that:
- Lets you view and approve employee hours and run payroll
- Tracks time, pay rates, and adjustments
- Offers your employees benefits
- Automates direct deposits and payroll tax deductions
- Allows employees to access pay stubs, W2s, PTO balances, and withholdings
- Calculates federal and state payroll taxes and completes most forms for you
- Tracks vacation time, sick time, medical and dental insurance, retirement plans, and employee deductions
Consider how payroll software could support and empower your team
No doubt, payroll is a demanding business process. Even the largest, most equipped, and most well-established companies can struggle with it. It involves lots of moving parts, and you need to get it right. The right payroll software acts as an extension of your business, empowering your payroll administrators, finance department, and HR team. And it’s more affordable than you may think—a valuable investment that will pay for itself in time and money saved in the long run. Discover how payroll software can help simplify and solve your most complex small business payroll puzzles.
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