Running Your Own Business? Here’s How to Better Manage Your Payroll

January 14, 2021

For most businesses, payroll management (and processing) is one of the monotonous processes where delays, errors, and legal issues are common. From processing those paychecks to issuing bonuses, making statutory deductions, keeping track of required documentation, and observing labor laws compliance, payroll management may not be a bed of roses or a walk in the park. A small mistake can lead to major problems.

manage payroll

For this reason, it is crucial for every business owner to have a payroll management plan that is organized and detailed. It should consider essentials such as payroll taxes, minimum wages, overtime, PTO, etc. Well, it can be a bit hectic if you don’t have an effective and efficient strategy.

So, is payroll driving you mad? Well, you are not alone. Many business owners and human resource managers face challenges when it comes to finding better ways of executing their payroll processes. When running your own business, here are some important tips on how you can better manage your payroll.


1. Invest In the Right Payroll Management Software

Truth be told, technology has made payroll processing and management easier than ever before. If you are looking for ways to better manage your payroll effectively, the answer may be as simple as adopting the right payroll management software tool.

Manual payroll systems are time-consuming and very much prone to errors. On the flipside, automating your business with the right payroll management software is more beneficial. It makes managing pay for your employees easier for your business by increasing accuracy while saving time, energy, and money. It comes with features that allow a wide range of functionalities. You can easily keep track of the time each staff member spends at work, employee time off, tax deductions, staff benefits, salary changes, and anything else relevant as far as payroll is concerned.


2. Keep Up With the Relevant Payroll Rules and Regulations

Payroll legislation keeps changing and may affect the way you need to manage your payroll. Therefore, it pays off keeping abreast of these ever-changing rules and regulations to avoid potential legal penalties and legal issues with your payroll system. Staying up to date with payroll regulations enables business owners to avoid costly processes like auditing and tax filing corrections. So, if you are not sure about the applicable regulations, it is prudent to consult a reputable payroll legal adviser.


3. Keep Calm and Consult the Experts

Managing your own payroll can be overwhelming especially when doing it in-house and by yourself. The good news, however, is that you don’t have to stress about it. There are plenty of payroll experts in this field. They are experts in what they do. Your business will always be on top of regulations and paperwork. Therefore, consulting a payroll expert will assist in streamlining your payroll, compliance, benefits, and much more while you focus on other productive aspects of your business. So, if managing your own payroll becomes a hassle, then you shouldn’t be hesitant on outsourcing to a reputable payroll company.


4. Keep It Simple

Even if payroll involves many steps and tasks, that doesn’t mean it has to be a complex process. A simplified payroll management process is actually the best to keep things running smoothly without much inconvenience to the entrepreneur or HR department. One of the ways you can simplify things is by doing away with writing checks and doing direct deposits instead. Through this, you don’t have to track down all the checks you have to prepare and issue. You can just keep a simple electronic bank transfer documentation. This makes the transaction much faster, time-saving, and cuts down on paperwork.


5. Always Maintain Your Employee and Payroll Records

manage payroll

As you may already know, the federal and state governments require you to maintain your employees’ and payroll records. This is mostly for tax issues and legal concerns. For example, you will find that some regulations require employers to store any payroll information regarding paid wages for at least three years. As a business owner, you may find yourself on the wrong side of the law in case those government agencies ask for that information and you fail to provide it. Also, regulations are in place for the process to be followed in disposing of payroll records after termination of contracts.

To conclude this piece, most business owners consider payroll management as one of the most challenging aspects of business management. However, it doesn’t have to be so frustrating. With the right information and tools as explained in this article, paying your employees should be easier, faster, and streamlined.


Submit a Comment

Your email address will not be published.

Is Your Business Being Found Online?

Laptop Metrics Colorado

Free Digital Marketing Report ($150 Value)

marketing module lineWant to know how your business stacks up against the competition?

Read more articles about Payroll.

Why Your Business Should Hire a Digital Marketing Agency

A digital marketing agency handles promotional and marketing campaigns that help a business attract more customers. Why should your business hire one? What benefits can you get from an external marketing team? In this article, we’ll talk about digital marketing...

Digitally Transforming Your Business Communications to Support Marketing and Growth

Digital transformation is reshaping the way we do business in many different ways. From the way we generate leads and approach the art and science of sales, to the way we communicate internally and externally, there is no denying that digital technologies beg the need...

Internet Marketing: What Is It & How It Can Build Your Brand

  The official birth date of the internet is widely considered to be January 1, 1983. Since then, we have grown accustomed to the web and its capabilities, spending more and more time in front of our computer screens. According to DataReportal’s Digital 2022...

Facebook Competitors: Do They Have a Chance?

It’s a death by a thousand cuts that Facebook faces, both now and in the future of social media experiences. That’s not to say that Facebook (now termed, Meta) is going to go away, just that it’s no longer the big bully on the block. There are scores of social media...

What Is Trust Flow SEO?

First, let’s see what trust flow means for websites – Trust flow is a measure of the quality and trustworthiness of a website, based on the number and quality of inbound links to the site.     A high trust flow indicates that the site is trusted by many...

What Do “Business Development Skills” Mean In a Resume?

Every business needs development, and we can see the development of a business in its marketing.     Marketing is not just about selling or advertising, it's about developing your business by creating relationships with your customers. It's about...

How Much Cornerstone Content Should You Have?

Cornerstone content is the foundation of your website or blog. It's the most important and comprehensive material that you have to offer, and it's what you build everything else around - including your social media strategy.     Cornerstone content is...

5 Things to Consider Before Buying Stocks

  Building a successful business is one of the best ways to achieve financial freedom. Nonetheless, this does not mean that you should stop exploring other opportunities to boost your income. The options abound, and one that you might want to consider is...

Read more articles about business.

5 Things to Consider Before Buying Stocks

5 Things to Consider Before Buying Stocks

  Building a successful business is one of the best ways to achieve financial freedom. Nonetheless, this does not mean that you should stop exploring other opportunities to boost your income. The options abound, and one that you might want to consider is...

15 Websites with Free Stock Images for Commercial Use

15 Websites with Free Stock Images for Commercial Use

Photography is an essential part of any design and finding the right commercial-use photos for free can be a challenge. Sure, you could find the standard stock photos of a person sitting in front of a computer or business professionals smiling in a conference room,...

How TikTok Is Changing The Way Businesses Advertise

How TikTok Is Changing The Way Businesses Advertise

  From old-fashioned word-of-mouth advertising, social networks have improved how businesses publicize their brands. There is a new world of digital marketing on Instagram, Facebook, YouTube, TikTok, etc. According to research, TikTok records over I 000,000,000+...

Understanding of Linux device driver development

Understanding of Linux device driver development

The creation of Linux device drivers is a highly demanded service provided by numerous IT companies. What is Linux? What are the functions of drivers in Linux-based solutions? How to develop these drivers? Find the answers in our article.     About Linux...

Share This