Have you just started your own business and are about to take on a set of employees, or perhaps you’re the owner of an established business but are struggling to keep on top of your payroll? Whichever applies to you, here is a short guide to choosing an online payroll service that will do everything you need it to:
Even for businesses with only a handful employees, payroll is an essential function that must be kept on track at all times. However, payroll management is a huge task for smaller businesses, who without the right expertise and time, struggle to keep up to date with every crucial aspect of it.
While spending time processing payroll is not exactly time wasted, it is however, time that as a business owner or manager, you could put to more constructive use, such as promoting and marketing your business or interacting with customers. One simple and effective way of ensuring that your employees are paid properly each week or month, yet without having to do it yourself, is to make the switch to an online HR and payroll processing program. Here are some of the advantages of using an online payroll system for your small business:
For most small business owners, their company is their livelihood, and so it’s important to get every aspect of it right, even down to payroll and human resources. Once you’ve got a set of employees (or even just the one employee!), your business could depend on how satisfied they are with the way in which they are paid; are the hours correct and is the pay timely. While it may seem more cost effective to try and manage payroll and human resources yourself, it often ends up costing you less to implement an online payroll system and outsource your human resources management:
Salaries, bonuses and deductions (such as transit or health insurance) are the financial obligations paid by an employer to their workers, and these are covered by payroll.
As the owner of a small enterprise, you’ll probably know just how strictly regulated the legal system is with regards to many aspects of running a business, and this can prove especially complicated when dealing with the employee payroll accounts. There are myriad state and federal regulations with regards to pay, and ensuring that you comply with each of them can be a worry. Below are a few points that should set you going on the right path:
In basic terms, a payroll system incorporates everything involved with the paying of employees and the filing of employment taxes. The number of hours worked must be tracked, wages must be calculated, taxes and other deductions must be withheld, pay checks printed and delivered to staff, and all appropriate taxes must be paid to the government.
The world of software is constantly changing for business owners, and selecting the right combination of payroll integration software to suit your needs, is crucial for the smooth running of your company.
When compared to bigger companies, small businesses face a whole host of unique challenges, many of which they may not have the funds or resources to handle effectively in the same manner as a large business might.
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In days of old, payroll involved a whole lot of manual calculations on ledgers and employees were all paid in cash. Gradually, as time progressed, pay checks were introduced and workers often waited up to a month to receive their pay. Then, when federal withholding taxes made their merry way into the equation, things got a whole lot more complicated.
If you own a small business and haven’t already set up a payroll system, then you may be looking to do so. Listed below are 9 steps to help you set up the right system for your business needs:
Non-core functions are classed as activities that are not chargeable to your customers, and which do not affect your competitiveness with other businesses. A prime example of a non-core function would be payroll.
Penalties for late filing of taxes or incorrect payments are a common cause of concern among many businesses, particularly smaller companies who tend to prefer to tackle their payroll duties singlehandedly. This may work well for some business owners who have enough time to devote to payroll, but without specialist knowledge of the many state and federal rules, laws and regulations surrounding it, it can be easy to slip up and make costly errors. Business owners who choose not to outsource payroll, are still legally responsible for any cases of misrepresentation or failures to inaccurately report employment taxes to state and federal government agencies.
If you’re the owner of a small business, you’ll know that there are many roles to be fulfilled, and you may have been tempted to take all of them on, yourself. That may even prove workable if your company is very small and you have no employees, but the minute you take on a workforce – even if it’s only one or two individuals – you’ll need to ensure that payroll is completed accurately and in a timely manner, and this can be difficult to focus on if you’re running every other aspect of your business, too.
Both time consuming and complex, payroll for employees is the bane of many a small business owners’ life, yet as a necessity, it has to be dealt with one way or the other. Fortunately, there are a number of ways in which you can simplify payroll, while still ensuring that your employees are paid; read on to know more:
Payroll still is, and quite possibly always will be, an integral part of many businesses, especially if they have employees to pay salaries to, and taxes to withhold. However important they remain though, there are always new regulations to abide by, payroll software updates and changing tax codes, meaning that it’s important to stay on top of what’s new in the world of payroll. Mistakes can prove costly and the responsibility placed on payroll professionals, is a big one.
Keeping up to date on federal and state policy issues and laws with respect to Human Resources and payroll, is a constant, ongoing task for HR professionals, and many small businesses outsource this element of their operations to ensure that they’re always compliant.
As the owner of a business, it is your responsibility to make sure that payroll runs smoothly and efficiently, for your sake, that of your business and of course, your employees.
Payroll can seem like nothing but a financial hindrance to a company’s success, especially if it’s performed manually and is a time-consuming affair. However, viewing payroll as an asset to a company, rather than merely an added cost and exercise that takes up valuable time, can help bring financial insights that may ultimately bring a company more business.
If you’re the owner of a small business, you’ll know just how important finances are in measuring your businesses success. Most financial considerations are kept within the company, and often strictly so, but payroll is one part of the business in which every company member has a vested interest. Often the biggest expense for companies, too, it’s vital that payroll be processed accurately and efficiently.
The world of payroll systems can be a bewildering one, but there is no doubt that once you’ve selected a good one, it can be extremely beneficial for your business. They can simplify payroll, offer you flexible administration and even help you save money.
Payroll is a vital aspect of any business’s financial accounting, whether it be large or small, and it can affect every aspect of a business, too, from its financial stability, to the morale of its’ employees.
Finding a reliable and budget friendly payroll provider can take time and effort, not to mention the work that will be involved in the transition to working with a third party, so is it worth it? We think so, and here are 3 reasons why payroll is best left to the experts:
Timekeeping and payroll are two elements of a business that are inherent to its success and making both as simple and effective as they can possibly be, is the first step towards a business being productive and profitable. Nowadays, more and more small businesses are turning to online systems to track and manage employee timekeeping and payroll, and there are multiple advantages, most of which can be found below:
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When you begin the search for new employees, there are certain steps that must always be taken, such as publishing the job description online, sifting through the candidates and setting up interviews
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Many business owners try to keep their records on their own using some online applications. Is it a wise thing to do your own bookkeeping trying to save on a bookkeeper’s service? While you can handle some basic bookkeeping work, it is almost impossible for you to hit the efficiency and accuracy of a professional bookkeeper.
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Investing in background checks for potential employees can often be worthwhile, but without really knowing what you’re looking for and understanding what type of action you’re permitted to take based upon the findings, they’re not always as helpful as they might seem.
Nowadays, part of the hiring process for employers often involves conducting background checks on applicants, but knowing how to choose the right service is not always obvious.
Nowadays, the majority of employees in the United States are paid via direct deposits into their bank account, and these numbers are growing due to the increased benefits for both employers and their workforce.
There are few aspects of HR workflows that haven’t been impacted by the ongoing health pandemic, COVID-19, and pre-employment background checks are no exception. Courts and other facilities for accessing public records have been closed, and laboratories for drug-testing have been too, or at the very least, been very hard to get access to.
Mandated by the state and federal employment law, labor law posters must be displayed in prominent positions by all employers paying one or more workers, and failure to do so, could result in a hefty fine, penalty or even a lawsuit. Read on to find answers to some of the most commonly asked labor law poster questions:
Controlling rising healthcare costs and improving the overall standard of care that your employees receive, is only possible if you understand and manage the whole health experience. Having one carrier provide you with benefits for medical, behavioural, stop-loss and pharmacy, can give you a much more integrated view and help you to manage a successful health care program.
HR professionals face a variety of demands at the best of times, but with the global pandemic shaking up the way many businesses operate, the past few months have proved even more challenging for them. Not only have they been forced to make sense of new regulations and guidance that sometimes changed from day to day, but they’ve had to manage dwindling – or in some fortunate cases, increasing – workforces, and often, in-house HR pros were (and continue to be) understaffed and under resourced.
HR is important to any business, no matter what its size, and some roles associated with HR are more important than others. Here are a few of what are generally considered to be the most important ones for the smooth running of any HR department:
The ongoing health crisis has put employers the world over, under immense strain, and added to the existing challenges of managing the health care costs of employees. However, for employers who keep their business heads on while shopping for health care benefits, take advantage of digital health technologies and partner with hospitals and physicians, may be able to weather the storm better than others.
Owning a small business means that you have a lot to protect, and choosing the right insurance coverage can be the difference between your business succeeding, or failing. It can often be hard to determine exactly what kind of insurance coverage your business actually needs, and when it comes to workers’ compensation insurance, many small business owners don’t even fully understand what it is, let alone know whether they need it or not.
Outsourcing is never something to be ashamed of, no matter what the size of your business, instead it is something to be proud of, and shows customers and other business owners that you have taken steps to successfully fulfil as many elements of your company as you can, and that you are not cutting corners when it comes to your employees.
Expediting the transformation of employer-sponsored health care benefits, the COVID-19 pandemic has been the catalyst for several changes to group health coverage, some of which are discussed in more detail below:
Expediting the transformation of employer-sponsored health care benefits, the COVID-19 pandemic has been the catalyst for several changes to group health coverage, some of which are discussed in more detail below:
You’d be mistaken if you believe that only large businesses need to concern themselves with employee background checks, and if you’re running a smaller business, there is perhaps even more need for you to be vigilant when it comes to who you employ; here’s why:
Background screening for employees is usually divided into 3 parts: public record searches, verifications and drug screening, and with the ongoing health crisis, each part is affected differently:
If you’re a small business owner, you’ll already know and hopefully appreciate that your employees are one of your most valuable assets and at the same time, they are your biggest expense, too. For that reason, it’s vital that employee working hours are monitored so that you can ensure you’re getting the most out of them for the benefit of your business. You must also maintain accurate and up to date records of any sick leave and holidays they may take, to be sure that you’re paying them correctly.