In 2017 alone, the IRS dolled out a staggering total of $7 billion in civil penalties to businesses that failed to meet employment tax requirements. In addition to making your business vulnerable to such penalties, failing to properly manage your payroll processing requirements can also lead to wasted time and a loss of productivity as well as the potential for payroll fraud. To help business owners avoid the various issues associated with poor payroll management, we’ll take a look at three tips on how to manage your company’s payroll more efficiently.
1) Stay Up-to-Date on State and Federal Tax Requirements
State and federal tax requirements regarding payroll taxes are constantly changing. In addition to the laws themselves changing on a regular basis, your business’s specific requirements are prone to change as well as it grows and takes on new employees. Given the ever-evolving nature of payroll tax requirements, it is essential to be proactive and constantly stay up-to-date on what is required of your business.
2) Create a Payroll Calendar
A big part of efficiently managing payroll processing is staying organized, and a good payroll calendar can go a long way toward helping this cause. In addition to helping keep those responsible for payroll processing organized, a payroll calendar can also help keep employees informed as to when they will be paid and when their timecards need to be turned in. Many payroll software applications will include functionalities that allow you to easily create a payroll calendar, but you can also create one yourself in a spreadsheet if your company does not use such software.
3) Delegate Payroll Duties
If the employees you have assigned to complete the various tasks associated with payroll processing are struggling to keep up, spreading the tasks around to other employees in your company is always an option. If your payroll department is stretched too thin, delegating some payroll responsibilities to members of your HR department is one option to consider. HR professionals do tend to have some degree of training and experience with payroll processing, making them an ideal group to turn to when the members of your payroll department are in over their heads. Allowing your HR employees to attend payroll training is also a great practice to adopt since it ensures that they will be prepared should you ever need them to help with payroll duties.
Let Employer Payroll Solutions Take the Stress Out of Payroll Processing
There are a number of ways to manage payroll processing more efficiently – but none of them are as effective as payroll outsourcing. At Employer Payroll Solutions, we are committed to helping companies of all sizes eliminate the burden of payroll processing while at the same time ensuring complete accuracy and security. If you would like to learn more about outsourcing your payroll responsibilities in order to save your company time, money, and hassle, be sure to contact us today!
