If you are struggling to better organize your business’s payroll administration, you’re not alone. This area serves to cause headaches for business owners everywhere. Even learned HR managers have trouble with payroll administration organizations.
But don’t lose hope. With just a few easy steps, you can learn how to stay on top of the ever-changing world of payroll.
5 Easy Steps for Organizing Payroll Administration
By following these five easy steps, you will be well on your way to better managing your business’s payroll administration. It will take practice and plenty of diligence, but the results are worth the hard work.
Invest in the Right Software
There’s no question that technology has helped to streamline pay stub processing. As such, you should have a capable software program leading the charge in payroll administration. If you find that your existing software only serves to confound and make things difficult, start searching for a replacement.
There are plenty of top-rated programs available for your consideration. If you need assistance determining how much needs to be deducted from each pay stub, a simple yet effective payroll calculator will serve you well.
Although basic in design and function, these handy calculator programs not only allow you to see what kind of withholdings to apply but also deductions for social security and benefits. Moreover, some are more advanced than others, allowing you to track employee hours, create reports, and more.
You can download numerous free payroll calculators or use them online via websites. A simple web search for “payroll calculators” or “payroll software” will reveal a seemingly endless variety of options.
Organize, Organize, Organize!
It goes without saying, but one of the most effective things you can do in your journey to organizing payroll administration in your business is to stay organized. It may sound redundant, but if you can get a head-start on organization in the office, it will be much easier to manage your payroll.
Here’s why. When your payroll processing files are neatly organized and easy to search through, you can avoid accidentally overlooking essential data. As such, you should consider using a payroll calendar to assist you in keeping track of important dates.
In doing so, you can be sure to submit information in a timely manner. When you are organized in the office and on your desktop, pay stubs management becomes much easier.
Don’t Overthink It
Payroll administration is an admittedly complex venture. However, you don’t have to make it any harder than what it already is. Therefore, look for ways that you can streamline payroll. A good example of this is ditching physical paychecks and switching over to direct deposit.
Direct deposit eliminates the need to prepare and issue each paycheck. And by doing so, the only thing you will need to be responsible for is handing out each pay stub. Furthermore, you can look forward to significantly reducing your paperwork.
Your transactions will become quicker and more efficient, and you’ll even have a modest amount of office supplies in the process.
Familiarize Yourself With Payroll Regulations
The rules and regulations regarding payroll are an ever-changing beast that can easily get away from you if you don’t stay on top of it. Don’t allow yourself to fall behind on your knowledge and understanding of payroll administration.
Failure to stay current on all legislation could result in you running into legal problems or penalties. Moreover, you could even be fined as a result of an audit. If your tax filings need to be corrected during tax season, you could end up in a world of hurt.
Don’t let this happen to you. Brush up on all current rules and regulations that are relevant to payroll. Not sure where to start? Fear not, for there are numerous resources via the Department of Labor (DOL) that can help you get back on track.
If you visit the Department of Labor’s website, you will find a wealth of information on all things related to payroll and more. Here are just a few of the topics you will find on the DOL website:
- Uniformed Services Employment and Reemployment Rights Act
- Government Contracts, Grants, or Financial Aid
- Migrant and Seasonal Agricultural Workers
- Employee Polygraph Protection Act
- Family and Medical Leave Act
- Workplace Safety and Health
- Employee Benefits Security
- Plant Closings and Layoffs
- Unions and their Members
- Workers’ Compensation
- Mine Safety and Health
- Garnishment of Wages
- Veterans’ Preference
- Employee Protection
- Wages and Hours
By familiarizing yourself with this helpful resource, you can be sure to avoid potential pitfalls in payroll administration. If you have an HR manager, be sure to implement training involving pay stub management research.
Have your manager look over the Department of Labor website to learn with you. With both of you being proficient in payroll, your business will be far less likely to overlook critical areas.
Don’t Be Afraid to Seek Help
Payroll administration can be stressful, to say the least. So you shouldn’t be afraid to get help from industry experts. If it’s just you managing your entire payroll, consider hiring a specialist to assist you for a short time.
You can learn along the way and take over full-time when you are confident that you can manage your business’s payroll on your own.