Are you looking to streamline payroll for your business but aren’t quite sure how to do it?
While the payroll process is necessary for every business, it can be very time-consuming. When you have other business responsibilities to worry about, spending time on payroll can feel like a huge hassle.
Luckily, there are ways you can streamline payroll for your company. Check out this guide to learn how it’s done.
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Onboard Employees the Right Way
Setting up an efficient employee onboarding process will also make your payroll more efficient. When you onboard new employees, have them fill out their paperwork immediately.
Also, make sure you’re providing each employee with the right paperwork. Full-time employees will need to fill out a W-4 form, while independent contractors will need to fill out a W-9 form.
At the end of the tax year, you’ll provide your full-time employees with W-2 forms to show them their total compensation and hours worked, and you’ll provide your independent contractors with 1099 forms.
Invest in a Payroll Software
Payroll software offers a lot of benefits, including:
- It’s convenient
- It’s cost-effective
- You’ll have more accurate calculations and make fewer mistakes
- There’s no need to be a payroll expert to use payroll software
- It allows you to get payroll tasks done quickly
- It’s reliable and most software programs offer ongoing customer support
Of course, you’ll need to choose the right payroll software to reap all of these benefits. Here are some tips to help you choose the right payroll software:
- Define your business’ payroll needs
- Make sure the software you choose complies with payroll registration
- Look for important features, like phone support, check printing, mobile access, digital signatures, calendar syncing, and self-service portals for employees
- Figure out your budget
- Read customer reviews
Also, keep in mind that many payroll software companies offer free trials, so be sure to ask about these before committing 100 percent.
Outsource Your Payroll
You also have the option to outsource your payroll if you want to be completely hands-off with the payroll process. This is a great option for small business owners who don’t have time to handle payroll tasks on their own but also don’t have the budget to hire a full-time employee to take care of payroll.
Outsourcing allows you to focus on other areas of your business and invest your money in other important things. Outsourcing your payroll can also help you avoid mistakes that can lead to IRS penalties.
Are You Ready to Streamline Payroll for Your Company?
Now that you know how to streamline payroll for your company, it’s time to get started. With these tips, the payroll process will be a breeze.
Be sure to check back in with our blog for more tips and tricks on how to streamline your business processes.