In the recent past, the corporate world has experienced a consistent surge of payroll solutions online. Hence, this makes it very easy for many businesses to harness the power of web-based payroll software to perform payroll procedures well. However, as an employer, you may still make mistakes even with the best technology in place.
Regardless of your industry, company and employee size, there are some pertinent steps you must take to avoid potential payroll mistakes. This is essential to ensure that your payroll administration has a perfect record of being 100% percent accurate every time. Here are the three most overlooked payroll mistakes that have brought trouble to many small businesses in the past:
When the topic of whether employee remunerations should be transparent is discussed, it is often hard to come to a consensus. Today, an increasing number of employees are requesting for a more honest and open approach to sharing information about everything from company financials to hiring decisions to employee salaries. On the surface, it may feel like it is a good idea to make employee salaries public, but there are certain factors you should consider beforehand and decide whether revealing the salaries of employees is good for your business.
There are several different types of expenses when it comes to payroll; some of these are required while others are optional. In almost all cases, you’ll need to pay taxes, as well as make contributions towards programs such as FICA, FUTA, and SUTA.
However, there are other things where you have a bit more room to weigh your options, such as healthcare and workers comp – although certain states have different laws regarding these components. Let’s talk about five payroll related expenses every small business owner is likely to deal with.
Payroll management is certain to be a vital part of your business. Oftentimes, business owners are bound to decide if a cloud-based online payroll service is preferred or if managing the payroll in-house is a better option. Granted, both options have specific pluses. Still, it is important to note the challenges that arise when you decide to take up the DIY option.
There are a variety of different payroll costs associated with running a small business, and it can be confusing when it comes to budgeting for all of them. Each company is going to be different and require certain things that other companies may not, so the price you end up paying is going to depend greatly on the needs of your company and industry. Below, we’ll talk about some of the factors that weigh into your overall costs, as well as other needs you should be aware of when choosing a payroll system.