web analytics

Amazingly Easy Payroll Tips To Help Make Check Time A Breeze

Seventy-eight percent of US workers live paycheck to paycheck

Getting paid the correct amount and getting it on time is essential. That’s why employers need to use accurate payroll practices. One incorrect payment can set an at-risk employee back a month (or more). 

Keep reading to find easy payroll tips to make payday a cinch.

Amazingly Easy Payroll Tips To Help Make Check Time A Breeze

Determine Whether Your Employees Should Be Paid a Salary or Hourly Wage

Paying your staff a salaried wage makes payroll a much easier process to manage. When they’re paid a salary, you (and they) know exactly how much they’ll make every month. You won’t have to do many calculations.

Hourly wages might make more sense for your business model, though. In that case, you need a way for your employees to keep track of their hours. There are several ways to approach this.

If you have a small business, old-fashioned pen and paper timesheets might make the most sense. They’re free and easy to use. You’ll only need to make sure your employees are accurately recording their hours.

Larger businesses might prefer an electronic option. There’s certainly no shortage of time clocks or computer systems available. Choose one that both you and your employees are comfortable using. 

Determine How Often You’ll Pay Your Staff

Business owners have the freedom to choose how often they’ll cut paychecks.

Most employers use a bi-weekly model, paying their employees every two weeks. Others prefer making one payment at the end of the month. Some even pay at the end of every week.

You’ll need to determine what works best for your business

Determine How You’ll Pay Your Staff

Now you know how much and how often you’ll pay your employees. Your next step is deciding how you’ll issue them their money.

Electric Funds Transfers are becoming a popular method of payment. EFTs will deposit your employee’s earnings straight into their bank account. This is the easiest way to pay your staff, but not everyone is comfortable with online banking. 

A paper paycheck is an old-fashioned way of doing things. Older employees especially may find it more private than EFTs. 

You’ll need to issue real check stubs to your staff, too. Stubs provide proof of income and show pertinent information like payroll deductions.

Use the Right Software

Payroll can be confusing and time-consuming if you haven’t taken any training. If you’re still trying to process payroll with a pen and paper, it may be time to look at software to help. 

There are plenty of online platforms that can help with processing, tax compliance, and PTO management.

Forty percent of small businesses incur penalties from the IRS for incorrect filing. This will be less likely to happen if you use the right program.

This software isn’t free, but it’ll save you on time and energy in the long-run. 

Use Easy Payroll Tips for More Peace of Mind

Running your own business isn’t an easy task. Even when you’re not at work, your mind is running rampant with tasks and sales goals. Worrying about how to pay your employees shouldn’t even be on your radar.

Our easy payroll tips will make your upcoming paydays a breeze. 

Check out our other articles for more tips for business owners. 

 

Five Essential Products And Services For Your Small Business

When you want to start a small business, you need to get five essential services. You need to understand how these companies and experts can help you. When you start with insurance, you can expand the services you use to manage your company. You can hire an expert to do everything you need, and you can focus on the core of your business.

Five Essential Products And Services For Your Small Business

1. Insurance

Small business owners have an obligation to protect their venture as well as their workers. A small business insurance policy will protect the business. However, you need worker’s compensation insurance if you employ a certain number of people. Consider finding an insurance agent who will work with you on these and other worthwhile policies. An insurance agent can tell you what level of coverage you need, determine whether or not you can bundle policies to save money, and help update and upgrade your coverage in the future. [Read more…]

Four Simple Financial Tips to Keep Your Life in Order

Four Simple Financial Tips to Keep Your Life in Order

Many people find it difficult to manage their finances properly. They have difficulty in allocating their income to categorize their savings and their expenditure. If you do not prioritize your finances, you are probably going to suffer from fiscal problems almost all your life. There are a number of different things that you can do to attain financial discipline. For instance, taking out title loans is a great idea, especially when compared with other types of loans. But, you need to be careful of the circumstances. Here are four simple financial tips that will help you get your life in order. [Read more…]

Why You Should Refresh Your Driving Knowledge

While you may feel confident at driving, is it possible that your skills aren’t as good as they once were? After passing your driving test, you’ve likely spent several years on the road. This will lull you into a false sense of security, thinking that your driving is always good enough. Unfortunately, you might have driving behaviors that pose a danger to yourself and your passengers. Wanting to keep your children safe makes a great reason to consider studying the rules of the road.

Although you might feel capable already, brushing up on your driving knowledge will give you the edge that you need! We’ll outline a few other reasons for refreshing your driving knowledge below to help encourage you to do it! [Read more…]