Anyone who manages a small business knows that wearing multiple hats comes with the territory. But while you are likely adept at some aspects of owning and operating your business, there are probably so many things you’re learning as you go that you can easily get behind. And this can spell trouble for your professional undertaking. It can be especially damaging where your payroll is concerned since a failure on your part generally means that your employees or contractors aren’t getting paid in a timely manner. And this does not make for a happy and productive workforce in most cases. In fact, it could cause you to lose talented individuals that your business needs. If you don’t have time to take classes or seminars related to learning the ins and outs of an efficient payroll system, you’ll be glad to hear that there are simpler steps you can take to streamline your payroll management. Here are a few that could get your system running smoothly.
- Computerize your clocking system. If you’re working with an old-school system for clocking in and out that relies on paper punch cards and requires data entry in order to get people paid, it’s time to upgrade to a machine that transmits employee work hours directly to your computer system so that you don’t have to have someone enter punches by hand.
- Keep up with financial responsibilities. It’s important to keep your books up-to-date and stay on top of important deadlines like closing the books for the fiscal year, filing taxes, and so on. Instead of putting these tasks off until the last minute, you can stay ahead of them by setting aside time once a month to catch up, or even call in a professional bookkeeper on a regular basis to keep everything in order for you. This will help to ensure that you have the funds necessary to cover payroll, rather than holding up the process.
- Talk to your CPA. Your accountant can help you with more than just filing your taxes and getting money back; this professional may also be able to offer you advice concerning your entire financial tracking system, as well as software that will streamline all of your finances, including your payroll.
- Update software. We all know that computer technology is advancing at an accelerated pace, so that you hardly finish paying for new hardware and software before the next big thing comes along. And while you don’t necessarily have to update frequently, a system that is extremely outdated or that simply isn’t meeting your needs indicates that at least a software update is in order.
- Outsource. If you’re having trouble setting up payroll to your satisfaction, it might be time to admit that you simply don’t have the necessary knowledge or skillset to make it happen on your own. In this case you should know that there are no shortage of qualified vendors like Patrick Payroll that are equipped to meet your needs. Although there will be some expense associated with this move, it may be worth it to keep your staff and contractors happy, ensuring that business goes on as usual.