How to Streamline Your Payroll Process

 

Paying your employees consistently and promptly is important for your business. Small businesses and startups may struggle with an efficient system. A streamlined payroll process is something that any business needs to have.

 

streamline payroll process

Choose a Paperless System

Many small businesses still use paper checks, time cards, and paper stubs. An online system for payroll makes paying your employees easier. This is also an opportunity for your business to become sustainable. 

 

It is in your employees’ best interest for them to receive their pay stubs and pay information electronically. Make sure that you can pay every employee through direct deposit.

 

Connect Systems

Choose a system that integrates your time log software and payroll software. This minimizes the time spent manually logging hours into the payroll system. All the data transfers automatically. Because of this, human error is less likely. 

 

Minimize Pay Cycles

Some businesses pay employees at different times depending on their level or rank. It is common for management to be paid monthly and midlevel to entry-level employees to be paid on a bi-weekly basis.

 

However, it is more efficient to pay every employee at the same time. Combining pay schedules decreases the chance of errors made during the payroll process.

 

Processing Payroll

If you own a small business and do not have the means to pay for a payroll department, it is often better to do it yourself. There is great payroll software that will keep adequate track of getting payroll out on time. Find one that has the correct information for taxes.

 

Stay Current on Tax Laws and Policies

You must stay up to date on the current IRS regulations and tax laws. Make sure you are filing your payroll taxes correctly and on time. States and Federal tax regulations are always being updated, so make sure you are aware of the changes when you are filing.

 

Get Payroll Help

If your business is growing and you find it hard to keep up with payroll on your own, it is important to send it to an outside contractor. The last thing you need is your employees noticing you are not paying them on time because you are too busy. This gives you time to focus on what is more important to running your business.

 

If you submit payroll to a bookkeeping firm, keep track of your employee’s working hours. Input a time clock so you have the most accurate data. It is easy for your employees to manage the time clock, and motivates them to come to work on time.

 

 

Are you considering outsourcing your payroll process or have further questions? PL Consulting is here as your business’s go-to resource for bookkeeping. We customize our services to each of our clients and their business plans. Call us at 410.764.3731.

 

The Benefits of Outsourcing Your Payroll Services

When running a business, there are really no days off. You are responsible for every element of the business, from building maintenance to employee management to customer satisfaction, it can easily get overwhelming. The good thing is that you don’t have to take on all of these responsibilities alone. In fact, it’s better to ask for help to ensure that everything is done thoroughly and efficiently. Payroll can be a nuisance, especially if finances aren’t your expertise. Here are just some of the many benefits of outsourcing your payroll services! 

outsourcing payroll services

Risk Management 

Payroll and tax regulations can be complex and you do not want to take the risk of owing the IRS or your employees a bunch of money because you did payroll incorrectly.

A professional financial services company knows all the ins and outs when it comes to legislation, government regulations, security, and privacy, to ensure that everything is done correctly.

This is especially great for small businesses who don’t have a lot of team members with payroll expertise. You will have peace of mind knowing that your payroll is being handled efficiently.

Control Costs

Without proper financial management, no business can truly be successful. Your goal when running a business is to keep clientele happy while also increasing profits.

Outsourcing your payroll services allow you to focus on other aspects of your business so that you can maximize the amount of money coming in.

With someone else managing your payroll, you also don’t have to worry about the costs of payroll software, equipment, and training, which are all included in the one service fee you pay your payroll expert. 

Time Saving

As mentioned before, there are really no days off when running a business. However, when you outsource payroll services, you can now use that extra time to focus on other aspects of your business that need to be addressed.

Hours can be spent entering payroll data and double checking numbers to ensure accuracy. Leave this task to the professionals while you take care of your clients and employees. 

Maintain Control 

Many people think that outsourcing payroll services means you no longer have control over payments. However, this means quite the opposite. You have full discretion over which specific services you will outsource to professionals, allowing you to keep control over desired aspects of payroll services.

You may choose to outsource the data entry and tax aspect of payroll, but keep the actually check distribution in-house. This flexibility gives you full control over your outsourced services and gives you a peace of mind knowing that well-trained professionals are managing your payroll funds. 

Contact PL Consulting Today for Your Payroll Services! 

At PL Consulting, we consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax management, budgeting, and more.

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each and every one of our client’s unique needs.

To book PL Consulting today or get more information, contact us at (410)-764-3731 or at https://www.plcfo.com/contact/

The Costly Effects of Payroll Errors

At any company, getting paid is important. Of course, distributing paychecks is the largest expense for any company but not distributing checks properly is even costlier.

At any company, getting paid is important. Of course, the purpose of performing a job is also important as well as how many fun, company trips are planned: people still want to be paid and paid correctly. In the long run, it can cost payroll significantly if they are not detail-oriented. Of course, distributing paychecks is the largest expense for any company but not distributing checks properly is even costlier. Here are a few reasons why.

Continue reading “The Costly Effects of Payroll Errors”