Payroll and HR Outsourcing
Arizona Payroll and HR Services
- We utilize the latest cloud technology to ensure your employees get paid on time.
- With the cloud, we can help reduce the time it takes to process payroll.
- We help streamline your payroll process so that you’re compliant and up-to-date with tax filings and government regulations.
Payroll and HR Outsourcing
4 Tips to Manage Your Payroll Efficiently
Some business owners find the act of doing their payrolls tedious, confusing, and time-consuming. However, it doesn’t have to be the case. Implementing a payroll is also one of the most important business activities that’s why it’s important to have considerable knowledge about them.
Payroll problems may tie up company resources, lower employee morale, and harm your business in general. This article will give you some payroll managing tips to make the task easier and less daunting for you.
Efficient Payroll Management Tips for Businesses
If your business payroll process is disorganized, unnecessary errors may occur. Here are some helpful tips in simplifying payroll management.
Have an Employer Identification Number (EIN)
Before you can start managing employee payrolls, you need to have an Employer Identification Number (EIN) first. Just like a Social Security Number (SSN), an EIN serves as a way to identify your business for tax purposes.
Most businesses need to have their EINs before they are eligible to apply for file payroll taxes, licenses, and bank accounts. Depending on the location of your business, a state-level EIN is usually required besides your federal EIN.
Understand Wage Laws
No matter the size and type of your company, you need to comply with both state and federal laws. Doing this will help you understand your financial and legal obligations as an employer.
You need to ensure that you rightfully pay for your local, state, employment, and income taxes. It would also be helpful to double-check your current payroll process to make sure that all employees get paid accurately and on time.
Plan Your Salary Status and Pay Schedule
Wage status and pay frequency are both important key decisions you have to make as a business owner. A salary status pertains to how wages are computed. You can either pay an hourly rate for nonexempt employees or provide salaries for exempt employees. To make a decision, you need to consider the individual needs of your business and the employee positions.
On the other hand, your pay schedule determines when you pay your employees and how often they receive their pay. Businesses are advised to check their state and federal laws to confirm that you meet the minimum payday laws.
Payroll schedules typically come in weekly, bi-weekly, and monthly payments. Regardless of your choice, as long as you pay on time and keep it consistent, you won’t experience issues in the future.
Establish a Payroll System
Having a payroll system will help you calculate and manage the paychecks of your employees. In general, you have three types of systems to choose from – manual, outsourced, and software-based. Here are some brief explanations for these options:
- Manual – Some businesses prefer to manage their payrolls by hand to save costs. However, this method is time-consuming, tedious, and prone to errors.
- Outsourced – If you have some funds to spare, you can hire professionals to do payroll for your business. They are usually in charge of everything, from processing paychecks, handling deposits, employment taxes, payroll taxes, and more.
- Software-based – This option combines qualities from the two previously-mentioned methods – the convenience and accuracy of outsourced systems and the control and cost-effectiveness of manual variants.
Managing your payroll is not as simple as just giving your employees their pay. To implement the processes properly, you need to be aware of several steps and responsibilities. Doing this will also help your business avoid unwanted problems in the long run. By utilizing the tips discussed throughout this article, you’ll get closer to finding the perfect payroll management solution.
Payroll and HR FAQ
Why should I hire a bookkeeper?
Most people believe they are saving money by doing everything themselves, however, hiring a professional bookkeeper can save you money. Hiring an experienced bookkeeper will often save you more time than the money you save. For business owners, time is money.
What are the benefits of hiring a bookkeeper?
There are several benefits for business owners who decide to hire a bookkeeper. The main reasons are to prevent errors, to stay on schedule, and to free up valuable time.
Accountant vs Bookkeeper Whats the difference?
Bookkeeping is the recording of all purchases and sales that your business does. Accounting is an analysis of what that data means for your business. An accountant can be considered a bookkeeper, but a bookkeeper cannot be an accountant without proper certification.
Do I still need an accountant (CPA)?
An experienced bookkeeper can perform many accounting tasks. However, only CPAs, tax attorneys, and enrolled agents are able to represent you on your behalf before the IRS.