What to Know About Online Payroll for Your Small Business
Updated: May 24, 2021
Whether you have three employees or 3,000 employees, then payroll is part of your system. While that may seem like a lot, there are ways to get things done easier. A lot of support can be found through the correct approach and the appropriate software.
As any small business accountant will tell you, the word 'payroll' can actually mean one of two things. Mainly, it refers to the process of accounting wherein you pay your staff. That also involves the salary amounts per employee and the total cost of it all.
Secondly, payroll can simply refer to the list of employees you pay.
Getting your payroll right shouldn't just be about fulfilling a legal requirement. It also has everything to do with making sure your employees are compensated properly and well taken care of.
Here are some tips so you can set your payroll system up properly:
Get Your Business Registered - The documentation of your payroll must have your registered business number. The same goes for any and all forms necessary for tax submissions.
Have Your Employee Information - You should have a record of the information of your employees. Key elements include their full name, address, contact number and social security number. If taxes must be deducted, that should be listed too. To know exactly what data you have to keep on record, check the local regulations in your area.
Complete Your Paperwork - Both you and your staff should complete any and all necessary forms in a timely manner.
Set Clear Pay Periods - Look into the requirements of your state. How often should your employees be paid? It could be monthly, bi-weekly or even every week.
Stay Updated - Make sure to get the information in your payroll refreshed on a regular basis. If this is tricky for you, it’s best to work with an accountant in the Gold Coast to help out.
Secure Your Archive - Some records need to be stored for years on end. It's important to figure out how to store them. You can likely get accounting software that's specifically for payrolls. However, documents such as tax forms will likely still require physical storage space for paperwork.
Prepare to Adapt With Changes in Your Payroll - All companies or organisations go through changes in their employee roster every so often. That means there is no way for the payroll to be fixed. When there's a new employee in the fold, check to ensure the right tax documents are filled out and filed.
Payroll operations can be rather tricky, but they are essential for any business. Aside from ensuring that your employees are well taken care of, it's also a legal requirement for any company or organisation. Doing it yourself can be incredibly stressful, so don't be afraid to ask help from a skilled, qualified and experienced accountant who specifically works with small businesses.
Are you looking for a small business accountant in the Gold Coast? New Wave Accounting can help you with your payroll concerns. We understand small businesses and have worked with over 600+ businesses over several industries. Contact us today to learn more about our services.