Whether you are a new business just starting out, or looking to improve your current small business payroll management process, there are a number of options to consider. In addition, there are also a variety of tools and resources available to help you in designing - or re-designing - your payroll process.
Business Payroll Management Process Matters
It's important to avoid the temptation to run your payroll in any manner other than professionally. Your employees are your most valuable asset and deserve the best you can provide for them in terms of pay and a well-managed payroll process.
In addition, payroll can be one of the greatest sources of frustration, costly errors and oversights, as well as potential for litigation or penalization from government taxing agencies such the IRS. Getting your payroll process right from the start, or re-structuring it now to ensure that it is functioning optimally, will be one of your most profitable investments.
No business is exempt from compliance requirements, or the ongoing need to stay abreast of changing and new payroll-related legislation and regulations. But for the small business payroll professionals, managing all of this and still maintaining an accurate and timely payroll process can be challenging. However, there are four fundamental components that will ensure a solid payroll management process can be in place.
Four Steps For Small Business Payroll Success
The four essential steps for setting up your small business payroll, illustrated and explained further in this infographic from Intuit, are as follows:
You Can Have An Efficient Small Business Payroll Process
Whether you commit to running and managing your own payroll process, or outsource some or all of it, knowing the basics is essential. and one of the basics of building and running a successful business is knowing what to keep and what to outsource.
Although investing in the best possible in-house systems for your payroll process is a viable option, another direction you might consider is outsourcing. And while this can be simply outsourcing one process such as your payroll, with a full-service provider such as Accuchex, you have additional options for outsourcing as well.
Let Accuchex help you in managing your HR needs, payroll processes, and staying on top of compliance demands. Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.