How Can You Manage Payroll for Your Small Business?
If you played sports when you were young, then you grew up and entered the workforce already knowing how incredible it feels to be part of a team. As an adult, managing your own team of professionals helps you build positive relationships that help increase productivity, but it also comes with some important responsibilities — payroll being one of the most important of all. It goes without saying that employees won’t stay happy and perform at the top of their game for long if they aren’t paid correctly and exactly on time, but employee happiness is just the beginning.
Beyond making sure direct deposits hit bank accounts on time, you must make sure every rule is followed and every calculation is correct for deducting payroll taxes that are paid to the IRS. The legal penalties for mishandling payroll deductions can be catastrophic. If your company offers employee benefits like health insurance, those calculations and deductions have to be spot-on as well. Fortunately, plenty of tools are available to help you manage all the complexities of payroll for your small business — without hyperventilating!