How to Do Payroll for Small Businesses – Tips for Business Owners

How to Do Payroll for Small Businesses – Tips for Business Owners

January 18, 2022By admin

There are a lot of responsibilities as a small business owner, including running payroll. It can be overwhelming to keep track of all your employees’ information while keeping your business afloat. Fortunately, there are payroll service solutions that can help you. Here are a few things to keep in mind before approving the next pay period for your staff. 

Update Employee Information

Before moving forward with payroll-related items, you need to ensure all your employees’ information is up-to-date and accurate. Begin by making sure all your employees know how to update recent changes, either by using an employee portal or relaying the information to the appropriate personnel. Remember that the simplest changes can affect an employee’s W-4, even a new address. 

Keep Track of Hours, Carefully 

Accurately tracking hours is an essential part of payroll management. As a small business owner, it’s your responsibility to make sure you follow tax regulations and document employees on the clock. You can customize your timesheet formatting to how you wish; it just needs to be available for record reconciliation. Payroll companies for small businesses will offer time tracking, among many other reconciliation services, to help you manage employee hours. 

Decide What to Manage

Trying to run your small business and scale it appropriately is challenging enough, so handling payroll on your own can be a lot of work. Thankfully, you don’t have to manage the entire payroll process independently. While you’ll still be responsible for reviewing payroll information, professionals can take on some of the more complicated aspects of the process, including having all the information ready for tax season or double-checking on discrepancies up to the professionals. 

Double Check Your Payroll

Double-checking your payroll helps determine if you’ve encountered any discrepancies between what has been calculated to be paid out and what actually was paid out. In general, if you see anything that seems a bit off, it’s best to get help from a professional. It’s necessary to reconcile your payroll before every pay period, before submitting W-2s to employees, and before filing quarterly taxes – at a minimum. 

How to Do Payroll for Small Businesses – Work With a Local Payroll Company

Take some of the stress off of managing your payroll and let professionals handle it for you. At Brabo Payroll, we offer payroll solutions to fit any business’ needs; we make it a priority to simplify the process so you can focus on your business.
Please contact us today with any questions!