Payroll
Managing your payroll
Payroll management is a term used to describe record-keeping as it relates to employees' wages, including all taxes, bonuses and deductions. All business owners are required by law to keep accurate records pertaining to payroll, no matter how few employees they have. Failure to do so can result in some very heavy fines.
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For many small business owners, payroll management is a big hassle - it takes up time that could be spent on building the business. The best way to save some of this time is to purchase an automated payroll system. Even if the rest of your books are done manually, an automated system will really save you time and help ensure that you are in compliance will all laws.
Formal Training
If you’re unsure about some aspects of payroll management, consider enrolling in a college course. Many community colleges offer courses in payroll management that are aimed specifically at small business owners. These courses may not make payroll management fun, but they can at least make it easy for you (which will free up more time for the aspects of running your business that you enjoy).
If you decide to enroll in a payroll management course, you’ll learn things like:
- How to calculate gross pay and net pay.
- How to calculate withholding tax.
- How to deal with overtime pay, holiday pay, statutory leave benefits and maternity pay.
Outside Services
Some small business owners decide that doing their own payroll management just isn’t something they want to do. Rather than breaking the law and not keeping records at all, these people turn to an HR outsourcing service. There are many companies out there who specialize in payroll management. These companies can do all your payroll work for you (and guarantee compliance with all applicable laws). Though they can be expensive, it’s often worth it in the long run to hire a company to do your payroll. After all, you may be able to make up for the cost with the extra time you’ll be able to devote to growing your business.
