Payroll – Manage It in 7 Steps
Posted On: 28/06/21 - 0

What You Need To Know About Payroll For Your Small Business

As your small business expands, your team grows large in number, which means your payroll grows too.  But while the team grows, the responsibilities of the business owner also increases. One of the responsibilities is paying your employees. Your team won’t be able to function unless they are paid well. Therefore, here is a step-by-step guide to help you manage your payroll and your business.

Step 1: Know Your Big Deadlines When Paying Staff

Dealing with so many accounting deadlines can be quite a stressful task. Among the deadlines, you also need to keep track of the employee income and hours. Try to have a good system which reminds and alerts you with the important dates when the deadline nears. Working ahead of time and keeping accurate records throughout the year can help you manage the payroll well when the time comes.

Step 2: Invest in Payroll Software

To manage your employees’ pay, you need to collect data such as social insurance numbers (SIN), birthdates, addresses, etc. Software makes it easier to store employee information and even automate the whole process for you in terms of calculations as well.

Step 3: Get Support from Your Software

If you are choosing a payroll software, you need to ensure that you get good support for your software. Sometimes the software might have some technical glitch which may prevent the staff from being paid. Therefore, having technical support is an important thing to consider when looking for a product.

Step 4: Keep an Eye on Details

Take some time to cross-check the details for the employees that you have entered in the pay system. Check the start dates, current addresses, date of birth, bank details, and so on. It is important to check for mistakes as any error can create more problems in future.

Step 5: Keep Up with the Legislation 

Changes in the legislation might affect the compensation  system due to the introduction or update of new tax laws, minimum wage, etc. These laws can change frequently and you need to stay informed and remit employee income deductions. Make sure you are in line with the changing rules and tax laws.

Step 6: Invest in Software Training

No matter how good you are at payroll, it is always recommended to go for training. A short training course for business pay services can help you get updated with the laws, make the payroll reporting system more efficient for you.

Step 7: Try Outsourcing

When the  business expands, entrepreneurs have greater responsibilities that need focus and time. Managing a pay system can be troublesome. If you do not want to be responsible for a labor intensive payroll, you can always contact Cheryl at 780-482-7297  for a quick and economical way of outsourcing this administrative task. One that guarantees the job will be done on time, every time. This will guarantee that you will never be faced with late filing fees on your payroll.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297

cheryl@padgettnw.com