If you’re managing your business’s payroll, there are a few things that may be adding stress to your life and making it difficult to focus on other aspects of running your company. If this sounds like you, there are a few things you can do to simplify things so you can spend more time doing what really matters – growing your business. Here are four steps to simplify your business payroll online, so you can get back to what matters most.
Step 1. Getting started with a simple payroll software
Payroll is one of that necessary evil that any small-business owner has to deal with at some point. Even if you only have a couple of employees, sooner or later you’ll need to take care of things like taxes and paying them (or yourself) for time worked.
Managing it by hand isn’t easy, especially as your company grows; it can be overwhelming, time-consuming, and even financially damaging if done incorrectly. Your best bet is hiring an accountant or turning to software—there are plenty of services out there, but they can vary widely in cost and ease of use.
Step 2. Gather all information needed from employees
Before you start setting up any new system, make sure you have all of your employees’ personal information. You need an employee ID number or Social Security number for every worker you hire, and ideally, their address and phone number as well. And don’t forget benefits-related information—if they have insurance through you, then it’s worth collecting that info in case you ever need it later.
Now is also a good time to ask about emergency contact numbers. This may seem like overkill when setting up online payroll for one employee, but when you are dealing with dozens or even hundreds of workers who are scattered across multiple states or countries, knowing whom to call can be key in an emergency situation.
Step 3. Set up direct deposit to make payments easier
Automatic tax filing software like UZIO makes managing your quarterly estimated taxes—and income taxes throughout the year—as easy as sending an email. Just provide your payroll software with pay stubs, bank info, and other helpful details, and it will do all of your calculations for you.
All you need to do is decide how much money you want to be deposited directly into your bank account each week or month. You'll avoid penalties for filing late, too. And if that's not enough to entice you, check out all of UZIO's tools for streamlining HR tasks. They'll help keep track of employee hours and 401(k) balances so that comes tax time, paying off Uncle Sam becomes a snap—pun intended! If it sounds good, try UZIO free today!
Step 4. Use automatic tax filing software
It’s a pain to file taxes manually, especially if you have a complex tax situation. Fortunately, there are software packages designed specifically for businesses that can help you stay on top of your tax obligations and reduce paperwork. Look for packages that provide automatic e-filing—because filing taxes is so easy, there’s no reason not to do it right away.
Automatic e-filing is especially helpful if you own more than one business or work as an independent contractor for others; most people find it saves them time and money in audits and general communication with their accountants. It also makes sure that any deductions and credits you’re entitled to get automatically applied. It only takes a few minutes and is well worth it!
Integrate your HR with payroll software
If you’re starting a new business, make sure you choose an HR and payroll system that integrates with—or is a part of—your accounting software. This will help streamline everything from hiring new employees to managing retirement funds. It’s not always easy finding a system that works for both HR and accounting, but it’s usually worth it.
If your search turns up more than one option, try them out so you can see firsthand which one best fits your company culture. Remember: You want a tool that complements how you work, not something that feels forced on top of existing habits.