How to do payroll yourself online: The only guide you need
With this guide on how to do payroll, you should be more than ready to execute your payroll process seamlessly when the next pay period rolls around
When you’re starting your own business as an entrepreneur, you know just how difficult it is to keep track of everything. The fact of the matter is that as a new business owner, you will always have a hundred and one different tasks to do.
One of the most onerous tasks is payroll. Difficult though it may be, completing your payroll correctly and on time is crucial to keeping your employees happy and productive. Learn how to do payroll right in this article.
Decide on Payroll Software
The first step in completing payroll by yourself is to decide on a payroll software to use. At the end of the day, payroll shouldn’t be a manual process at any company. These days, there are tons of different software suites available to assist with pretty much every facet of a business’s operations.
The story is no different with payroll. Many payroll software options exist that will do everything from managing pay stub printing to tax withholdings.
The next step is to gather all of the documentation that you need to execute your payroll process. Whenever you’re doing anything for your business that’s rooted in the company’s finances, you know that you’re going to need a lot of documentation.
With payroll, the kind of documentation that you need will come from the employees. Make it a part of your onboarding process to collect all the tax forms you need to calculate income tax withholdings from your employees. Once you have this documentation, along with the employee’s preferred method of payment, you’re ready to execute your payroll process.
Use Direct Deposit
Whenever possible, use direct deposit to pay your employees. Move away from a paper-based strategy. Not only are you saving the trees, but you’re also creating a digital trail that is infinitely more traceable should any pay disputes or audits ever arise.
In addition, all of your employees will prefer that you use direct deposit so that they have immediate access to their hard-earned cash. If you fail to use direct deposit, you may lose employees to competitors that do incorporate that in their payroll process.
Leverage a Pay Stub Template
Pay stubs are hard to figure out — why spend time formatting your own when there are many pay stub template options for you to choose from that already exist? There are quite a few things that are meant to go on a pay stub, such as tax withholdings, benefit withholdings, gross pay, net pay, addresses, and more, so make sure that you’ve got everything on there by using a premade template.
How to Do Payroll, Made Simple
There you have it — with this guide on how to do payroll, you should be more than ready to execute your payroll process seamlessly when the next pay period rolls around Use the right software and right template, and you can’t go wrong.
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