Payroll Mistake #7: Using an Inefficient Payroll Process

This is part 7 of a seven-part series for small business owners looking to avoid making payroll mistakes.

 Overview: You Can Avoid These 7 Payroll Tax Mistakes
 Mistake #1: Classifying Workers Improperly
 Mistake #2: Failure to Verify and Report New Employees
 Mistake #3: Not Following Labor Laws
 Mistake #4: Not Applying for Payroll Tax Accounts
 Mistake #5: Paying the Wrong Tax Rates
 Mistake #6: Missing Payroll Tax Deadlines
 Mistake #7: Using an Inefficient Payroll Process

Avoid Payroll Mistakes Payroll errors are all too easy to make – especially if you figure payroll by hand, or use outdated software.

Why is this important?

  • Changing laws, tax tables, and filing requirements are complicated and confusing.
  • Payroll is time-consuming, whether you have two employees or 50.
  • Payroll errors can be costly and difficult to correct.

How to avoid this mistake:
More than ever, it’s vital to have an accurate, efficient way to handle payroll for your business. Luckily, you have options. You can:

  • Outsource your payroll to an accountant or a payroll service provider. This hands-off method can be time-saving but costly, and you may have to wait for paycheck delivery.
  • Buy off-the-shelf payroll software for effective payroll calculations. You will need to download updates to keep up with software and tax changes and file your own taxes.
  • Choose online payroll software. You can log into a secure website to run payroll anytime or anywhere you have an Internet connection. The software updates automatically, and if your computer crashes, your data is securely saved. With online payroll, you can file your own taxes or sign up for an optional payroll tax filing service.

It’s never too late to choose a more efficient, reliable payroll process for your business. When you’re choosing a payroll method, look for guaranteed accuracy, security, ease of use, affordable cost, and reliable customer support.

 

No comments yet.

Leave a Reply