Small Business Payroll Checklist
Payroll requires a lot of detail. It’s a complex process that you have to get right, or else run the risk of noncompliance. As a small business owner, there’s little room for error and you have to do everything efficiently.
Here at G.E. Payroll, we have been in the industry since 1993. In all that time, we’ve learned a thing or two. That’s why we put together this payroll checklist. By following this list, you’ll be ready to handle your payroll processing efficiently and effectively and make sure you avoid mistakes and stay compliant.
[ ] Make Sure That Your Payroll Software Provider is Right for You
Before you handle anything else with payroll, make sure that you’re making it simple and effective for you by getting a payroll provider that is built for your company. For a small business, you’ll want to stay away from big payroll corporations that will treat you like a dollar sign. Instead, trust G.E. Payroll, a family-owned and operated company.
Not only is our software perfect for small businesses, but we provide in-depth payroll support services that are vital for any busy small-business owner. We’ll be there with you every step of the way.
[ ] Consider What Your Company Needs
You have to remember that this is just a template to point you in the right direction for handling your payroll processing. While it is important to tick all of these boxes off, it is also key to look into how your business could have different payroll needs. Some examples of things that could affect your payroll is how your business is structured and the state you operate in.
Your small business is unique. Payroll solutions for your company will be just as unique. Keep this in mind for efficient payroll processing.
[ ] Get All of the Information You Need
There are two parts to this: new employees and ones who have been around for a while.
Employees who have been a part of your company for a while are easier to manage for this step. You already have their information, all you have to do is check in to keep up with any changes. These changes could be personal such as a change in address or professional, such as a change in position, which could both have impacts on taxes.
In terms of new hires, you’ll have to gather information from scratch. Using G.E. Payroll allows you to collect data efficiently and avoid manual processing during the onboarding process.
[ ] Review and Approve Timecards
This step will vary from company to company depending on policy. Make sure your business has a set policy on timecards or timesheets. Labor disputes may arise, so remember that documentation is key.
You will want to make sure your employees’ hours are accurate and reasonable to the best of your ability. Then you will approve them and submit them. This can be done right in the G.E. Payroll Software, which will allow you to have documentation of your timecards.
[ ] Submit and Review Additional Payments
As a business owner you know that nothing stays the same. While it may be simple to keep track of standard hours and pay, there are always going to be additional payments that show up. You’ll want to keep an eye on retro pay, back pay, overtime, commission, and bonuses which vary from pay period to pay period.
[ ] Ensure That Taxes are Correct
Taxes are complex. You will want to make sure that federal, state, and local taxes are all calculated correctly. Be sure to refer back to the information that you collected in the previous step to see where your employees live. This may have a significant effect on their taxes and how much you withhold.
With the right payroll software, this step doesn’t have to be a burden. Here at G.E. Payroll we help you with everything from federal income tax to local tax and everything in between to help you ensure compliance. We have the latest software matched with professional support service to make payroll tax simple.
[ ] Do a Final Review
The last part of your payroll processing is simply doing a final review. It may not seem like a big step, but payroll is all about getting information correct, and doing a final sweep of all of the information is the best way to avoid mistakes. These mistakes could cost your company money. Always review your payroll to ensure compliance.
[ ] Get Your Payroll Information to Everyone Who Needs It
Once you get your payroll processing done, you can send it out to everyone who needs it. That could be anyone from your boss to other managers in the company to your vendors. Be sure to have a list on hand so you don’t leave anyone out of the loop.