Tips for Your Small Businesses Payroll
Are you confident in your ability to handle your small business payroll? Do you want to know how to make doing payroll for your small business as seamless and headache-free as possible? Dealing with payroll can be a pain, but understanding these best practices will make the process a little less stressful.
Choose the Proper Payroll Schedule
First order of business when setting up your payroll is deciding how and when you are going to pay the people that work for you. There’s merit in both salaried pay and hourly options. However, salaried pay might be easier for you in terms of not having to keep up with hours as diligently.
You should also decide when to pay your employees. Whether it’s weekly, bi-weekly, or monthly, do what works best for your small business payroll process. Usually, monthly payments are harder on employees, with bi-weekly payments being better since they’ll be getting a paycheck more often. Again, do what works for you, your small business, and your employees.
Know Payroll Tax Deadlines
Two words: pay attention. Deadlines of all kind sneak up on you, but payroll tax deadlines are one of the few you absolutely do not want to miss. Mark your calendar and set a reminder. In addition to accruing fines based on how late you are, you’ll put your employees behind on filing their personal taxes. Get them their W-2’s on time and avoid upset employees!
Call Layson CPA at 478-259-0523 for Your Small Business Payroll Needs!
Ensure IRS Compliance
When it comes to doing your small business payroll, being organized and staying proficient in IRS standards will keep your small business out of hot water. Document and classify each employee correctly as soon as they begin working for you. Make sure your business has an employee identification number (EIN). It’s also a best practice to keep up with the local laws and regulations. Maintain organization and stay up to date, and you’ll be a small business payroll genius.
About Layson CPA
Layson, CPA is a full-service accounting firm serving Middle Georgia businesses. We are a family-based firm dedicated to the financial success of our clients through various services such as tax preparation, tax planning, accounting, and remote CFO work. Conveniently located at 5233 Riverside Drive, Suite C, in Macon, Georgia, Layson CPA is ready to handle any of your accounting needs.