Are you looking to learn some helpful facts when it comes to managing payroll? This can help your business’s finances in many ways. Here at SmarTax, LLC, our team of professionals are here to provide you with all the information you need. We consider ourselves one of the best payroll companies in Pembroke Pines. We also specialize in many payroll services.
Let’s Start With Facts
According to the National Business Association 2013 Small Business Taxation Survey, 60 percent of small businesses handle their payroll processes internally. Regardless of the size of your business, it’s important to have an organized payroll system in place to protect you from IRS penalties and to ensure your employees are paid on time.
Tips From Payroll Companies
- Determine whether your employees should be salaried or paid hourly.
- For most employers, putting employees on salaries is easier to manage. Salaries take the stress out of determining how much your employees are paid each month and keep everything consistent.
- However, if you have hourly employees, make sure you have a system in place for how you keep track of time and compensation.
- Decide how often you’ll pay your employees.
- Every employer needs to decide on a pay period for their employees. Pay periods can be weekly, bi-weekly, or monthly. This will help you stay organized and make payroll run more smoothly.
- Classify your workers.
- Another important payroll tip to follow is properly classify your workers. Whether you hire full-time employees, independent contractors, or interns, if the person is performing work for your company, they typically should be classified as an employee.
- Pick the best software for the needs of your business.
- When choosing payroll software for your company, try to select an option that’s hosted on the cloud. This will make it easier to access all of your payroll information in one place, whenever you need it.
- In addition to finding payroll software, invest in a management program that takes the stress out of payroll for you. For example, here at Namely, we enable employers to integrate their payroll software into our system, which boosts collaboration and improves communication during the payroll process.
- Simplify your process to save time and money.
- According to the National Business Association survey, 27 percent of small business owners report spending three to five hours per month on the payroll; one-third of employers are spending more than $500 month on their services.
Call Us For Payroll Services
When it comes to “tax preparation near me,” we are the experts to trust. It is very important to know these important factors when it comes to taxes. It is all part of tax preparation. We are here to help, especially when it comes to an understanding of small business accounting. SmartTax, LLC in Pembroke Pines want to ensure you are ready and informed when it comes to your bookkeeping services. Call or visit our experts today for more information on our payroll services. We take pride in being one of the “best tax places near me”!