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5 Tips for Managing Small Business Payroll

A burgeoning small business on the verge of significant growth will need to reassess how it cares for its employees.

Are you an HR manager? Or are you a senior supervisor at your company? Many times, workplace turmoil is caused by disgruntled employees leaving. The turnover phenomenon, however, doesn’t necessarily have to be a detriment to your business operations. A burgeoning small business on the verge of significant growth will need to reassess how it cares for its employees. Along with voluntary benefits, predictable paychecks can entice your current team to stay together. Here are some crucial tips for small business owners struggling to keep up with payroll demands. 

Comply with IRS Regulations 

Following the rules is good advice. Strive to comply with IRS regulations; violations could lead to steep fines. Although larger organizations can absorb these financial penalties, the same cannot always be said about a smaller business. Whether or not you run a start-up, making your mark in the marketplace is already daunting. If you don’t currently have an Employer Identification Number (EIN), look into procuring one. Properly organizing your payroll is the first major step in reforming your current protocols.

Stay On Top of Critical Deadlines 

Do your best to stay informed. While it’s normally a smart idea to research what your competitors are accomplishing and what your customers are clamoring for, accounting deadlines are enormously important as well. Make distributing your W-2 forms a priority, especially with tax season fast approaching. By looking forward, you can avoid costly mistakes and delays.

Ensure Orderly Employee Categorization 

Categorizing and classifying your employees also facilitates payroll calculations. You might pay hourly wages to the more “junior” teammates on your staff. Conversely, your more “senior” and tenured employees may be paid salary and commissions. Minimum wage thresholds are trending upwards. That’s a positive sign for everyone, but you can’t afford to be lax about it. The independent contractors (aka freelancers) matter to your company’s bottom line just as much as your in-house employees, so be sure to pay them all well – and on time!  

Suitable Software Makes a Difference 

Payroll management software is easier to navigate than you might think. Just like how tax prep programs make filing your taxes a breeze, the same principle applies to monitoring your payroll concerns. Address any changes involving direct deposit before such issues arise. Establishing a firm but flexible payroll budget is also worth considering since revenues and profits can be tracked and balanced against expenses and bills.

A Customer Testimonial 

Heather Nave of the Hondros College of Nursing needed our help. When faced with an insurance claim dilemma, she reached out: “This is my first year as an AFLAC customer. Will walked me through all the necessary documents to be able to successfully submit my claim. He is helpful and knowledgeable. He made the process much easier than it could have been.” Here’s looking at you, Will! A round of applause is in order.

Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

This entry was posted on Friday, March 19th, 2021 at 12:09 pm. Both comments and pings are currently closed.

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