Running your company’s payroll is complex; whether you are on a weekly or bi-weekly schedule, payroll takes up a great deal of time and resources. In this article we will explore how to best meet and track payroll related deadlines and how to follow best practices in setting up your payroll management system.
Your business needs a reliable system to gather and store employee records, manage salary budgets, track employee time, withhold taxes from paychecks and keep company data up to date. Your company should have a payroll management approach that is deliberate and updated regularly to keep the company from hitting any unnecessary road bumps.
Keep Track of These Important Payroll Related Deadlines:
Paying Your Employees on Time – A reliable and efficient payroll management system ensure company employees get paid on time. Best practices include deadlines for when payroll is reported which in turn keeps things running smoothly.
Payroll Accuracy – It can be a challenge to get the necessary information to properly keep track of hours worked, salaries, benefits, and time off. Payroll best practices ensures that the data is accurate, compliant, and handled correctly.
Tax Deadlines – Complete and accurate records are required for tax deadlines. W-2’s and other forms need to be managed properly so the correct amounts are being withheld.
HR Data for Employees – Managing sensitive information for employees needs to be secure and organized. The consequences of mishandled payroll can have consequences. Angry or frustrated employees, loss of trust and errors in accuracy are just a few of the problems that might occur.
Estimated Tax Payments – Make sure you file tax returns on time. Filing late and not meeting payment deadlines will increase the chance of paying tax penalties.
Employees Tax Forms – Knowing how and when to send your employees their tax forms is important for companies of all sizes. Being timely with W-2’s and 1099’s is an easy way to be compliant.
Outdated Systems – Are you still sending physical checks to employees? Consider upgrading to a direct deposit. Helpful, faster, and immediate, speedy payroll is happy payroll, especially when you need to access the digital records for quarterly or year-end purposes.
Outdated HR Systems – Are your manuals up to date? Keeping your employee manual up to date and remaining compliant with current and new laws will make you a payroll and HR hero.
If your payroll company is having issues meeting payroll related deadlines, the Liberty Payroll and HR team is here to help you optimize the process.
Upgrading your payroll and HR can take some time, especially if you are taking on the task in-house. Many companies outsource their payroll and HR to companies like Liberty Payroll and HR.
Today is the perfect time to contact Liberty Payroll and HR at (973) 690-5200.
What are people saying about Liberty Payroll & HR
Best Change I did for the company I work for. Personalize service that makes you feel as a team. I moved to Liberty back in 2016 and couldn’t be happier with the job they have done and continue doing for us. Thanks!
Gabriel G – Happy Customer
Why are People Switching to Liberty Payroll & HR?
As a local company serving NJ and NY, we understand your business and the laws effecting payroll and HR. We were founded by accountants, and that means accuracy is our mission. Liberty Payroll and HR continues to lead the way in outsourced payroll services throughout NJ and NYC.
Liberty Payroll and HR offers customized solutions to fit your small business needs. Our payroll and HR services are scalable! Whether your business is small or large or somewhere in between, we will customize a solution with the payroll features to meet your exact needs.
Payroll by people, not just software. Call 973-690-5200 or click here!