Payroll and Employee Management for Small Businesses
As a small business owner, you consistently face numerous responsibilities and are pulled in a million different directions every day. The payroll and employee management aspect of any business can seem daunting, especially if you’re an entrepreneur who does not have a dedicated HR department. At the same time, maintaining a happy and productive workforce and staying legally compliant is vitally important for your company. If this all rings true for you, then you’re in the right place! Watkins & Co. small business accounting experts are here to offer valuable insights and tips on employee payroll and management.
Steps In The Payroll Process
When you’re looking at the payroll process for small businesses, you’re including everything related to employee compensation from wages or salaries to bonuses, taxes, and deductions.
The steps or components of payroll include:
- Properly classifying employees
- Employee onboarding and offboarding
- Keeping accurate records for each employee
- Time and attendance tracking to determine wages owed
- Assessing overtime for nonexempt employees
- Withholding payroll taxes & employee benefits
- Ensuring compliance with local, state, and federal employment & wage regulations
- Issuing accurate payment on time
Tips for a Successful Payroll System
The best way to do payroll for a small business is to follow some of these simple, yet effective guidelines for payroll processing and employee management.
Accurate Payroll Processing Jackson, MS
It’s important to ensure that payroll processing is accurate in order to avoid legal and financial consequences, not to mention properly compensating your employees. Payroll software for small business or outsourcing to a company is your best bet in minimizing errors and ensuring that the proper tax and benefits withholdings are made.
Employee Classification, Onboarding & Offboarding
When hiring, it’s vital to follow an onboarding procedure to cover all your bases. Properly classifying employees as full-time, part-time, temporary, or independent contractors can protect you from legal issues down the line. It’s also helpful to develop a systematic onboarding process for new hires, including a process for completing tax forms and informing employees of company policies, as well as final paperwork for departing employees.
Record-Keeping & Time and Attendance Tracking
One of the most important aspects of payroll and employee management is ensuring accuracy for employee time and attendance. It is especially important to implement a reliable system for inputting attendance for hourly employees. There are multiple software systems that can help you simplify this process and ensure accuracy. Another part of employee record-keeping is having a clear process for maintaining accurate and organized employee records. This includes tax forms, timesheets, performance evaluations, and employment contracts, to name a few. It’s also crucial to keep accurate records of employee benefits such as health insurance, retirement plans, and paid time off for each employee.
Stay Compliant with Mississippi Employment Laws
Topics such as minimum wage laws, overtime regulations, and anti-discrimination laws fall under local, state, and federal employment laws. These do change consistently, so it’s important to stay current on all employment laws and update your employment policies to reflect changes.
Seek Assistance from a Professional Payroll Company
To make sure that your practices align with legal requirements and employee management best practices, consult with a professional at Watkins & Co. Outsourcing payroll and employee management is one of the best approaches to handling the pressures that come with small business ownership. This portion of your business duties can easily be delegated to an employee management & payroll company like Watkins & Co. This can save you time, reduce the risk of errors, and ensure compliance with all relevant regulations. You can simplify your daily responsibilities with no risk, allowing you to focus on more pressing concerns.
Payroll Services for Small Business Near Me
As one of the leading payroll companies for small businesses in Jackson, MS and surrounding areas, Watkins & Co. can help you successfully navigate this crucial aspect of your company’s ongoing success. We can oversee the entire employee payroll process, ensuring accurate payroll processing, employee engagement, and compliance with legal regulations and employment laws. Watkins & Co is here as your partner in building a strong foundation for your business’s long-term success, all while promoting a positive and productive work environment for your team. Give us a call today to learn more about our payroll and employee management services!