Maybe you’ve recently set up your own business and have taken on a small workforce, or perhaps your company is growing along with your staff? Whatever your circumstances, you will quickly need to get on top of payroll and ensure that your employees are being paid on time, and accurately. Failure to do so, could easily result in a very disgruntled workforce and a down turn in productivity!
Rather than struggling with payroll yourself, you should perhaps consider hiring a bookkeeper:
Payroll from a bookkeeping point of view
Payroll is extremely important from an accounting/bookkeeping perspective, as payroll and payroll taxes can dramatically affect a company’s overall income. Payroll is also subject to federal, state and local laws and regulations, making it vital to get payroll right each week or month.
Payroll from a HR point of view
Those working in the human resources department, will be on the receiving end of any issues and irregularities with the workforces’ payroll, so from their perspective, it’s important to get the pay correct. Employees with low morale due to payroll problems, may not only affect the company’s productivity, but will take up time and resources as the problems are investigated and rectified. Hiring a bookkeeper will undoubtedly keep you – as the business owner – in the good books of your HR department!
What is the payroll departments, primary concern?
The payroll department must ensure that the entire workforce are paid accurately, and on time. The correct withholdings and deductions must also be remitted punctually, and this will include salary payments, tax withholdings and pay check deductions; a bookkeeper joining the department will certainly keep things running smoothly.
How could your small business benefit from a bookkeeper with respect to payroll?
Whether your business is brand new, has been up and running for some time, is big, small or medium sized, hiring a bookkeeper will leave you with the time to perform other tasks, while they get to grips with the day to day running of your business. They will ensure that all new employees file the correct paperwork in compliance with the company’s payroll, submit timely invoices, chase up on them and pay bills when they are due. They will be able to take care of monthly and annual payroll services. As well as covering payroll, they will track company expenses and make sure that everything is logged on the system; you can really make use of them for anything related to your company’s ongoing finances and they may even perform some general admin tasks for you.
Payroll is important, and often, the success of a business can depend entirely on the productivity and attitude of a workforce. This means that paying them accurately and on time, has to be a priority for any business owner, and if a bookkeeper can help with that, then hiring one will surely be money well spent.