5 Payrolling Tasks You Don’t Need to Do! (Have Someone Else Do Them Instead)
Posted on September 14th, 2016 Read time: 2 minutes
As a business owner, payrolling can be one of your most time-consuming responsibilities. Even the smallest error may result in IRS fines or potential lawsuits. Don’t spend any more of your valuable time processing payroll.
Outsource your payrolling tasks to Innovative Employee Solutions instead.
Timekeeping
Timekeeping can be tedious work. You have to determine exactly how much time, including overtime, each employee worked. When issues arise with time cards, you spend a good part of your day speaking with managers to ensure you have the correct information so you can process payroll. Any errors may result in over or underpayment of wages, which can result in owing back taxes, IRS fines, and potential lawsuits.
Recording Employee Benefits
Keeping track of employee benefits takes up much of your time as well. You have to ensure that each worker stays within their allotted vacation, personal, and sick time so you’re not spending excess money on PTO and receiving less production. You also have to allocate each employee’s designated amount of money for medical, dental, vision, disability, and life insurance; worker’s compensation, 401(k) accounts, and other areas. It’s much easier outsourcing these tasks to IES.
Record-keeping
Federal and state record-keeping requirements must be adhered to at all times. Documentation for wage calculations, including time cards, additions and deductions to wages, time schedules and more must be retained for two years. Other payroll data must be kept for three years. Noncompliance may result in fines and potential lawsuits.
Paycheck Processing
Processing paychecks takes up much of your day. You have to ensure that data for each employee, such as hourly wages/salary and regular/overtime hours, is accurate so that each worker is paid correctly. Also, you must make sure commissions, bonuses, severance pay, and other types of compensation are paid correctly. In addition, you have to add in vacation, personal, sick, and holiday pay when applicable. Confirming deductions such as federal, state, and local income taxes; Social Security and Medicare taxes; wage garnishments, and more needs to be done as well. You must also send the direct deposit file to the bank so that paychecks and pay stubs may be printed. After you close out the payroll period, you still have to verify that the payroll reports are accurate.
Payroll Accounting
Don’t forget you have to do payroll accounting. You must track each employee’s wages paid, deductions taken, and all payroll expenses you covered. You also track each worker’s paycheck, stop payments when necessary, reconcile payroll data, report and file payroll taxes and employee insurance, process W-2’s, and maintain accurate accounting records. All of this leaves little time for your other responsibilities.
Free up your time each week by outsourcing your payroll to us. Get in touch with the seasoned professionals at Innovative Employee Solutions today!
Related Articles
Posted on September 14th, 2016 Read time: 2 minutes
As a business owner, payrolling can be one of your most time-consuming responsibilities. Even the smallest error may result in IRS fines or potential lawsuits. Don’t spend any more of your valuable time processing payroll.
Outsource your payrolling tasks to Innovative Employee Solutions instead.
Timekeeping
Timekeeping can be tedious work. You have to determine exactly how much time, including overtime, each employee worked. When issues arise with time cards, you spend a good part of your day speaking with managers to ensure you have the correct information so you can process payroll. Any errors may result in over or underpayment of wages, which can result in owing back taxes, IRS fines, and potential lawsuits.
Recording Employee Benefits
Keeping track of employee benefits takes up much of your time as well. You have to ensure that each worker stays within their allotted vacation, personal, and sick time so you’re not spending excess money on PTO and receiving less production. You also have to allocate each employee’s designated amount of money for medical, dental, vision, disability, and life insurance; worker’s compensation, 401(k) accounts, and other areas. It’s much easier outsourcing these tasks to IES.
Record-keeping
Federal and state record-keeping requirements must be adhered to at all times. Documentation for wage calculations, including time cards, additions and deductions to wages, time schedules and more must be retained for two years. Other payroll data must be kept for three years. Noncompliance may result in fines and potential lawsuits.
Paycheck Processing
Processing paychecks takes up much of your day. You have to ensure that data for each employee, such as hourly wages/salary and regular/overtime hours, is accurate so that each worker is paid correctly. Also, you must make sure commissions, bonuses, severance pay, and other types of compensation are paid correctly. In addition, you have to add in vacation, personal, sick, and holiday pay when applicable. Confirming deductions such as federal, state, and local income taxes; Social Security and Medicare taxes; wage garnishments, and more needs to be done as well. You must also send the direct deposit file to the bank so that paychecks and pay stubs may be printed. After you close out the payroll period, you still have to verify that the payroll reports are accurate.
Payroll Accounting
Don’t forget you have to do payroll accounting. You must track each employee’s wages paid, deductions taken, and all payroll expenses you covered. You also track each worker’s paycheck, stop payments when necessary, reconcile payroll data, report and file payroll taxes and employee insurance, process W-2’s, and maintain accurate accounting records. All of this leaves little time for your other responsibilities.
Free up your time each week by outsourcing your payroll to us. Get in touch with the seasoned professionals at Innovative Employee Solutions today!
