How to Manage Payroll Effectively_ 5 Important Tips

1. How to Manage Payroll Effectively: 5 Important Tips

2. Payroll is a major concern for any business larger than a sole proprietorship with only one or two employees. Not only is it an essential process for keeping your staff paid and your tax obligations met, but the effort involved in processing payroll can be an expensive endeavour, too. As the saying goes, the solution isn’t to work harder, but smarter. How can you more effectively manage this aspect of small business accounting for your Calgary business, so that it contributes to your success?

3. 1. Consolidate Policies and Overhaul Payment Rules It’s easy to self-sabotage when setting up your payroll system. Do you have a wide variety of payment terms and rules, meaning that you’re never quite finished doing payroll? That’s a sign that you should take a step back and reconsider. Consolidating payment policies so that you can build around a sensible payroll schedule will contribute immensely to streamlining operations.

4. 2. Develop a Standard System for Your Paperwork If you aren’t organized, you probably think of payroll as a process involving a lot of wasted time, lost documents, and frustration. The sooner you adopt a sensible system for organizing and filing this data, the better. Without paperwork in good order, you can’t truly know the state of your payroll operations or your business.

5. 3. Explore Paperless Solutions Speaking of organization—why not ditch paper altogether in the parts of the process where it is feasible? With many advanced solutions for payroll software today, even the smallest business can find a solution that enables efficient capture operations for turning hard copies into digital data. By putting your payroll into the computer, you gain powerful opportunities for analytics and a chance to make improvements.

6. 4. Know Your Obligations When do you need to make tax remittances? How much do you owe, and are you always on time? If you aren’t fully up to date on your payroll tax obligations, there’s no time like the present. Set a calendar that keeps you focused on finishing payroll on time and reminds you of the times when the government expects to see a payment.

7. 5. Seek Help from Proven Professionals for Extra Support Sometimes, even the best efforts at building a payroll system can come up short. Working with a third-party team of professionals to outsource your payroll can be the perfect solution when you want the certainty of the right answer. Best of all, you can recapture valuable time and energy. Instead of putting it all into payroll, you can redirect this new time back into improving the business itself.

8. Make Your Payroll Work for You From looking to simplify complicated payment terms to brushing up on the tax laws applicable to you, there are many ways to make positive changes. Adding experience into the mix can be a key part of making payroll less stressful. At Reion, we offer a robust payroll services package to Calgary businesses in search of a fully managed solution. Find out more today about how our experience, technology, and attention to detail combine for the best payroll solution.

9. Reion Accounting Professional Corporation is focused on providing high-quality service and customer satisfaction - we will do everything we can to exceed your expectations. By offering a variety of services including bookkeeping, tax planning and small business accounting in Calgary, you know your finances are being looked after by one of the best accounting companies dedicated to your success. Our firm has adapted to the fast pace of the world we live in now, and assists small and medium business owners with a streamlined approach to their bookkeeping and accounting needs. To learn how our accounting and payroll services in Calgary can assist you and which roles we can play in supporting your business, please get in touch today.