Payroll Trinity Tips for Organizing Your Company’s Payroll

Whether you are just starting a new business or you are in the processing of expanding, staying on top of your payroll can be difficult for any business owner. Nearly sixty percent of all small businesses of the united states in 2013 handled internally their own payroll. Trinity Small businesses that choose to do their own company payroll do not have to feel stressed or bogged down with the idea of organizing your books because there are many helpful tips and tricks that can make payroll even easier for you to log and keep track of. It is important that a business owner has an organized and up to date payroll system to protect them from the IRS as well as ensure employees are paid on time.

Determine how Often You’ll Pay Your Employees

Every business owner needs to determine on the pay period for their employees. This will not only help you stay organized but also it will make things run more smoothly when handling payroll. Trinity business owners can make their pay periods weekly, biweekly, or monthly in some instances. Another important step to getting your payroll organized is deciding if your employees will be salaried or paid hourly. For a lot of small business owners doing their own payroll, it is easier to manage employees who are paid from a salary.

Create a Budget for Your Business

When a small business owner is trying to plan for their payroll, Trinity entrepreneurs need to know how important it is to create a budget that takes into account both wages and taxes. Employers are required to pay Social Security and Medicare taxes, and many places are required to pay unemployment taxes. Organization is key to staying on top of your company’s payroll. Additionally, it is recommended that you keep track of every record and document all in one place and to never throw anything out.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*