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Payroll Management – The Time Factor

Payroll Management – The Time Factor

April 26, 2021by Barbara Flynn0

We like to take it for granted that we receive a paycheck each pay period we have worked. Our pay stub looks simple with the pay rate, hours worked, tax and benefit deductions, gross and net earnings. Payroll processing looks straight forward and easy, and it appears that all that is needed are employees’ hours for the pay period. But is it really that simple?

Companies are differently set up for payroll depending on the type of business, the number of employees, the business location, the employee benefits program, and any specific payroll needs.

For example, a restaurant has employees who earn tips. Tips can be paid out in different ways, and payroll is set up accordingly. Another company may pay housing allowances or quarterly insurance stipends to its employees. Some companies pay commissions and bonuses on a regular basis. Others reimburse for cell phone, internet usage or travel expenses. And others pay their 1099 vendors and contractors through payroll processing.

There is no one-size-fits-all product when it comes to payroll. We customize our payroll products to fit every client’s needs. If a prospective client is unsure what their own needs are, we help assess their needs and recommend the most effective product to meet their payroll needs.

It does not stop with setting up a payroll account and running payroll. A stream of information changes and special requests is constant. Employees change their address, tax status, and direct deposit bank information while employers promote employees and need their positions and pay rates changed, bonuses and commissions paid, and benefit deduction rates changed, just to name a few. Every change request is important. And after making the changes and processing the payrolls, we file all payroll taxes with the governing authorities on a timely basis.

The maintenance level of keeping payroll data accurate and current is very high. Every task included in payroll management is deadline driven. No matter the circumstances, a payroll must be processed in time, and it must be accurate, each and every single time it is due, without exception.

I could easily fill multiple pages with examples of difference scenarios that impact payroll processing or maintenance, but I will stop here. The point is that managing payroll properly requires a lot of time. It is that time business owners who handle their own payrolls could use to focus on company projects and growing the bottom line. It is that time we can save business owners by taking it off their shoulders. It is that time when we put our expertise to work for you.

Marlies McKie

 

Barbara Flynn

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