We are a service oriented company. MD Bookkeeping & Internet Services LLC strives to meet your business needs by providing a full range of payroll and benefit administration services. We have the ability to let you run payroll from anywhere. We also have a variety of time clocks that can integrate into your payroll.
We provide you the forms for your employees to fill out and put them into your payroll system. We have a plethora of tools available for you to streamline your business and improve your HR system.
To better illustrate our dedication to you and your business, here is a list of five tips any company can use for improving payroll, apart from MD Bookkeeping & Internet Services LLC solution.
5 Tips to Improve Payroll
- Develop and Maintain Policies and Procedures-
Develop and Maintain Policies and Procedures is critical for all parts of your business. One of the biggest mistakes a small business can make during its first year is to start processing payroll without policies and procedures firmly in place. This leaves payroll to chance and can have detrimental effects. Therefore, it is extremely important for business owners and Human Resource Departments to come up with written policies and procedures that they will follow throughout the course of business. It is equally important to keep these up to date as the business grows and as laws change. If your unsure of how to go about getting your policies and procedures set up, then search the internet. There are a lot of good resources out there to help you. Some businesses have made written copies of policies and procedures that you can purchase. Who knows, maybe their Policies and Procedure ebook or booklet will help you.
- Complete Onboarding Quickly-
Create an “onboarding procedure.” This procedure will help streamline your payroll and get your new werkers into the payroll system right away. Many successful business owners make this one of their top priorities for their business. Will you? Set it up so the new employee fills out a form with all the important information and then use it to onboard your new employees into the system. Onboarding is not something that should take a few weeks to do. It is something that should be completed before the worker finishes his or her first day. Don’t forget that having their information in early will make running their paychecks easy.
- Be Clear on Work Classification-
Work Classification is important because Employees and independent contractors need to be classified. You have workers and tell them where and when to do the work. But who is the worker and who is the independent contractor. The IRS has common-law rules, anyone who performs services for you is your employee if you can control what will be done and how it will be done. Even the state of Colorado wants you to properly classify who is your employee and who is your contractor. Exercise caution because both entities have heavy fines for misclassification.
- Maintain Accurate Records-
Federal law requires employers to keep records related to payroll and taxation. Our government entities expect you to have meticulous record-keeping regardless of the accounting system you use. Good records are the key to staying out of trouble with the IRS. Any small business who is lax with their records, is just one audit away from big problems.
- Automate Time and Attendance –
Most errors in payroll are usually related to time and attendance. We feel that one of the best things small business owners can do is to automate their time tracking with electronic time clocks or by using time clock apps. Over the last few years, time tracking has improved greatly with apps that can be on employees phones and some apps even track their location.
Payroll processing and benefits administration are hard enough when you try to conquer them on your own. You can prevent making things harder on yourself by implementing new technology that would make your payroll more efficient. The five tips listed here can be the starting point for improving your small business’ payroll and your ticket to freedom. Follow up by contacting us to learn more about our industry-leading solutions.
2 thoughts on “5 Tips To Improve Payroll”
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