Running a small business is no easy task, especially in today’s climate. As a business owner, you likely wear many hats—recruiter, accountant, HR representative, etc. There are so many factors you need to effectively handle to ensure you are as successful as possible.
So, what is one of the most important things in your business?
You may think it is marketing, sales, or stocking new products. While those are all essential for success, one of the most overlooked priorities is making sure your employees are happy. The best way to do that is to make sure they are getting paid—correctly and on time. And to do that, we have a few tips for you to manage your payroll as best as you can.
1. Get Organized
A crucial part of having a small business, or any business for that matter, is to be sure that you organized in person, on digital platforms, and in your life outside of work. So, we are sure it comes as no surprise that for your payroll to be managed properly, you need to be organized on that front as well.
An easy way to stay organized with this one is to create a payroll calendar with all the important dates and deadlines. This will make it so you don’t lose track of important days and will keep you focused on the most vital moments within your payroll period.
You can use a traditional wall calendar or go for a digital shared calendar with your team. Choose whichever is best for you and your business, and let it guide your organization! Also, you can choose to implement HR software technology that enables you to organize your payroll, automating and managing everything that affects your employee payment each month.
Companies like Factorial have introduced an HR software solution that can help you handle your organization’s HR tasks.
2. Create And Maintain A Budget
We know that you have your finances worked out for day-to-day expenses and budgeting, but don’t forget to have a budget prepared for the unexpected. Things like overtime, worker’s comp time, or PTO, all require proper budgeting as well.
Having multiple budget plans in place could help save you stress and anxiety when the time comes to put them to use. Make you’ve allocated the resources to afford PTO and sick days on top of employees’ salaries. That way, you can offer these perks without getting a knot in your stomach every time you choose to use them.
3. Understand Your Finances
Yes, you have advisors and professional help for the most confusing business aspects, but it is great to have a general understanding of where you stand financially. Understanding your finances can help you to make better business decisions and more educated ones, too.
You can’t go wrong when it comes to knowing your financial standing.
4. Get The Help You Need
There is no harm in asking for help when you need it. Don’t stress out about how to document your employee’s hours, how you will manage the funds, or how they will be distributed. Let easy-to-use payroll software take care of all of the hard work for you.
Using a cloud-based payroll solution of this kind, you save significant time and effort that can then be used to grow your business or aid it where it needs the most help. It also means that you’re much more likely to run payroll the first time around, which is a huge relief to both business owners and employees.
5. Do Things In A Timely Fashion
Having a calendar in place is a good call, but it must be followed up by sticking to timelines and getting things done in a timely fashion. If your new employees don’t do their onboarding payroll paperwork within their allotted timeline, your payroll process is now off schedule, and you can get into hot water.
Try your best to make sure that you keep your people on schedule and focused; that way, they can be paid efficiently.
6. Keep Things Simple
This one is easier said than done, but try your best not to overcomplicate things. Keep your payroll system as simple as you can make it, so you are always one step ahead and prepared for anything. Organization and having the right tools are key!
Though every business is different, these tips should help you no matter how many employees you are paying or how big your business is.
Here’s to better payroll management and your business’s success!