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.
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.
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.
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.
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.
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.
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.