One of the key benefits of doing business in our digital age is the great ability to automate various functions crucial to your operations, such as payroll. It is no secret that in any company, payroll is one of the most vital functions, and a system to automate it can save time, effort and money. With the effects of COVID-19, and the consequences on payroll taxes and remittances still being felt, are you wondering what 2021 has in store for employers and payroll administrators across the nation?
There is no denying that processing payroll can be complex for businesses of any size. From the basics (such as calculation accuracy and timeliness) to more complex issues (like compliance with tax laws), we know that the sheer amount of data processing, and with it, the huge potential for error, is often overwhelming for many companies.
You likely know that payroll can be a tedious and often confusing aspect of operating a business. Thus it may be tempting to pay your staff with a “good enough” approach to payroll; however, note that accuracy and completeness is critical when you are dealing with taxes, worker wages, overtime laws, and classifications: if you get any of these or other important details wrong, you might find yourself owing considerable money in back taxes, penalties, and wages – or even facing a lawsuit. The good news is that many modern payroll applications can do most of the hard work for you. This year, consider implementing some of the following tips to improve your payroll process to keep the sailing smooth in 2021.
Automate Payroll
You probably know that manual payroll is prone to errors. For example, it is easy to fail to keep up with the latest tax laws or to mis-key a decimal place. And some of these errors are likely to cause future headaches that require correction, a time-consuming if not costly prospect. For those reasons alone, there is simply no reason not to use automated software for effective payroll management for your business, and many payroll software providers offer cost-effective, amazing solutions that can easily bring your payroll into compliance in a snap.
By setting up an automatic payroll system, you can eliminate most of the concerns associated with manual systems and processes.
Automating Filing and Reporting for Ensuring Compliance
Payroll withholding rates change at least annually, and in many cases, regulations and rules change every year, too. For companies in multiple provinces or states, one or even several individuals would be hard pressed to stay up to date with the myriad changes coming out of federal and local taxing jurisdictions in the country.
Automation solutions that cover end to end payroll processing and tax filing reduce the risk of being slapped with a tax penalty because of payroll mistakes, non-compliance, errors or miscalculations. You probably know that properly applying pay rules and correctly calculating withholdings are often complex tasks, and don’t forget about the various filing deadlines you have to track.
A good automated payroll solution, in this regard, will help you calculate payroll taxes and deductions correctly and ensure you pay your employees accurately and on time, every time. You will also be able to ensure timely tax remittances and complete tax filing reporting right on schedule.
Consider the Benefits of Outsourcing
We all know that business payroll is often complicated; some employers may even view as a necessary evil. However, there are experts who handle it on a daily basis. These payroll professionals have years of experience and training on the topic.
Perhaps it’s time you entrust your payroll to a qualified expert to handle. Outsourcing payroll to a skilled and experienced provider, such as WorkLinks Inc., can offer numerous benefits, not the least of which is peace of mind.
