Managing Payroll How to Manage Payroll

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The role of HR in payroll management depends on the company and what system is in place to process payroll. Using a payroll service may take HR out of almost everything related to payroll while using software might place HR in charge of all payrolls. From your overall process to every single pay period, it’s important to have documentation for everything. In the event that you happen to miss a payroll tax filing or you get audited, not having proper documentation can hurt your business. Payroll software will keep most of the required documentation for you without you having to worry about keeping track of anything manually.

You’ll want to make sure that the process is being done correctly and that all of your tax filings are being processed and completed correctly. Auditing the process can help you unlock new efficiencies or opportunities to teach your payroll team how to handle routine tasks or escalation issues better. You’ll also want to make sure all of your employee information is secure so it can’t be accessed by employees or outsiders. The last thing you want is to allow secure employee information, such as salary amounts, into the hands of employees who then get frustrated with what they see. You must be sure Social Security numbers, bank accounts and other secure data cannot be accessed, stolen or misused. Whether you’re processing payroll manually or you’ve decided to manage it with the help of software, there are things you can do to improve your overall payroll management process.

With all of the time, energy and potential liability involved in payroll, this is well worth the price. The largest benefit of manual processing is the cost, as you don’t have to buy any software or pay someone else to run payroll. However, if you calculate what your own time is worth and how long it takes to process payroll, you may find that you aren’t saving money.

Keep All Data Secure

While this doesn’t incur third-party costs, it can be difficult as your business must keep track of many different types of employment records when you start paying employees. These records include income tax withholding, Social Security tax and federal unemployment tax. Get access to expert setup, tax penalty protection, and a personal HR advisor for your firm by adding QuickBooks Online Accountant. This guide is intended to be used as a starting point in analyzing an employer’s payroll obligations and is not a comprehensive resource of requirements. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. It’s a good idea, no matter who is processing your payroll, to complete audits from time to time.

1. With QuickBooks Online, you can manage payroll and your books in one place.
2. All QuickBooks Online Payroll plans offer full-service payroll.
3. Due to the complexity and importance of the task, many employers choose to work with a payroll provider to help ensure that it’s done right.
4. Using a payroll service may take HR out of almost everything related to payroll while using software might place HR in charge of all payrolls.
5. With Premium and Elite, experts will review your payroll setup so you’ll know it’s done right.

QuickBooks Online Payroll

No matter which level of payroll service you choose, you’ll have a level of protection should you receive an IRS penalty. Set yourself up for success–eliminate tax penalties, choose how you what is the difference between operating pay your employees, and set up your own payroll system. With Premium and Elite, experts will review your payroll setup so you’ll know it’s done right. Get payroll or bundle with accounting to help you manage your team and your business.

Offer team benefits

The right payroll software or service for you depends on a number of factors from how much you have to spend to how many employees you have and which states you operate in. If cash is tight but you know you want to manage your payroll with software, check out our best free payroll software. Create and download reports for payroll history, bank transactions, contractor payments, paid time off, tax payments, and more. All QuickBooks Online Payroll plans offer full-service payroll. That means, in addition to automated payroll, you’ll receive full-service features. Many businesses decide to process payroll manually on their own when first starting out.

QuickBooks Online Payroll works for small to midsize businesses—from accountants and financial experts to hospitality companies, construction companies, and truckers. Cassie is a former deputy editor who collaborated with teams around the world while living in the beautiful hills of Kentucky. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager. It’s important that everyone involved in the payroll process is trained properly.