The landscape of Main Street, Broken Arrow, Oklahoma has changed. The development of artsy boutiques, gourmet eats, and good hometown fun like “Chalkfest” complete with live music, crafts, street vendors and a host of multi-aged artists creating masterpieces on the street bring excitement to the air and inspiration to business owners.
With the development of Main Street, a cultural gathering spot has come together. The area draws families together to enjoy life and make memories. Main Street’s Farmer’s Market and outdoor fountain are enjoyed by many each summer, and winter brings a delightful outdoor skating rink for holiday fun.
Just as the landscape of Main Street has developed before our eyes, so has the landscape of many small businesses within Broken Arrow’s city limits. Ideas that were once a spark are now tangible and have created services and goods to help others and the economy.
When small businesses develop, transformation within them takes place—sometimes at record rates. As staff members are hired and businesses transform and grow, there are decisions to make about what your role will entail and what it won’t.
As business owners and entrepreneurs, we see the big picture, and that’s important. We cast vision, gather the troops, create momentum, and see that the job is not only done, but it’s done right, with excellence, and in a timely fashion.
As you know, in order to continue to do what we do best, sometimes that means making decisions to delegate aspects of our business to someone who specializes in that part of the big picture. Payroll is one of those areas. A simple payroll process streamlines the intricacies of small business payroll and creates a means by which it can be accomplished efficiently.
Here are some tips—for small business owners or finance managers—on how to keep payroll efficient and simple.
1. Establish a sound budget
Plan for your company’s future and prepare for unexpected surprises by establishing a sound budget for your business. Analyze your budget regularly to discover areas in which you can improve stewardship and make an even greater impact in your field.
2. Set up a regular payment schedule
Efficient payroll systems include reliable compensation to both hourly and salaried employees. Decide how often you will pay your staff and stick with it to create a simple payroll process. When it comes to compensation, everyone likes to know what will happen and when—and a regular payment schedule creates predictability and stability for your staff.
3. Go paper free and save time
Set up direct deposits to create a simple payroll process. Use automated time tracking to decrease errors and save the time involved in manual tracking. Create a location online where your staff can access their payment information at any time.
4. Classify each member of your staff
Avoid potentially serious legal and financial consequences of misclassification by properly classifying your staff members from the day you hire them. Each staff member should be designated as a full-time, part-time, contract, or temporary employee.
5. Establish important reminders
Small business payroll isn’t what you call forgiving if errors are made. You can’t forget to pay people, or you won’t be in business very long. Keeping track of deadlines can sometimes be overwhelming when payroll is done in-house. Set up reminders for each and every vital deadline and payment. Payroll tax reports need to go to the right jurisdictions. Income tax withholding reports may need to be sent quarterly or annually. Avoid financial penalties by reminding yourself when everything is due.
6. Outsource your payroll
If you or your staff who currently handles payroll find yourself overwhelmed, disorganized, or stressed about the payroll process, outsourcing may be your best answer. Growing your company is what’s most important, and payroll needs to be systematic and well organized long before growth speeds up. Outsourced payroll providers come equipped with sophisticated software that automates tiresome payroll processes. Peace of mind comes from knowing your small business payroll is in good hands so you and your staff can focus on growing your business.
For options and solutions for small business payroll, contact Shockley Bookkeeping today for a free quote and consultation. We are easily reached at 918-615-8389, and we’re ready to help you learn how simple payroll really can be.