Do you have a lot of medical bills that you pay on each month? Could those medical bills be deducted from your tax bill this year? I was helping my mother take care of all of her finances after my dad passed away. I didn't realize how many bills she had coming in each month for medical treatments that my dad had undergone months, even a year earlier. I started doing some research about medical bills and tax deductions. If you have medical bills, take a minute to read through this blog to gain some knowledge that can help you decide what you can do when tax time comes around.
Payroll is all about timekeeping. When timekeeping is done inaccurately or turned in late, it's very difficult for the payroll to be released -- and that can lead to a waste of administrative time and unhappy employees. Creating a better timekeeping system is essential for keeping the payroll on time and avoiding employment-related issues.
Enforce Timely Entries
If your company has billable hours, it can become easy for employees to fall behind in their timekeeping. Rather than entering their time as they go, they may instead keep notes and try to enter in their time later on. But, though it may be a little distracting, it's always better that employees be required to enter in their billable hours as they occur -- or at least by the end of the day. The longer an employee goes without entering their hours, the greater the likelihood that they will forget critical things and end up billing inaccurately.
Create a Consolidated and Accessible System
For the purposes of payroll, you ideally want to be able to print out a single form that includes all of the information that you need. A consolidated, accessible system such as a cloud-based accountancy program will be able to both track your timekeeping and print out your payroll checks based on the data that has been entered. By creating a consolidated system that is accessible to employees, you avoid having to manually enter the data into another system yourself. This reduces your personal opportunities for error.
Find Ways to Automate Timekeeping Processes
If at all possible, the bulk of timekeeping should be automated. Rather than having employees manually enter data, you can instead have them swipe in with their employee card. Rather than having employees manually enter billable hours, you should have documents and files integrated into your timekeeping system so that the entries can be automatically recorded. The more you are able to automate, the more productive your employees can be. Automation should also be used to calculate things such as the taxes that need to be paid for each employee.
Some companies simply don't have the time to run their own payroll. This is especially true for SMBs that may not necessarily have an accountant or HR professional on staff. For this reason, payroll is one of the most commonly outsourced services for small business owners. By outsourcing payroll, you can make sure it's done correctly and on time each pay period. To learn more, contact a company like Blueback Accounting.Share