Happy Sunday! Welcome back to SUNDAYS & BUSINESS. This week features our very own Baruch Schwartz Simplifier at FRIDAY with three easy-to-implement tips on What To Know Before Starting With Payroll.
Know your numbers.
Knowing how much you’re going to pay your employees is not enough. Be aware of the costs for workers comp, PFL, DBL, taxes, and other expenses.
Look for a good payroll software.
Know what features you need. If you have hourly employees, determine how you will track their time, etc., and make sure your payroll software has all those features.
Sometimes, having too many features can make your process more complicated.
Plan ahead.
Determine your pay frequency. Different industries have various regulations; some pay weekly, some biweekly, and some monthly.
Pro Tip: It’s always good to have a separate bank account delegated just for payroll.
We hope you found this week’s episode insightful and helpful.
Stay tuned for more exciting guests featured on SUNDAYS & BUSINESS and their expert advice on various professions and industries.
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Have a successful week ahead!
