As an employer, it is your responsibility to ensure that your personnel is paying their salaries accurately at the end of every month. Many companies outsource the payment of the staff employees, but with QuickBooks Payroll System you can accomplish this in-house, saving false expenditure.
Managing Payroll System in Five Quick and Easy Steps
An in-house payroll system is relatively simple to implement for small business companies and may be applied in five quick and easy steps:
1. Before you begin your payroll system, you need to know what your employer ID number (EIN) is. If that you don’t already know just what it is, you can find out by visiting the IRS website, where you will undoubtedly be guided through the process of acquiring your EIN.
2. Discover what you are required by law to deduct from your employees’ salaries every month, so you know that you are doing everything by the book.
3. Decide on how much your personnel is likely to earn and the method that you will undoubtedly be paying them. Different categories include salary, wages, hourly wages, commissions, and bonuses, amongst others. It is best to create these up at once as the remainder of one’s company information, though it can be carried out at any stage.
4. Accounts have to be opened, into which deductions from your employee’s wages, such as taxes, must be paid. It can be wise to make a payroll schedule to ensure that all payments are made correctly and on time.
5. Create a safe folder where to store detailed accounts of every employee’s payment records, including documentation illustrating calculations of payments and deductions. It is essential these records are complete and accurate for auditing purposes.
Making use of the payroll system feature on QuickBooks software makes paying your staff easily.
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