Payroll management is a system for processing employee paychecks (salaries, bonuses, deductions), complying with labor laws, and maintaining adequate documentation.
It’s important that businesses learn tips for managing payroll effectively because it directly affects their financial health. In 2020, the IRS assessed nearly $31.4 billion in civil penalties from non-compliance with employment tax requirements.
Here are 15 tips to help you learn how to manage payroll:
1. Create a Payroll Calendar
Payroll calendars help employees understand when they will be paid and when timecards are due. It also helps your payroll staff with planning and executing payroll tasks.
