Presented by Paystrubmakr.com By John Wolf and Tom Cullen CPA
World Health Organization
To prevent infection and to slow transmission of COVID-19, do the following:
Wash your hands regularly with soap and water, or clean them with an alcohol-based hand rub.
Maintain at least a 1-meter distance between you and people coughing or sneezing.
Avoid touching your face.
Cover your mouth and nose when coughing or sneezing.
Stay home if you feel unwell.
Refrain from smoking and other activities that weaken the lungs.
Practice physical distancing by avoiding unnecessary travel and staying away from large groups of people.
- Coronavirus WHO
In today’s Coronavirus pandemic’s harsh economic climate, more people are deciding to pursue their dreams by starting their businesses. This entrepreneurial dream comes with promises of freedom and fulfillment, but as many people come to learn, being the boss also means taking full responsibility for the back office, too. Since many small business owners are unfamiliar with administrative tasks, they often sacrifice some of their hard-earned freedom to handle them.
Outsourcing payroll can provide an extra set of hands while allowing you to remain in control of your business operations. Here are some ways outsourcing payroll can benefit your business and lessen your never-ending list of responsibilities.
- Online access anytime, anywhere
Though most payroll providers offer various options for submitting payroll data, many business owners are choosing to set up and manage payroll online. After all, company and employee data (social security number, salary, address, direct deposit information, etc.) have been entered; you log onto your account from any web browser—meaning you can process payroll from your office, home, or anywhere with online access. A great advantage at the “Lockdown” life under the COVID-19.
Once online, you’ll be guided through a process that allows you to enter hours worked for employees and any special notes, such as vacation time or bonus pay. Employers also have the option of giving staff an online center for viewing and managing their personal information. Employee self-service websites have become a standard tool for employees to view their check stubs, W-2s, New COVID-19 Unemployment Benefits, as well as time-off balances and benefit selections. If the employee decides to make any changes to their information, it’s automatically updated in the payroll system. What’s more, if an employee has a question, all the information is readily accessible online.
- Hassle-Free Tax Deductions
Calculating tax deductions according to federal, state, and local municipalities is daunting enough, but the task is even more challenging when you consider that tax laws are constantly evolving. With properly prepared pay stubs you can easily manage these tasks.
- Employee Benefit Integration
Another important aspect of payroll is deducting employee contributions, such as health care plans and 401(k) pre-tax retirement savings. When outsourcing, no calculations need to be done—instead, contributions are automatically deducted from payroll each time a check is issued.
More benefit of managing your paystub online is the use of the Coronavirus Relief Act, Pay 2020 Payroll Taxes at 2021 and 2022
- Data Analysis
With all your payroll data secure and stored in one place, reports can be easily configured and exported to help you analyze your business operations over time. For example, you can determine when overtime was most needed to help in staffing decisions, or if employees are using their vacation time each year.
Most payroll providers also offer easy integration with accounting, so you no longer need to produce any documentation. Instead, it’s all online and ready to view, which means you save valuable time that used to be spent printing and gathering pay stubs and tax forms.
Overall, outsourcing payroll can not only save time and resources but can also help provide peace of mind knowing that everything will be handled accurately and on time. Your workforce will have better resources at its disposal, as well. To know more on how to do a paystub? Visit https://paystubmakr.com/