If you make a mistake with your numbers, you'll probably be praying that the IRS or the company that administers your pension plans doesn't impose a fine that you can't pay. Even if everything went well today, will you be able to say the same thing next month? If you pay too much, you'll be losing money. If you pay too little, your employees are unlikely to give you a second chance.
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This is the kind of dilemma thousands bahamas email list 88272 contact leads of small business owners face. You only have to do a quick internet search to confirm that payroll is a headache for many of them. Facebook, Twitter and LinkedIn are full of comments from people sharing their frustrations with phrases like “I hate doing payroll.”
Most of the pitfalls small business owners face when balancing payroll are caused by approaches or technologies that make it more difficult than it should be. For example, most small business owners still use spreadsheets to track employee information and payments, and this means spending a significant amount of hours each month, increasing the chance of making mistakes. Employees may also not get paid what they are owed, or errors made on payroll may lead to tax penalties or other unpleasant surprises.
Another option may be to outsource payroll management, but if you don't choose the right partner , you may find that those who do the payroll don't take care of your employees as well as you do. So when outsourcing, consider whether you can handle payroll yourself with a suitable management tool, while using the outsourcing investment to obtain quality advice to avoid incorrect payments or non-compliance with tax regulations .
On the other hand, there are business owners who invest in payroll software to make the process easier. In theory, this is a good idea, but many software packages lack the options needed to deal with complex payroll issues, such as maternity or sick leave, and automatic pension plan enrollment . You may also find that your payroll software does not easily scale with your company's growth, forcing you to purchase another one.
Become a true payroll professional with Sage
To solve these traditional payroll headaches, a new generation of businesses are becoming true payroll pros with Sage payroll solutions. Software that reduces the time it takes to calculate and settle payroll, simplifying it to four quick, easy and automated steps. This means you can pay your growing team accurately and in a matter of minutes, leaving you time to focus on the tasks that really matter to your business.
Sage payroll solutions also give you complete peace of mind because they come with built-in compliance features. This ensures that all your payroll calculations are accurate and compliant with the law, keeping you up to date with all your tax and other obligations. This will improve employee perception, which helps make them more satisfied and engaged with the company.
