When you run a private business it is important to keep close track of your finances. One of the most tedious aspects financially of running a business is taking care of payroll. One way to lower the amount of pressure you experience on a regular basis is to hire a professional company to handle the payroll for you. The guide below walks you through a few of the many things a professional company, like Schramm & Lewis LLC, that offers payroll services can do for you.
Ensure Bonuses Are Paid Properly
The payroll company will be able to issue bonuses as needed. You will be able to designate exactly who is entitled to a bonus, when you want them to be paid a bonus, and how much you want the bonus to be for. The company will take care of the issuing of all of the bonuses for you and document them all properly so that you can turn over the paperwork to the IRS when needed.
Ensure Pay Stops Immediately for Terminated Employees
When you run a large business, it can often be difficult to keep up with every employee that is on your payroll. If someone is terminated, the company handling your payroll will be able to stop their paychecks from being written immediately. This can save you money because there are some people who will keep collecting checks even if they are not working simply to get free money.
Ensure the Overtime Payments Are Calculated Correctly
When your employees work overtime, it is important that they are paid accurately. The company will be able to calculate exactly how much money each employee should be paid for the overtime hours that they worked. They will be able to catch any discrepancies to ensure that everyone is paid for the work that they did. You need to let the company know how much you paid your workers for working overtime hours. Some companies pay time and a half and other companies pay double time. The payroll company will be able to determine exactly how much each individual employee should be paid per every hour of overtime.
The companies that offer payroll services charge for the work they do, but it is worth paying if it saves you the hassle of having to handle the payroll yourself. They will take care of all of the hard work for you so that you can simply focus on being the best boss that you can be.