Payroll can be a headache for small and medium businesses. But it doesn’t have to be! With the right steps and tools, you can make payroll quick, easy, and stress-free.
In this article, we’ll walk you through 7 simple steps to process payroll like a pro. Plus, we’ll show you how Paycor can make each step even easier. Let’s get started!
Pick the Perfect Pay Schedule
Choosing the right pay schedule is the first step to stress-free payroll. Do you want to pay your employees weekly, every two weeks, or once a month? Each option has its pros and cons. For example, paying every two weeks can make employees happy, but it might mean more work for you.
Paycor makes this decision easier. It lets you set up automatic pay runs in advance. This means you don’t have to worry about missing a payday or doing extra work. Just pick a schedule, and Paycor takes care of the rest.
Build a Solid Payroll Foundation
Before you start paying employees, you need to set up your payroll system. This includes organizing departments, creating earning codes, and listing deductions like benefits and taxes. It might sound complicated, but it’s worth the effort. A good foundation saves you time and avoids mistakes later.
Paycor helps here too. It gives you pre-built templates for earnings, deductions, and taxes. You don’t have to start from scratch. Just fill in the details, and you’re ready to go.
What is Paycor HCM and How It Helps Small and Medium Businesses
Set Up Employee Pay Details
Next, you need to add your employees’ pay information. This includes their pay rates, benefits, and tax withholdings. Make sure everything is accurate. A small mistake can lead to big problems, like unhappy employees or tax issues.
Paycor makes this step simple. It automatically calculates taxes and deductions for each employee. You don’t have to worry about doing the math. Just enter the details, and Paycor handles the rest.
Gather and Organize Employee Documents
To process payroll, you need certain documents from your employees. These include W-4 forms, I-9 forms, and bank details for direct deposits. Keeping these documents organized is key to avoiding delays and errors.
Paycor’s HRIS system makes this easy. It securely stores all employee documents in one place. You can access them anytime, and you don’t have to worry about losing important paperwork.
Track Hours and Calculate Pay
Tracking employee hours is one of the trickiest parts of payroll. You need to account for regular hours, overtime, and any bonuses or commissions. Doing this manually can take hours and lead to mistakes.
Paycor’s Time & Attendance software solves this problem. It automatically imports employee hours from timesheets. You don’t have to do any calculations. Just review the numbers, and you’re ready to move to the next step.
Double-Check Before Payday
Before you run payroll, it’s important to double-check everything. Make sure the numbers are correct, including net pay, taxes, and deductions. A small error can cause big problems, like overpaying or underpaying employees.
Paycor makes this step stress-free. Its dashboard shows you all the numbers in one place. You can quickly review and approve payroll with just a few clicks. If something looks off, Paycor will flag it for you.
Pay Your Team and Keep Records
Finally, it’s payday! You can pay your team through direct deposits or printed checks. Don’t forget to provide pay stubs, as some states require them.
After payday, make sure to keep accurate records for compliance and audits.
Paycor handles all of this for you. It processes direct deposits, generates pay stubs, and provides easy-to-download reports. You don’t have to worry about missing a step or losing important records.
FAQs
How long does payroll take?
Manual payroll can take hours, but Paycor’s automated system gets it done in minutes.
What’s the hardest part of payroll?
For most businesses, it’s tracking hours, calculating taxes, and staying compliant. Paycor simplifies all of this.
Can I handle payroll on my own?
Yes, with the right tools like Paycor, you can manage payroll without hiring an expert.
Conclusion
Payroll doesn’t have to be stressful. By following these 7 simple steps, you can make the process quick and easy. And with Paycor, it’s even simpler. From setting up pay schedules to processing direct deposits, Paycor handles the hard work so you can focus on running your business.
