Payroll processing: 6 cost-saving tips

by: Norman Paul

Payroll is often one of the largest expenses associated with running a business. Of course, wages and employment taxes make up the lion’s share of your payroll costs; however, the hidden expenses associated with processing your payroll can also be impactful to your company’s bottom-line.

Whether you have five employees or 500, there are steps you can take to reduce the administrative costs associated with the payroll process.

  1. Take an InventoryComplete payroll processing involves multiple steps, forms, and tax/legal/compliance requirements. Whether you personally handle it, or have a staff member help you, the first step in saving money and taking control of your payroll  procedures is to get a complete and accurate picture of your needs. Taking an inventory of your payroll wants/needs will help you begin to start thinking about the specific costs associated with each task included in your payroll procedures.
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