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.
- 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.