Friday, February 7, 2014

Payroll New Year's Resolutions

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January is always a time for reinvention and learning from last year's mistakes. Even though your new year excitement may have died down there is no reason why you can't still make good on those resolutions. Here are three payroll resolutions you cannot afford to miss:

  1. Stay updated on changing tax laws and payroll savings trends: This is easy to accomplish by reading industry publications that provide current information on changes to tax codes and laws and compliance issues.
  2. Reconcile after every payroll period: Always remain up-to-date with your reconciliations for each pay period. This will help make your year-end processing go much more smoothly and be much less stressful for you.
  3. Increase electronic payment percentages: Enrolling as many employees as possible in electronic payment methods, such as direct deposit and paycards, can save your company a lot of money and greatly increase their bottom line. Find out if you live in a state that allows mandating direct deposit and take advantage.

Make these your new resolutions for the year and you'll be thanking yourself when it is time for your year-end processing.