Steps To Set Up Your Small Business Payroll System

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Steps To Set Up Your Small Business Payroll System
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• If you own a small business and havent already
  set up a payroll system, then you may be looking
  to do so. Listed below are 9 steps to help you
  set up the right system for your business needs

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• 1. The first step is to decide whether you manage
  it yourself, or hire a payroll service provider.
  A good software package can make payroll
  relatively simple, but you may find that the
  peace of mind youre afforded when outsourcing
  this instead, is worth more to you. You may not
  have the time or the understanding to get the
  best out of a software package, and a payroll
  service provider can alleviate that pressure.

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• 2. Find a system that is easy to use and works
  well for you. Your payroll system software must
  allow you to work on it from anywhere and at any
  time, should be simple to use and allow you to
  share necessary data with others, like your
  accountant for example.

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• 3. Ensure that your chosen system can process the
  relevant information. A good payroll system
  should be able to process employment
  documentation along with the full relevant
  details of each member of staff, their bank
  account details, salaries, tax codes and returns,
  benefits, pensions, sick days and holidays,
  maternity and paternity leave.

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• 4. Make sure that the system complies with
  legislation. Employment and payment legislation
  must be complied with in order to avoid audits
  and costly fines find out what the minimum wage
  rules are and the requirements for end of year
  reporting.
• 5. Accurate records are essential. Even the
  smallest of errors in your records can result in
  expenses you could do without a good payroll
  system will help you with this as it will
  automate a lot of the work.

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• 6. Choose how you want your staff to be paid.
  Most employees are paid on a weekly, fortnightly
  or monthly basis and your payroll system will
  need to be able to cope with this.
• 7. Set up reminders for payments and tax filing.
  Staff payment reports are government requirements
  and can be requested quarterly or yearly,
  although sometimes each payment will have to be
  reported as its made. You can set up reminders
  in your payroll system to make sure you never
  miss one.

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• 8. Arrange direct bank payments for your
  employees. Nothing is more stressful and
  upsetting for employees than to not receive their
  wages on time, so its essential that you set up
  scheduled payments a good payroll system will
  allow you to make payments to your staff straight
  from your business bank account.
• 9. Find out how long you have to keep employment
  records for. A common legal requirement is that
  you must keep employment records for six years,
  but its advised to check local state laws for
  this

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• Apollo Payroll offers premier small business
  payroll services in Coral Gables. Apollo Payroll
  is dedicated to delivering expert advice,
  responsive service, and highly accurate payroll
  processing and reporting. Their services include
  employee background check, employee timekeeping
  services and comprehensive online payroll
  services in Miami.