The Importance Of Payroll – Getting It Right

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The Importance Of Payroll Getting It Right
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• If youre the owner of a small business, youll
  know that there are many roles to be fulfilled,
  and you may have been tempted to take all of them
  on, yourself. That may even prove workable if
  your company is very small and you have no
  employees, but the minute you take on a workforce
  even if its only one or two individuals
  youll need to ensure that payroll is completed
  accurately and in a timely manner, and this can
  be difficult to focus on if youre running every
  other aspect of your business, too.

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• Payroll can prove crucial to the success of your
  business, as if your employees arent being paid
  consistently and without delays, their
  performance may be affected and you may even find
  it hard to retain them. Put simply, the financial
  stability of your company could be at risk if you
  dont get on top of payroll.
• Payroll and how it can affect employee morale
• Payroll can have a huge impact on employee
  morale, and as is often the case with smaller
  companies, a workforce may be more aware of how
  the business is doing financially, and may be
  quicker to question its integrity if payroll
  becomes unreliable. An employee who isnt paid on
  time or in full, will soon begin to feel as if
  theyre not valued and will begin to care less
  about their job, particularly if they suspect
  that it may not be secure.

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• Employee benefits are built into payroll
• The total compensation that an employee receives,
  such as salary, benefits and bonuses, is built
  into payroll and as many employees rely on this
  compensation, it can have a drastic effect when
  it doesnt appear in their bank accounts on time.
  Not only may an employee rely on these benefits
  for financial reasons, but what they receive is
  often looked upon as a reflection of how much
  they are valued by their employer, and if they
  receive their compensation on time and in full,
  they will naturally feel as if they are valued
  more. This could then lead to a higher rate of
  productivity and a happier workforce who may even
  be inclined to improve the standard of their
  work.

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• Payroll is a time-consuming job
• For any small business owner, payroll can take up
  a lot of time, but its importance means that you
  either dedicate enough time to it so that your
  staff are paid fairly, or you accept that you
  cant cope with it alone, and you seek
  professional help. Outsourcing payroll means that
  not only should your employees pay be accurate
  and timely whenever its due, but that state and
  federal tax deposits are made on time, too.

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• Accurate payroll lowers state and federal taxes
  for small businesses
• Every owner of a small business needs to ensure
  that their employees fill out a W-4 form
  correctly, so that the information gathered can
  be used to withhold personal taxes for employees.
  Business owners must also make sure that they
  withhold the correct amount of FICA taxes every
  year from payroll, and these percentages are
  subject to change on an annual basis, depending
  on legislation.

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• Payroll is a vital element of any business, large
  or small, and getting it right can mean the
  difference between a content and motivated
  workforce, and one who performs in a lacklustre
  manner and doesnt take the job seriously.
• Every successful business depends on its
  workforce, and so boosting their morale by paying
  them accurately and on time, is simply in
  everybodys best interests.
• Outsourcing this element of your small business,
  should mean that your workforce remain motivated,
  and that they are keen to help you and your
  business grow.

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• Apollo Payroll is one of the premier small
  business payroll services companies in Miami and
  Coral Gables. Apollo Payroll is dedicated to
  delivering expert advice, responsive service, and
  highly accurate payroll processing and reporting
  to ensure the success and growth of the business
  that we serve. Our services include comprehensive
  online payroll services, employee background
  check and employee timekeeping services.