When you run a business, you need to be able to keep a lot of plates spinning at the same time. As well as keeping a close eye on all the various operational aspects of running your business, you also need to be able to ensure your business’ compliance with state and federal employment legislation. Especially when it comes to managing your most important resource… your employees!
And while employee training, onboarding, incentives and compensation are all very important considerations when it comes to managing your employees effectively, the importance of Payroll Management cannot be understated. Because you’re so immersed in the day-to-day operational aspects of running your business, it’s not always easy (or even possible) to ensure that your payroll process is as efficient and compliant as it should be.
Payroll review should be a regular part of the payroll process
Your small business is growing. And whether you want it to remain a small business or not, your payroll grows more complex with every new employee you add to your team. But your payroll system needs to remain as smooth and efficient for your last employee as it was with your first. And this means that your payroll system needs to be reviewed regularly.
With a regular Payroll Review, you can ensure that your business’ system is as effective, efficient and agile as possible at all times. It allows you to be proactive and prevents the stress, panic and discord that can occur when something goes wrong with payroll.
However, reviewing your own payroll system can be a mammoth task. One that, with the best will in the world, you likely won’t have the time, patience or know-how to facilitate yourself.
Don’t worry. That’s where we come in!
As well as managing the payroll setup process for new employees, we can also review your payroll liabilities regularly. So you have the peace of mind that comes from knowing that your payroll process is at peak efficiency.
The benefits of this are numerous.
Keep your business compliant
Your business has a responsibility to each and every one of its employees to ensure that they are paid properly, accurately and on time. However, it also has a legal responsibility to keep comprehensive and accurate records, complying with state tax regulations. This alone can be a complex and demanding job, and one that can seriously tax the resources of even the most resourceful business leader.
We can help you to review your payroll ledger accounts and verify each check against the transactions listed in your business’ ledgers. This includes paychecks, withholding, insurance and taxes. So you can breathe easily knowing that not only is your payroll process efficient and fair, it’s also 100% compliant.
Manage relationships with third party vendors successfully
Payroll doesn’t just pertain to your employees. It also pertains to third party vendors who need to be paid accurately and on time. When this doesn’t occur, your business can incur penalties which can result in issues with cash flow later down the line. Moreover, it can lead to strained relationships with the third party vendors that allow you to maintain the kind of operational excellence on which you built your reputation.
When your vendors aren’t paid on time, or aren’t paid enough, the consequences can be far-reaching for your business.
Ensure that employee morale remains high
Your employees are motivated by more than just remuneration! They pride themselves on a job well done, and enjoy the camaraderie and group dynamic of your workplace. Nonetheless, your employees all have their own lives to lead and their own financial commitments to honor. And when they encounter issues with payroll, like missed bonuses or incentives, lower than expected take home pay or delayed payments, it can deal a serious blow to employee morale. Worse still, when payroll issues affect some members of your team more than others, it can potentially create unwelcome discord in your working environment.
When payroll is running harmoniously, your employees enjoy a harmonious working environment where they are properly and accurately compensated for their hard work.
Make your company more appealing to top-tier candidates
Your unique combination of vision and skills created your business. But it’s the hard work of your employees that makes your business what it is. It’s their tireless endeavor that provides the value-added for your customers. And as your business grows, you need to ensure that you’re consistently attracting the kind of top-tier candidates that will allow you to take your business to the next level.
But great candidates have high standards, and if they catch wind that your current employees have encountered payroll issues, you might become less appealing to them. By ensuring harmonious payroll you can make your company as appealing as possible to desirable candidates!
Why choose KEM Business Solutions?
As much as you may be keen to do as much as possible your way, a helping hand from the right partners can make all the difference to your business. At KEM Business Solutions, we pride ourselves on creating lasting and mutually beneficial relationships with businesses just like yours.
We don’t believe in one-size-fits-all solutions. We understand how diverse small business’ needs are, which is why we tailor our services to suit your unique needs, circumstances and budget.
Think of us as an all-you-can-eat financial services buffet!
We provide a wealth of financial services for businesses of all kinds, across a wide range of sectors and industries. From accounting services to software training and support. Not to mention strategic business development. No matter what your short and long-term goals are, we can help you to take control of your finances.
Since we got together in 2013, we’ve helped countless businesses just like yours to master their finances, across a range of sectors and industries.
Want to know more about how our services can benefit your business? Click Here for a free consultation!