payday is something that everyone looks forward to, save for the people responsible for managing the rollout. It's not because they don't want to compensate employees and contractors for their hard work, but because payroll management is a seemingly endless source of frustration, especially for small businesses and startups. Onein every three small-business ownergets penalized by the IRS for payroll errors, further underscoring just how tedious and laborious it can be.
Handling payroll is a hassle — full stop.
But it's also one of the many evils every business must tackle. In order to do it right, you always have to be on top of changes in rules and regulations concerning taxes, new and updated forms, and the ever-evolving list of compliance requirements not only at the local level but state and federal as well.
payroll management is also affected by quite a number of other factors. This includes changing vendors, classifying employees and independent contractors, the onboarding and departure of employees, and more. Taking all these things into consideration, it would benefit you to bring in some outside help.
The thing with outsourcing payroll to a different company is it can be quite expensive. It could potentially add so much to overhead costs that you could find yourself spending more than the revenue you generate. Luckily, there's a way to improve your payroll management without resorting to hiring a payroll company.
Square payroll is a service designed with small businesses in mind. 58003
How to pay your team with Square payroll.
The last thing you and your employees want is to get paid late. Square payroll makes sure that everyone on the team receives their pay in a timely manner with Instant payments, a feature that lets you store money in a virtual wallet. You can use the funds at any time to pay your team faster. Instead of submitting payroll four days in advance, you have the option to hold onto your funds longer and run payroll as little as one business day prior to your employees' pay date. Once the funds are deployed, your team will receive their pay on the next business day with direct deposit or even instantly if they use the Cash App.
Employees also have the option to access a portion of their earned wages before the designated payday. With the On-Demand pay feature, they can choose to withdraw their earnings before the pay period ends without the need to mess with your process. They can transfer up to 50 percentof their pay, as much as $200 per pay period, and have the funds sent straight to their Cash app or debit card. And once payday rolls around, those who used On-Demand pay will automatically receive the remainder of the earned wages for that certain period, eliminating the need for a manual calculation.
Of course, Square payroll takes care of your employees' benefits, too. It offers integrated benefits for health insurance, retirement, and workers' compensation. You can create an entire benefits program, enroll new employees, communicate what benefits are available, ensure that the benefits providers are paid each month, and so much more.
Square payroll takes the guesswork and headache out of payroll management. If you're struggling with payroll, it's certainly worth a try.
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