Payroll Basics every Business Owner Needs to Know

Posted by Valezar & Associates on November 28th, 2017

A lot of new business owners will focus on the business end of their companies, such as marketing and sales. However, one extremely important facet that shouldn’t be overlooked is your payroll. Your employees need to be paid in full and on time for their work, after all. Mistakes in your payroll can leave employees disgruntled, thereby hurting their productivity. You could even lose fed up employees to other companies if you don’t implement an effective payroll system.

Keeping that in mind, the following are a few payroll basics that every business owner should know:

• Your pay schedule – You will need to set up a payment schedule. The beginning and end dates of your payment schedule are the pay period, which is the period of time in which your employees earned their wages. Pay periods can be set up to be weekly, bi-weekly or semi-monthly. The payday is a fixed number days right at the end of the pay period on which employees are paid and which determines the period in which you have to pay and file your payroll taxes.

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