Managing payroll seems like a pretty simple task.
You take the employees hours and put them into the system, write a check, and pay the taxes.
There are actually some in-depth steps that you need to know along the way: new wage laws, taxes, company internal processes.
Here are four tips to make payroll easier to manage
- Employee Documentation: It’s best to have all the proper paperwork in a packet when you hire a new employee or an independent contractor. W4, I9, local withholding forms if applicable, pay schedule and any rules for overtime.
- Calendar of Tax Payment Due Dates: Have reminders set up in your calendar throughout the year for your payroll tax due dates. Depending on the size of your gym, you’ll be paying taxes semi-weekly on the 15th of each month. You’ll also need to remember the state and local tax filing dates.
- Ever Changing Laws: Laws are always changing. Sometimes you’re aware of what’s coming, and other times a new law comes up unannounced. The American Payroll Association and the IRS are both trustworthy sites to refer to for changes.
- Internal Policies: Make sure that your employees and contractors are familiar with the policies that affect payroll like time off, sick days, health insurance, commissions, etc.
All the work to stay on top of ever changing rules can be stressful. If you are staying proactive, it helps make things a lot more manageable. If you are confused or overwhelmed, I can help you set up systems to manage these considerations better or you can outsource your payroll tasks to The Fitness Accounting Firm.