restaurant owner finance

Tips for Bookkeeping and payroll management

Managing payroll and bookkeeping is the number one concern of small business owners. Once they screw up in the management, it will affect every other aspect of the business that can lead to failure. That is why big companies hire accountants to do the job.

However, if you only own a small business, you don’t have the leisure to go to an accounting firm and spend money on bookkeeping alone. You have to do it yourself. Here are some tips that can make payroll and bookkeeping management easier and smoother

Know Big Deadlines

Different accounting deadlines are less stressful when you know when it will be coming. You will have the time to plan different proceedings and actions based on the deadlines. You will not feel the hassle of setting up payments on the last day. Having a good system that alerts you of important dates is a good start in managing your payroll.

Payroll Software

It does not hurt to rely a little on modern technology. Instead of using paper, pen, and calculator, why not use computer software to make things easier for you. It is true that it is not free, but it is a huge time saver for a busy person like you. Investing in something like a payroll software is worth it in the long run.

There are even cloud services, such as Xero Redfern, that can help you with this.  Bookkeeping and payroll services that are based in the “cloud”, meaning you don’t need to store any information on your computer.  This increases flexibility and avoids the potential for data loss.

Get Support from the Payroll Software

Even payroll software can sometimes glitch. If that happens, you will miss to pay your employees, or even compute the tax incorrectly. If you ever face problems from your payroll software, then don’t hesitate to ask them. That is why they have support teams.

Payroll Software Training

If you are new in this kind of field, then a training on the software is best. You don’t want to have an honest mistake and paying more or less than what is agreed upon. There are free tutorials and there are also paid ones. There are also online courses that give an in-depth guide to your chosen payroll software.

Attention to Detail

Details regarding your employees must be invested with time. Update your payroll and bookkeeping systems regularly to ensure you have up to date information with regard to your employees and your business. Small details can lead to a brighter path in the future.

Payroll Legislation

Keep up to date with payroll news. Different benefits and taxes change from time to time. As a business owner, you should be aware on different news and current events about your industry. It is worth it staying informed and getting advice from colleagues in the same industry.

Financial Back-up Plan

Having a backup system in case you have trouble on the payroll or bookkeeping aspect is good for business owners. You need to have a steady inflow and outflow of money or else you will miss your deadline. That backup plan will start in case there is a disruption in the inflow and outflow of your money.

Payroll Outsourcing

This may be your last choice. If you are very busy and can’t really manage the payroll, then it is best to not force it. You can employ experts in that field so they will do your job for you.