When you hire your second employee, it’s time to consider adding a payroll solution. Maybe it’s something you could handle on your own, but payroll can be confusing, so there are some issues to consider.
According to Bloomberg Business:
- 63% of small and mid-sized business owners (SMBs) handle payroll themselves.
- 65% of SMBs would rather not handle payroll themselves.
- 63% of SMBs spend an average of three weeks handling payroll themselves.
More than half of all SMB owners say payroll is frustrating, complicated and confusing. This means that instead of tackling payroll manually, they decide to look for a vendor to provide relief.
Payroll by Fingercheck is an award-winning solution.
Our users love our Payroll product because it’s easy to use and our support team is amazing. And, we love to make our clients happy. Our goal is to be your MVP. Click here to talk to us about how to make that happen.
We can take the payroll burden off your shoulders. You have enough to focus on while running your business. In addition to being complicated and taking a lot of time, handling payroll yourself can be risky because it can get you in trouble if you make a mistake.
You might overpay or underpay your employees at one end of the error scale if you don’t accurately track their hours and overtime. That can cause problems with your crew’s morale or even become a legal headache. But if you make mistakes related to benefits or any state and federal laws, you could be subject to investigation, fines or other penalties.
Payroll is complicated, see why
Some aspects of payroll management are prone to error, especially for business owners trying to do it themselves. Items to keep an eye on include:
- Data collection and processing – Do you have all the information needed for every employee? Is it accurate, is it current and is it where it should be?
- Employee classification – Do you have a mix of full-time, part-time and independent contractors on the payroll? Those employees are all handled differently.
- Timecard and overtime management – Are you accurately tracking your employees’ hours, including overtime?
- Payment calculations – When payday arrives, have you used the correct pay rate, deductions, differentials and other information that affects your employees’ paychecks?
- Regulatory compliance – Are you sure you are current with the latest laws? Keeping track of the many and changing employment regulations can be difficult.
- Taxes – Managing tax compliance for your employees and your business is a big challenge, and errors can get you in big trouble.
Data from the IRS shows that one-third of all smaller businesses make payroll errors. Those mistakes result in an average of $875 in penalties — and may lead to bigger problems. So, in addition to all those headaches, you also have to worry about simple administrative issues like record keeping and storage. That’s because, if your payroll management is ever called into question, that information will be vital in case of a dreaded audit to figuring out where you went wrong if mistakes were made or proving that you did what you were supposed to do.
Do your research, not all payroll providers are the same
Not all payroll providers offer the same things. You must do your homework and make an informed decision about payroll management. You can either do it yourself and be unhappy, like two-thirds of your fellow small and mid-size business owners. Or, you can invest in a tool that is designed to make payroll fast, accurate and simple. Fingercheck delivers a powerful software product that makes it easy to manage payroll and timecards, schedule your crews, comply with employment laws and handle employee benefits. With Fingercheck, you get an application that offers:
- Flexible Pay Schedules
- Set and Forget AutoPay
- Payroll on Mobile
- Payroll Debit Card
- Pay On-Demand
- Next-Day Pay
- Top-Rated Customer Service
And Fingercheck doesn’t just make it easy for you. Our flexible, mobile and reliable app gives access to you and your team so that each of you can manage and process payroll from anywhere at any time. That makes it easier for everyone.
Automate your payroll process with Fingercheck
Payroll by Fingercheck automates the payroll process to eliminate errors, ensure compliance with federal, state, and municipal tax codes, and automatically back up your data so there is no risk of data loss.
Your payroll information is safe and available with point-and-click ease when you need it. And in a pinch, we even offer payroll financing for those times when receipts are late, but payday is here.
Schedule a chat today to learn how Fingercheck can help you do business better.