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Happy Tuesday QuickBooks community! Whether this is your first time running payroll or you just want to make sure you’re taking all the right steps, the key to running a successful payroll is staying organized. This will help streamline the process and make sure your employees are getting paid quickly and efficiently. Today, I wanted to share 9 steps from this guide in the QuickBooks Blog that may be helpful for you. To run payroll like a pro, it's important that you:
- Gather Tax information
- Collect employee withholdings certificate
- Determine Payroll Schedule
- Calculate gross pay and withholding deductions
- Process payroll deductions
- Determine net pay and run payroll
- Correct payroll mistakes and pay taxes
- File and report payroll taxes
- Maintain complete and organized payroll records
If you are using payroll software, that will alleviate a few of the above steps. An additional advantage of these bookkeeping programs is that they automatically withhold and submit taxes at the right time. For in-depth resources and information on these steps and options, make sure to check out the full article here. Until next time!
