How to Manage a Payroll System

This how to manage a payroll system template has 2 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our how to manage a payroll system template:

Managing a Payroll System Standard Operating Procedure Department: Human Resources Purpose: Managing a payroll is a core function in any business. Failure to properly administer your payroll duties can lead to inaccurate paychecks and financial reports. Frequency: When needed Procedure: Collect payroll information. Find a payroll system that fit the business. Determine the pay frequency (such as weekly, biweekly, semimonthly or monthly). Have your employees fill the right government forms. Run the payroll. Pay employee, withhold and pay taxes. File Tax Forms and submit tax form. Keep record of data. Definition/Explanation: Payroll information: Before hiring employees, apply for an Employer Identification Number (this could be call differently depending the country), from your local tax agency. You need the EIN, among others, for the documents that you will send to your local tax agency and for the taxes levied. Payroll system: A payroll system enables you to process paychecks. Using payroll software is more efficient than processing the entire payroll by hand.