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Aug 27, 2024
Payroll: Deadlines Are Key
If you’re new to the world of business ownership, you might be surprised to hear that you should schedule pay dates an entire year in advance. Read through to learn how to set deadlines so that your payroll department is as prepared as possible.
Simple payroll errors are avoidable, but if you don’t pay attention, you could end up facing consequences that cost thousands of dollars in compliance penalties. Not only that but you might have to deal with unwanted attention on both you and your payroll department.
To mitigate the risks and minimize unfavorable outcomes, pay attention to every payroll-related deadline. Keep all action items for every pay period in mind, too.
The best way to do this is by implementing a payroll calendar. These are specifically designed to help companies create a budget and plan for compensation expenses in advance over the course of an entire year.
But how can you make payroll calendars work for you? And what should you do if you are concerned about missing deadlines?
How to ensure that your company adhere to a set payroll schedule
It’s best to arrange payroll dates for each a calendar year before the start of the year. That way, you can budget better while maintaining compliance with wage payment rules and regulations. And when you utilize a detailed payroll calendar, you can not only pay attention to actual payday dates but also pay period end dates, time sheet due dates and the workdays covered by each pay period.
Payroll calendars ensure that payroll-related administration tasks are completed on time. In turn, this ensures that all payroll delays are avoided.
When to make adjustments to payroll-related deadlines
Under certain circumstances, you might need to adjust your payroll calendar if one or more paydays fall on the same day as a holiday. Likewise, adjustments may be required in situations where payday for the last weeks of the year ends up landing on a day in the following year. Last but not least, if there are three pay periods in a given month but you operate on a biweekly pay period schedule, plan to adjust accordingly.
Tips for preparing a payroll calendar
Start by figuring out how frequently your company plans to issue paychecks to your employees. Biweekly pay periods are the most common payday schedule, though it all depends on pay frequency laws in your area, your business-related needs and the preferences of your employees.
With these details in mind, consider whether you’d like to pay your employees on a semi-monthly, monthly or weekly basis. It’s important to make this decision prior to finalizing your payroll calendar. Just make sure you double-check any and all state laws or local regulations to see if there are any pay frequency restrictions by which you must abide.
Two examples of common payroll schedules
There are two main pay period schedules that most companies implement, including biweekly and semi-monthly payroll schedules.
Biweekly payroll schedules
Biweekly payroll schedules pay employees on the same day. Typically the Friday of every other week, biweekly processing is beneficial, though it requires you to be flexible during those months where there are three paydays instead of the typical two pay dates.
Generally speaking, there are only 26 biweekly pay periods in a given year, but in some instances, you might find that there are actually 27 pay periods. Review how many paydays there will be in the upcoming year before you commit to a biweekly payroll schedule.
Semi-monthly payroll schedules
With semi-monthly payroll calendars, pay periods occur on the same date twice each month. This ends up being the 15th and the 30th or 31st. You might need to adjust your payroll calendar if the payday date falls on a weekend or a holiday as these are when banks are typically closed, so keep this in mind.
Payroll calendars serve a myriad of purposes ranging from serving as a visual tool to helping HR departments organize payroll. You can even implement a calendar to make the process of setting deadlines and communicating upcoming pay dates a lot easier.
It all comes down to scheduling pay dates so that you can improve the planning and budgeting protocols within your company. Plus, with a calendar, you can actively write out your payroll dates for the year. From there, you can take the necessary steps to ensure that you have the staffing and the financial resources needed to pay them.
For both short-term and long-term success, explore your payroll scheduling options.
©2024
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Jun 05, 2023
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May 12, 2023
Form I-9 Flexibilities Ending
Check Documents by August 30
Apr 21, 2023
Watch Out for Fake ERC Plans
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Mar 10, 2023
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Mar 09, 2023
New Law Ushers in Major Retirement Changes
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Mar 08, 2023
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Mar 07, 2023
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Mar 06, 2023
Supreme Court Rules HCEs May Be Eligible for Overtime
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Feb 10, 2023
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Feb 09, 2023
401(k) and IRA Limits Rise for 2023
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Feb 07, 2023
IRS Establishes Mileage Rates for 2023
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Feb 07, 2023
Staying Current on Payroll Rules
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Jan 03, 2023
New & Noteworthy
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Aug 19, 2022
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Jul 20, 2022
New Mexico Paid Sick Leave Is Effective Now
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Jul 19, 2022
Scam Warning For PA Businesses
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Oct 29, 2021
It’s a great time to check tax withholding
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Oct 05, 2021
Federal COVID Leave Ended on September 30, 2021
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Sep 29, 2021
The IRS's "Cannabis/Marijuana Initiative”
Providing Resources to Help Cannabis Business Owners Successfully Navigate Unique Tax Responsibilities
Sep 27, 2021
State-mandated retirement programs are coming, are you ready?
Which states are mandating participation?
Aug 13, 2021
4 Important Reasons To Immediately Document Performance Problems
The importance of documenting performance problems as they occur cannot be overstated.
Aug 04, 2021
Cannabis Laws Affecting Employers: State Laws and Employer Guidance
As medical and recreational cannabis laws evolve, and with federal law currently in opposition to many state laws, employers face challenges when developing workplace drug policies and understanding their limitations in the area of drug testing. Use the enclosed best practice recommendations and chart to see how YOUR business may be affected!
Aug 02, 2021
9 Reasons to Immediately Review Your Handbook
While your employee handbook should receive a regularly-scheduled review to ensure compliance with state and federal law, there are some events that may require additional policies or updates to be added to your employee handbook sooner than your next scheduled update. Click the link below for the 9 reasons !
Jul 27, 2021
Intuit Quickbooks Online Payroll Users – Last Few Days to Stop Data Share With Equifax
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Jul 23, 2021
Five 1099 Contractor Classification Myths
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Jul 20, 2021
Six Compliance Challenges & How to Conquer Them
Small business compliance has never been more complex. This eBook will introduce you to the leading challenges and solutions that will help you to stay on the right side of the law.
Jan 12, 2021
My Employer on the GO Tutorial: Employee Onboarding
A walkthrough showing employees how to complete the onboarding process available through My Employer on the GO!
Oct 05, 2020
Employer on the GO Tutorial: HR Time-Off Requests
A walkthrough detailing how to process time-off requests within the Employer on the GO software!
Oct 02, 2020
Fact Sheet: Pennsylvania Overtime Rule
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Sep 25, 2020
Employer on the GO Tutorial: HR Forms and Documents
A walkthrough showing how to upload and access important forms and documentation using Employer on the GO's human resource system!
Sep 21, 2020
Employer on the GO Tutorial: Using the HR Org Chart
A walkthrough showing the organizational chart function of Employer on the GO's human resource system!
Sep 17, 2020
Employer on the GO Tutorial: HR Employee Tasks
A walkthrough detailing how to assign tasks to members of your team with Employer on the GO!
Sep 14, 2020
Employer on the GO Tutorial: Entering HR Information
A walkthrough showing how to view and edit employee HR information with Employer on the GO!
Sep 10, 2020
Employer on the GO Tutorial: HR Performance Management
A walkthrough showing the functions of the Employer on the GO performance management system!
Sep 07, 2020
Employer on the GO Tutorial: HR Company Announcements
A walkthrough showing how to post and view company announcements with Employer on the GO!
Sep 03, 2020
Initial Guidance: Employee Tax Deferral Executive Order
New language from the White House offers a temporary payroll tax deferral - should you take advantage of it?
Aug 28, 2020
Back-To-School FFCRA Guidance
The "when," "where," and "how" on returning to school aren't set in stone just yet - here are a few answers to questions you may have in the meantime.
Aug 17, 2020
At-Will Employment: What Does it Mean?
You've heard the term - let's dig a little deeper!
Jul 23, 2020
Potential New FFCRA Rules from the Department of Labor
The guidelines surrounding employee leave due to COVID-19 are still evolving - stay on top of it all!
Jul 10, 2020
Q&A: COVID-19 Employer Guidelines
Managing employees is different than ever before - what should you be prepared for?
Jun 26, 2020
Employer on the GO Tutorial: Payroll Journal Access & Summary
A walkthrough detailing the contents of your payroll journal in Employer on the GO!
Jun 25, 2020
Employer on the GO Tutorial: Approve Payroll & Notify Provider
A walkthrough showing how to finalize your payroll and inform your provider with Employer on the GO!
Jun 24, 2020
Employer on the GO Tutorial: Preview & Process Payroll
A walkthrough showing how to preview your payroll before processing using Employer on the GO!
May 26, 2020
Employer on the GO Tutorial: Enter Payroll Hours using the Enhanced Pay Grid
A walkthrough showing how to enter payroll hours using the Enhanced Pay Grid from Employer on the GO!
May 19, 2020
Employer on the GO Tutorial: Navigate Enter Payroll Setup Menu
A walkthrough showing how to edit and understand the Enter Payroll Setup menu with Employer on the GO!
May 07, 2020
Should You Rethink Paid Leave?
Don't demonize paid time off - celebrate it!
Apr 28, 2020
Employer on the GO Tutorial: Access and Manipulate Payroll Detail Reports
A walkthrough to access and customize your payroll detail reports as an Employer on the Go user.
Apr 27, 2020
IRS Unveils 'Get My Payment' Feature
Curious about your eligibility for COVID-19 stimulus payments? Check out this new tool from the IRS!
Apr 24, 2020
Employer on the GO Tutorial: Payroll Document Access and Details
A walkthrough to access and understand your payroll documents package as an Employer on the Go user.
Apr 22, 2020
9 Advantages Of Automated Time Tracking
Take advantage of automated time tracking to optimize your workforce.
Apr 15, 2020
The Importance of Time-Off Management
Paid time off can be a great tool to improve employee morale and productivity.
Apr 13, 2020
Employer on the Go Tutorial: Quarterly Report Access/CARES Act Report
A walkthrough to access quarterly reports packages as an Employer on the Go user.
Apr 09, 2020
TimeWorksPlus Has Geofencing!
If you need to know whether or not your employees are working in the correct location, you need Geofencing.
Apr 07, 2020
Scam Warning: Fraudsters Using New Tactics to Steal Personal Data During COVID-19 Pandemic
Unfortunately, even in times of crisis, there are those who seek to benefit at the expense of others.
Mar 20, 2020
Why Is Taxation Related To Cannabis Businesses So Complicated?
Beware: 2020 Could Be A Banner Year For IRS Audits Of Cannabis Businesses
Feb 23, 2020
3 of 4 Business are Underinsured – Is Yours Protected?
Insurance often feels like an unnecessary cost - until you need it.
Dec 31, 2019
Six Payroll Problems To Keep In Mind
Getting a grip on your payroll can ease the burden on cash flow and help your company remain afloat.
Dec 30, 2019
Solutions To 7 Frustrating Employee Scheduling Problems
Employee scheduling doesn’t have to be a dreaded chore. TimeSimplicity is your solution.
More News & Press can be found in our Archive.
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