Payroll/HRIS

Paying your employees is non-negotiable.

Paying your employees builds trust with your team and enables loyalty over time. Once a payment is late or inaccurate, 25% of workers start exploring other opportunities. If payments are late again, that number nearly doubles.

Payroll software is inexpensive, easy to use, and helps with a growing team. Here are a few mistakes we highly suggest you avoid:

Paying employees with personal finances

Misclassifying employees as independent contractors

Complicating HR Services with endless paperwork & processes

When to start with a payroll provider

Your payroll might begin with yourself. The most important time, however, is when you need to consistently pay employees.

If you're in build mode, you probably won't want to spend several hours each week to work on payroll; you'll need that creative energy to overcome whatever challenges your company is facing at the time.

If you’re in the build-out phase, you probably won’t want to begin setting up payroll until you begin the hiring process. Once you begin hiring, you will want to know your employee documentation is setup correctly well before grand opening day. Once you reach this point, making sure you have the time required to recruit, hire and train your early team.

What is payroll

In its simplest definition, payroll is paying your employees. A bit more specifically, payroll is distributing wages to your employees and withholding taxes and distributing to Uncle Sam. However, payroll actually encompasses all of the following tasks:

Accurately calculate salary

Calculating and paying payroll taxes

Staying compliant as you bring on contractors

Sending new hire reports to the government

Collecting new hire paperwork including I-9 processing

Payroll deductions for benefits

Withholding taxes and quarterly filings

Filing end-of-year taxes

Preparing W-2s and 1099s

General management of employee records

How does payroll help your business with HR?

HR oversees every aspect of employment. You'll need to comply with labor laws and employment standards, administer employee benefits, and organize employee files. HR also handles onboarding—offer letters, employee information for payroll, I-9 employment verification, equity paperwork, and any employment agreements like non compete, intellectual property, etc—and offboarding.

We recommend subscribing to an HR compliance tool to help you make sure you are following all of the right laws, trainings, postings, notices, regulations, etc.

How to get started setting up Payroll & HR:

Submit the CoverPanda payroll application (insert link to payroll application)

Meet with your CoverPanda payroll specialist to begin setup process before hiring begins

Setup new-hire welcome emails & hiring checklists, and begin inviting new-hires to Gusto!

Pro-Tip: If you are going to offer benefits and deduct premiums or 401k from paychecks- it is going to save a lot of headache if you use the payroll provider as your benefits administrator.

When to start with a payroll provider

What is payroll

How does payroll help your business with HR?

How to get started setting up Payroll & HR:

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