Employees look forward to holidays – so do employers, kind of. For employers, especially small business owners; holidays can create little glitches in their normal operations. While it is nice to have a day off, just like getting ready to go on vacation, the week before and the week after can create so many headaches that entrepreneurs sometimes would prefer to just skip the day. Isn’t that a sad statement?
Why are holidays a payroll problem?
One of the problems generated by holidays is payroll. No, we aren’t talking about having to pay holiday pay to employees. The problem is more about timing. Not only do their employees get the day off, so do employees of banks and financial institutions. That means their operations cease for the day – they are CLOSED. If an employer isn’t on the ball, and suddenly on Friday afternoon realizes that not only is next Tuesday a payday, but Monday is a bank holiday, he could be in a real pickle.
Employees count on the income from their jobs and rely on timely paychecks. A bank holiday and a late payroll would not go over well.
Not only might there be issues with employees receiving their pay on time, but payroll taxes have deadlines, too. If payroll deposits are not made on time, fees and penalties could be assessed adding to the financial burden for entrepreneurs that they don’t welcome or need. Knowing when bank holidays coincide with deposit deadlines is essential.
Turn your payroll problem into a SOP
There is a solution. Teresa Ray and her team at The Payroll Department in Brownsburg, Indiana keep on top of time tables, deadlines – and bank holidays. They have it under control and let you know that the payroll will need to be processed off schedule and they keep you accountable. Solve all your payroll processing problems by outsourcing your payroll services.
Payroll, payroll taxes and workplace employment issues are not something small business owners can afford to be inaccurate, late or let slip through the cracks. Having a payroll provider is like having your own payroll personal assistant – and that means one less thing you have to take care of and monitor. It really makes it easier to take that holiday and celebrate!
-Elaine of The Payroll Department Blog Team