Payroll is a quintessential component of most small to large-scale businesses. But payroll is often neglected or incorrectly run which can cost the business in time, resources, money, and potentially labor fees.
Payroll impacts your employees directly and helps to show them how much they are valued when it is taken seriously. It can also seriously impact your financials and create legal troubles if run incorrectly.
So how do you ensure that your winery business is reporting and paying out payroll accurately?
Payroll Reporting
Dependent on the scope of your business Accountix can provide a variety of different payroll services ranging from simple back-office management to white glove payroll services.
Some local Santa Barbara and other California wineries require a variety of different employee time tracking methods.
There is a mixture of exempt and non exempt salaried employees as well as hourly employees who may need to report from the tasting room, from an event, or from the vineyard.
You’ll need to make sure that your employees have the capability to report the time in a way that works operationally for your business. If they are reporting from a variety of different places it can help to see where and when employees are clocking in.
There are a variety of different cloud-based time reporting methods – the trick is simply finding the correct one for your operation.
Employee Compensation
Bonuses, incentive programs, commissions, and more!
Keeping employee morale up and keeping employees engaged is another way that payroll is important to your business. But, as fun as these different programs are, they also need to be made sure to be reported accurately to the IRS and they’ll need to be run through the payroll system.
Keeping track of these and reporting them correctly is critically important. We always recommend working with a HR consultant to ensure legal compliance, while Accountix can ensure the numbers are reported correctly in your accounting system.
Long-Term Budgeting
Payroll can take up a lot of your company’s resources and cash flow.
You need to make sure that when payroll is run, your company has the cash to pay it out in full.
Having a great accounting and bookkeeping team on your side can help to manage the cash flow element of your small business. Having an eye on upcoming payments, knowing when payroll will be run, and continuing to factor personnel in as your business scales up in size, are all key factors in proper payroll management.
How Can Accountix Help?
Working with our business advisory branch to first isolate where payroll could be made more efficient is the best next step in managing your small business payroll.
If your business is at the point where you need to turn to a bookkeeper (it’s earlier in the process than you would think!) then it might be time to reach out to us!