Applicable laws may vary by state or locality. Additional information and exceptions may apply. This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. For more information about Intuit Payments' money transmission licenses, please visit. Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. But with the right tools, you may find keeping accurate payroll records is as simple as it is rewarding. Managing and organizing payroll is a challenging task for any small business owner. The more often you check-in, the more organized your payroll can be. Update records regularly: Whether using a payroll spreadsheet or any other tool, update your records on a schedule.Know the regulations: Payroll can be confusing, but even accidental errors can result in painful fines.Know what records to keep: Various state and federal laws require employers to keep payroll records for extended periods.Set calendar reminders to make sure you file your payroll taxes on time, every time. Know the tax deadlines: Missing tax dates isn’t an error you want to experience.Before finalizing an employee’s pay, know your budget and what you can afford. ![]() Know your payroll budget: The first step to staying organized is to take preventive measures so you don't fall behind.Here are some best practices to ensure your payroll records are always up-to-date and accurate: Plus, it helps to have accurate payroll information for things like hiring and managing cash flow. Employees need payroll records to file taxes or apply for a mortgage or car loan, while employers need them to comply with state and government regulations. Keeping accurate payroll records is essential for you and your employees.
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