If there is one thing that your company should continue to do is to make payments to employees on time. And, payroll templates can duly help you with the task. Ideally, the purpose of the template is to help you make payment arrangements within the shortest time possible. You should have the right payment record at least three days before the actual payday. We have today compiled a comprehensive list of the best templates that you can choose for increasing the efficiency at the workplace.
Payroll templates are available for free download. They are useful for all businesses and companies that prefer cheaper payment management options to expensive software solutions. The templates are useful for small businesses with few employees as well as companies with more than 20 employees. These templates are useful as they help with easy accounting.
Use the payroll calendar template to plan the dates of releasing payments to your employees. The date you choose will depend on your company’s payment policy. Whether you schedule a payment on a weekly, bi-weekly, or monthly basis, this template should help you plan correctly. It is available for free download, and you can use it as it is. (10+ Payroll Calendar Templates)
Creating a payment register is something you may have to do every month. But the task itself can be somewhat tiring. The best thing to do is to download a free payroll register template that will help you save a considerable amount of time. Below is a sample file that you can download and use instead of spending too much time creating the template yourself. (7+ Payroll Register Templates)
What is Payroll System?
You have heard time and again that employees are the most important people in startups as well as growing business. Without the support of your employees, your company wouldn’t have grown, and the needs of customers would have been difficult to meet. One other important thing to keep in mind is that employees work with an expectation of timely compensation in mind. So, it is best if your company starts taking the payrolls of the employees seriously.
In trying to understand what a payroll system is, we first need to know what the term payroll means. A payroll is an official accounting document used to determine the amount of money that an employee should be paid for the work that they have completed. If you are running a business and you have employees working for you, it is your responsibility to make sure that you have a payroll in place. Additional information includes tax to withhold, proper government agency funding, and timely issuance of payments.
Managing a payroll manually can be tedious and it can land you into some legal problems. To avoid this from happening, it would be best to use a payroll system. A payroll system is simply a computer program designed to enable companies to manage the payments of their employees as well as their taxes. Calculating hours, wages, taxes, and accurate deductions from employees; monthly payments can be made easier using the payroll system.
No need to create a worksheet template to manage your payroll. You can now download a free sample template and use it to design the best custom payroll worksheet template for your business. The file is available for free download and can also be easily printed. (5+ Payroll Worksheet Templates)
An easy way to do payroll budgeting is to use the payroll budget template. You don’t have to create the file from scratch. All you have to do is to download the following template, tweak it if necessary, and save yourself a lot of time to do the actual budgeting. You can download the file for free below. (7+ Payroll Budget Templates)
How to Create a Payroll in Excel
If you cannot afford to buy a payroll system or for some reason, you find it unnecessary and additional computer software for your enterprise, you can still create a high-quality payroll template yourself using Microsoft Excel. Microsoft has done a good job in helping companies and small businesses to create the best payrolls for free by creating a useful template known as the Excel Payroll Calculator. The template is available online, you can download it and use it locally for free. The biggest advantage of this solution is that it comes with functions and formulas, which makes it easy for one to manage employees’ data.
In creating a payroll system using Microsoft Excel, the first thing you need to do is to download the Excel Payroll Calculator template. You can find this template from Microsoft’s website. It is important to keep in mind that only Microsoft has this template, and you can download the file without paying any money to the third party. Save the template where you can remember. Note that the file will be saved in the location you choose as a compressed file. Now, the next step is to open the file you just downloaded. Follow the steps on your screen to open the template; it should open easily in Excel without any technical issue.
You want to save a copy of the template somewhere else so you don’t spend a lot of time downloading the template in the future. You can even make it your official payroll document if you like. Now, save the opened file where you would like to save all your payroll information, and then save your current work to finish creating your company’s payroll workbook. The next step is to create the payroll for your business. Follow the same steps you would use while creating other payroll templates for your business.
A payroll timesheet template is a free-to-download document that companies and businesses can use to manage their payment process. The purpose of the time sheet is to determine how many hours an employee worked for the period between their last payments and the expected future payments. (12+ Payroll Timesheet Templates)
Importance of Payroll
It is important to remember that there is a lot involved in a payroll system. And at the end of the day, your results are always going to be factual, particularly because everything related to payroll involves not only your business and its employees but also government agencies. Remember, when managing payrolls, business owners must work and act in compliance with the federal, local, and state law. When hiring employees, for instance, a business must follow all the legal steps required. And, they must award employees accordingly while withholding the right amount of taxes fairly and in the right manner. Luckily, an accounting software makes all these steps easy to handle.
Payroll systems are rich in unique business features, which make every businessperson’s work easy when it comes to managing payroll information. It is important to remember that the payroll systems have features that can be used by any business regardless of the overall business’ size or the number of employees. For example, a payroll system shows an accurate highlight of the payment date of a particular employee, usually depending on the agreement made between the owner of the business and the employee in question. The period may vary from weekly, monthly, daily, or biweekly. Some more example features include direct deposit, manual checks, and payment deductions.
Before buying a payroll system, you need to make sure that the speed of the computer program is optimum. You should not settle for computer software that delays your work. Because speed plays a vital role in boosting user experience, it is important to go only for the software solution that can make the work of the accounting team easy.
Managing payroll should not be difficult at all. Of course, it may take a while before you get your head around the payroll system, particularly if you are new to it. But the best thing is that once you get used to managing payrolls using the templates, it should be easy to manage your business irrespective of its nature.