📆 What are the Best Pay Periods For Your Business?

Determining the Best Pay Periods For Your SMB [Fit Small Business]( Expert Insights on HR August 14, 2024 Our Expert’s Topic for the Week: What are the Best Pay Periods For Your Business? Knowing the recurring period of time that employees work and are paid is important in running a business. While many companies pay on a weekly, semi-monthly, or monthly basis, it’s crucial to know labor laws, state regulations, and industry practices to remain compliant. These can help you avoid potential legal issues and ensure you pay employees correctly and on time. - Jennifer Soper, Robie Ann Ferrer & Genevieve Que   Stay Current   - Federal law only requires that monthly payday requirements stay consistent. Check your state for its pay frequency laws, as some require a minimum of two pay periods per month. Here are the articles covered in today's edition. - [What is a Pay Period? (Free 2024 Pay Period Calendars)]( - [Payroll Compliance: Important Payroll Laws to Know]( - [How to Calculate & Process Retro Pay (+ Free Calculator)](   [What is a Pay Period? (Free 2024 Pay Period Calendars)]( [What is a Pay Period? (Free 2024 Pay Period Calendars)]( Given that payroll impacts your business’s cash flow and financial reporting requirements, you must select the pay period that best fits your company’s needs and worker types. Understand what a pay period is and what it means for your small business, and download our free pay period calendars that correspond with your business’s pay cycles.   [Payroll Compliance: Important Payroll Laws to Know]( [Payroll Compliance: Important Payroll Laws to Know]( Payroll compliance refers to the legal obligation businesses have to adhere to local, state, and federal laws related to employee compensation. It’s not just about paying your employees on time, but also ensuring that you’re withholding the correct amounts for taxes, providing the right benefits, and complying with labor laws.   [How to Calculate & Process Retro Pay (+ Free Calculator)]( [How to Calculate & Process Retro Pay (+ Free Calculator)]( Even if you have a pay schedule set up, there may be instances when you need to process retroactive pay (also called retro pay) if there are discrepancies, such as salary increase adjustments, additional bonus payments, or errors in overtime hours tracked. This guide walks you through the process of computing retro payments—it even includes a calculator you can use for free.   Sponsored by: Why We Like ShareBuilder 401k With [ShareBuilder 401k](, plan expenses are between 23% and 68% less costly than the industry average. It’s important to note that while many fund fees with other providers are usually less than 1%, a small variation in fund fees can result in a difference of hundreds of thousands of dollars in savings over an individual’s lifetime. If a solo 401k is not the right product for you, also consider ShareBuilder 401k’s other options such as its safe harbor 401(k), traditional 401(k), and tiered profit-sharing 401(k) plans. To open an account, you can take advantage of their promo on ShareBuilder 401k [website](. [Get FREE Setup >]( Based on Your Latest Reads   [How to Calculate Vacation Accruals (+ Free PTO Calculator)]( Small businesses that offer PTO must calculate accruals appropriately to avoid penalties. Use our free PTO calculator to help. [Free Excel Test for Interviewing Candidates]( An Excel test for interview candidates can show a person’s proficiency in using Excel. To assess candidates, download our free Excel test. [How to Do Payroll in Excel: 7 Simple Steps (Plus Step by Step Video and Free Template)]( Doing payroll in Excel is best for businesses paying 10 or fewer employees and operating in states without complex labor and tax laws.   Latest in HR   [27 Tips for Managing Your Payroll Effectively]( Explore practical tips for managing payroll effectively. Learn about compliance, auditing, data security, and more with our detailed guide.   [6 Best Payroll Apps in 2024]( If you’re always on the go and want easy access to pay processing tools wherever you are, check out our top recommended payroll apps. The best payroll apps let employers handle payroll right from their smartphones or tablets. While the apps are usually free to download, you’ll typically need to pay for the service to access its features. Some payroll apps don’t allow e-filing for payroll taxes, but others offer full functionality, letting you run payroll, pay employees and taxes, and approve time—all via the app.   [How to Do Payroll in Excel: 7 Simple Steps (+ Video & Template)]( If you’re not ready to invest in payroll software and only have 10 or fewer employees to pay, using an Excel spreadsheet to calculate payroll may be best for you. This is also great for very small businesses that operate in states that don’t have complex labor regulations and payroll tax laws. More FSB Resources   More Than A Newsletter   Written by Jennifer Soper, Robie Ann Ferrer & Genevieve Que About Fit Small Business HR Newsletter: Providing you with newsworthy tips, tricks, and informational deep dives on all HR and Payroll topics relevant to small business owners. Delivered to your inbox every Wednesday. 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