What is a time clock?
A time clock documents the start and end times for hourly employees as well as the amount of time spent on break. Business owners can then use this record of hours to calculate payroll.
Keep your time clock record – along with all your other records and documents – in one place so that you’re prepared for tax time. Here are a few other helpful tips:
- Employee contracts aren’t a legal requirement, but they protect your employees and your business. Contracts can outline everything from job descriptions and expected hours of work to the date of employment and salary details. A lawyer can help you draft a contract if you have any questions as to what should be included.
- Whether you hire full-time employees, contractors or freelancers makes a big difference when it comes to payroll. Make sure you’re compensating them properly and according to the tax guidelines where your business operates.
- Wave’s payroll software comes with worry-free features such as automatic tax remittances, direct deposits into your employees’ bank accounts and automatic payroll journal entries.
- Got questions about payroll and taxes? Check out The Ultimate Year-end Payroll Checklist.