Billpaywiki.com – Imagine running a business without a 2023 payroll calendar. Not only is it inefficient, it also makes your business less organized. As an employer, you’ll experience a much more stressful day. While as an employee, you’ll start losing your trust in the company you work for.
Why is a payroll calendar such an important item? And what template should we use for the biweekly and semi-monthly pay? We will explain all of those questions for you.
Pay Period Calendar and Why It’s Important
Generally speaking, a payroll calendar is a calendar containing a payment schedule of a company. This calendar usually has marks indicating a pay date, period of works, and due dates.
Each company creates their own calendar to suit their own needs and business cycle. They might apply the weekly payroll calendar or biweekly one depending on their situation. They will stick to it unless something unexpected happens.
There are many benefits of using this tool to run a business. And those benefits are:
- It will help the company, particularly Accounting Division to work efficiently according to the fixed schedule.
- It creates transparency regarding employees’ payment that will eventually increase the workers trust.
- It helps employers to create a realistic plan based on the schedule
2023 Payroll Calendar Biweekly
The biweekly pay period is a type of payment schedule where workers get their salary once every 2 weeks. This schedule is the most widely-implemented in the USA. Hourly employees usually like this schedule over the monthly and semi-monthly pay as they get more paychecks.
In one year, they will collect 26 checks with an average of 2 checks every month and 3 checks in some other months. The drawback of this system is the total amount of money that they receive. Many workers report that they usually get less money under this system.
Below is an example of the biweekly payroll calendar year 2023.
2023 Payroll Calendar Semi Monthly
A semi-monthly payroll is a schedule where workers get their checks 2 times a month. By the end of the schedule, they will collect a total of 24 checks, with each check given on fixed dates such as 15th and 30th.
After the biweekly pay, this system ranks second as the most implemented pay schedule in the US. There are many pros of this schedule, such as its compatibility with a monthly business cycle.
However, this system also has its own cons, such as the inconsistency regarding length of the work periods. Sometimes, the work period is longer, while other times it’s shorter. For example, in February, the work period is shorter than the one in January since the former has fewer days than the latter.
Here’s an example of 2023 payroll calendar with semi-monthly system.
2023 Pay Period Calendar Template
A payroll calendar template will be helpful for many small business owners. In most cases, small businesses are either new companies or companies with limited capital and staffs. They are usually run without a proper framework including a fixed payment schedule.
Managing a small business might be easier than managing a bigger one. However, a framework or specific schedule is still important to avoid uncertainty and disorganization.
Furthermore, a more ordered pay schedule will improve the business in some ways. That’s why a 2023 payroll calendar template should be used. The previous biweekly and semi-monthly calendar can be utilized as the base template. You just need to modify it a little bit to suit your own company’s plan.
Payroll Calendar 2023 PDF
Payment calendar templates are available in different formats, such as PDF, Words, and Excel. The PDF files are more abundant but these files are not easy to edit.
If you want to modify a base template to adjust it to the company’s strategic programs, you should choose the excel version. Otherwise, you have to use the PDF file as only a sample to be written manually again.
GSA Payroll Calendar Year 2023
When looking at a 2023 payroll calendar, many Americans will straightly go to government sites like GSA. GSA is the abbreviation of General Service Administration. It is a US agency to help federal agencies managing their fundamental roles.
GSA provides many tools important for small business owner, including a sample of payroll calendar. But again, it’s better for employer to use the sample as a basic template before they adjust it according to their own plan.
Here’s the example of GSA pay cycle calendar.
A 2023 payroll calendar is as important as the one in 2022 or even in 2024. Basically, every business in every era, will need a fixed payment calendar. It will help the company to be more ordered, trustworthy, and efficient.
Furthermore, a payroll calendar can be made by each company or downloaded from a government website such as GSA. But, it’s always crucial to use a calendar that suits the company’s bigger framework.