If you’re a small business owner there are many concerns that vie for your attention. Legal matters, profits, HR nightmares, marketing stresses, bottom lines, investors, warehouse troubles, it seems like the list of worries is never ending. Add to that list of worries – payroll. Staying on top of payroll is obviously an essential part of being a small business owner. If you don’t offer your employees a stable, seamless, effective, and secure payroll solution they’re likely to go elsewhere. A disorganized and incorrectly processed payroll system can land you in some serious trouble with the IRS. Ensuring you pay your employees in a timely fashion is also critically important. Whether you’re just getting started on setting up your payroll or you’re looking to make changes to an existing, but ineffective system the tips below will prove helpful.
First things first, how often are you going to pay your employees? This is one of the first questions you should ask yourself when setting up payroll. Many businesses run on a bi-weekly system but other pay periods include weekly and even monthly. It’s up to you to decide what works best for your business. The major factor that’s affected by when payroll goes out is time. Do you think you have time to run payroll every week? If not a bi-weekly system may be more appropriate for you. Once you’ve got that basic questions out of the way the next thing you’ll need to do is look at the type of employees you employee. Are they interns, seasonal workers, independent contractors, full-time employees, or part-time employees? Payroll and taxes work differently for each new class of worker. You’ll need to research the various needs of each classification of employee when setting up your payroll. The capable employees at H&R Block would be happy to help you understand the tax needs of your employees.
Of course you’ll have to find the right payroll software for you and your business. There are a lot of options out there so be sure to shop around. If you’re looking for trusted and comprehensive services you might wanna try Intuit Quickbooks! They offer powerful payroll solutions combined with excellent customer service so you always have the help you need to succeed. When shopping for payroll software you’ll need to keep your business’s unique needs in mind.
With all the stress that you’re under as a small business owner the last thing you need to worry about is your tires. A quick pit stop to TireBuyer.com will fix you right up! Once you’ve got your new set of tires picked out you can go right back to worrying about payroll.
A great, easy way to save time is by automating your taxes. Be sure to automate state and federal. A lot of payroll software takes care of that for you. When shopping for software be sure that it automates your taxes. This is the perfect way to prevent forgetful behavior and to save as much time as possible.
Stick to the above methods and tips and you’ll find that you’ve created a successful payroll system that works for you.