Payroll Tips for Small Business
As a small business owner, there are many things you are responsible for in order to keep your business running successfully. As you build your business, payroll becomes one of the things that you have to manage to keep your business going. In this episode, Bernard Roesch shares things to consider in running payroll for your business and also how to go about hiring somebody to help you with payroll as your business grows.
Payroll Considerations
Payroll can be complicated as there are specific processes, deadlines, and other considerations which are important and have compliance issues.
- Certain situations can complicate payroll and make it a little bit more difficult to manage on your own. For example, if your business has employees in multiple states, then it’s important that you ensure your payroll processes comply with the payroll regulations of each state.
- As you hire more employees, you may encounter certain situations that require unique payroll compliance. For example, if an employee has garnishments on their wages, then you as the employer are responsible for accommodating for this as part of your payroll activities.
Depending on the stage your business is in, it may make sense for you to hire support to help you with your payroll responsibilities.
How To Hire Payroll Help
There are a number of things to consider when hiring someone to help you with your payroll activities in your business.
Your Payroll Needs – Every business is different and often has different payroll needs. For example;
- You may need to integrate your payroll data with your QuickBooks job costing data.
- Another business may have special employee benefits that need to be accommodated for within payroll.
- Finally, certain businesses may have tips that need to be accommodated for as income when doing employee payroll.
Before hiring somebody to help with your payroll needs it’s important that you understand specific aspects of your business that will impact the hiring decision.
Hire Experienced Payroll Providers – Because payroll can be complicated, it’s important that you hire experienced payroll specialists or services rather than having a friend, family member, or even your CPA do payroll for you.
An experienced payroll provider will know the rules and regulations that you must follow when it comes to payroll for your business.
Full Payroll Support Versus Compliance Only – Depending on your business, you may want to consider hiring somebody for full payroll support which includes running payroll and paying employees as well as compliance and filing requirements with the government.
If you prefer to minimize costs or otherwise manage certain aspects of payroll yourself, such as writing checks to employees, you can hire a payroll provider to help you with only certain compliance aspects of payroll.
Payroll Support Costs – The specific costs of payroll specialists and payroll providers will vary depending on your specific business needs. In addition, the costs vary depending on how often you run payroll, such as weekly or bi-weekly and some payroll providers charge on a monthly basis.
While hiring payroll support is a cost to your business, the benefit of being able to focus on growing your business rather than administrative payroll responsibilities may far outweigh the financial costs of hiring payroll support.
We Can Help
If you’re currently managing payroll yourself, or seeking payroll support, contact MISSION for CFO services.
Need to find the right QuickBooks software for your business? MISSION Accounting can help there too.
