Now that you have employees what do you do?
DO NOT just go out and buy a well known payroll software package and start printing payroll checks.
Please read from a previous article, utilizing K.I.S.S. (Keeping It Simple at Startup).
Sole Proprietors:
If your business is just starting up and you anticipate more than two employees. Find a reputable payroll leasing company and dump the entire problem on them. Yes, it will cost you a little more for each payroll but just add the extra cost to your bidding process. By leasing your employees the leasing company takes on full responsibility for all of the State and Federal reporting and insurance requirements. Also, your small number of employees could have access to large group health insurance and other fringe benefits for a smaller fee than you can offer.
Corporations and LLCs:
If your business is just starting up and you anticipate more than two employees. Find a reputable payroll processing firm who will assume all of the record keeping and reporting requirements from you. You will still be ultimately responsible in the IRS eyes for your payroll but will have professionals to help you along the way.
In both cases, when you feel comfortable about all of the State and Federal payroll laws then you can start looking for an in-house software solution. Do not depend on your internal bookkeeper because you are ultimately liable and need to know how records, reporting, tax deposits and required insurance should be done in order to C.Y.A.
Everyone with less than two employees, just let your tax professional or C.P.A. guide and help you in the payroll reporting and form processing requirements on a quarterly basis.
Remember focus on building your business not creating paperwork.
What About Payroll? - To learn more about this author, visit Allan Branch's Website.
Like this article? Share it with your friends
 |
Related Articles |
|
 What About Payroll?
|
| |
Handle payroll the simplest and proper way!
|
|
Sales Success Tip-Why Playing Dumb is Smart
|
| |
Playing dumb is smart. It's the smartest and quickest way I know to get to the REAL issues facing your prospects. How much easier do you think it would be to sell your product or service if you knew EXACTLY what m...
|
|
Budgeting Money When You Own A Business
|
| |
One of the most difficult things to do when you start a new business is putting together a budget. Under your expense category there can be several sub-categories often falling...
|
|
A Sore US Economy But,There Is Hope
|
| |
No doubt we are living in a sore economy. This economy is bleeding everywhere but, there is hope with outsourcing services. Outsourcing services is use as a method of cost cutting measurement. In hard times, outsour...
|
|
Are You Financially Responsible With Your Business?
|
| |
Where do you spend your time? Where you choose to spend your time directly reflects the financial outcome for your business.
Today, I'll focus on ways that you can evaluate and adjust how to spend your time so th...
|
 |
Related Businesses - Evan Elite Authors |
|
The Evan Elite Authors program is currently in beta phase. For details please contact us.
|
|
|
|
![[Get Copyright Permissions]](http://license.icopyright.net/images/icopy-w.gif){kind=small}
