There’s a lot of great advantages to running your own business. There’s nothing like the joys of being your own boss, calling the shots, and choosing the direction of your future. There’s a reason why small business owners are some of the most satisfied people in the country.
However, there are many obstacles and challenges one must overcome if they want to come out the other side of their enterprise a success. What are some of the payroll options one might need to consider?
Read on, and we’ll walk you through a few basics all small business owners should know.
Doing Payroll Yourself
If you’re really intent on saving money for your small business, you might consider doing payroll all on your own. The only truly free way to do this is to do all your payroll work by hand, as even most payroll programs will charge you some type of service fee for usage.
If you use software to simplify things, you still might be saving a good amount of money (as opposed to hiring a full-time accountant). You’ll need to gather all the pertinent information from your employees, keep track of hours worked, and ensure you’re being compliant with all state and federal payment laws.
Running your own payroll can be a lot of work. There’s a lot to keep on top of, from the aforementioned laws to the proper reporting of taxes to the IRS. Doing it all on your own is certainly an option, but it isn’t for the faint of heart.
Hiring a Payroll Service
As a small business owner, you probably don’t have enough time to do all that payroll work yourself. It can eat valuable time up you need to put toward, you know, running your business!
That’s why many small businesses turn to payroll outsourcing or sending their work to a third party company. There are many companies out there that provide payroll services for businesses of all shapes and sizes.
No matter how small or strange your business might be, there’s probably a payroll service out there willing to take your company on. Popular options over the past few years have included companies like Gusto, Intuit, Namely, and OnPay.
However, it’s worth shopping around and seeing what company might provide you with the best deal for your own business. Working with a smaller payroll service might provide you some flexibility and negotiating power.
Yes, it’ll cost some money to work with this kind of service, but it can save you lots of time and money in the long run! Making mistakes in reporting your payroll can lead to employee disputes and/or huge fines from the IRS.
That’s the last thing you want when trying to keep your business afloat! Hiring a payroll service might be a move that helps to keep that money in your pocket in the long-run.
Understanding Payroll Options for Small Businesses
If you’re running a small business, it’s important to understand what your payroll options are early on. The above information can help.
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