Payroll for your Business
Why are you still doing your own Payroll?
It is now the middle of January and you, as a business owner, are starting to worry that you only have a few more days before those W2 Forms must be done and in the mail – right? You also have to squeeze in some additional time to handle another January payroll in the middle of this, so it looks like it is going to be another long weekend spent in front of the computer and you will miss another family event.
Payroll is not easy, and it eats up a lot of time for business owners. You must spend time making sure that your employees submit their paperwork to you timely and then you have to spend a ton of time entering it all into your system so that payroll is done correctly and “on time”. The process of doing payroll is much more than cutting payroll checks. It involves proper tax reporting and making sure that you stay current on every reporting deadline. You do realize that there are big fines that go along with past due payments and non-reporting – right?
So, I guess the first question is “Why do you still do your own payroll?”
There are several good payroll services available to small business owners. The price you pay for their services could be some of the best money that you spend!
Here are some things to look for in a payroll service:
Ask a business owner friend for a referral. The company you choose must handle things timely and efficiently and knowing that a company can provide excellent service to a business that is like yours is a great place to start.
Make sure that they handle all your tax reporting. Will the company file your payroll taxes and complete all your W2 forms and other tax documents? This is almost worth the price of a service – all by itself! There are heavy fines for non-payment or delinquent payments. Let a service handle this burden and responsibility for you.
Make sure that the company that you are hiring can handle all the services that you provide. Do you offer direct deposit? Health insurance deductions? Profit Sharing Plans? Make sure that the service is compatible with your benefits and can handle adjustments and it can grow with you and your company.
Make sure that the company provides you with a straightforward process for submitting your payroll. Know your deadlines and the full process for entering your information. Is it easy to navigate and do you have someone to contact if it doesn’t work or if big problems arise? There is nothing that will aggravate your employees more than not getting paid on time.
Bottom line is that you want to spend your time generating revenue and not handling “back office” stuff.
Spend a little time. Do your research and pick a service that is right for you and your business.
At the beginning of this article, I mentioned that there are plenty of good services available to handle payroll. It can also be handled through your QuickBooks service, so it may be a good idea to check with your bookkeeper first. It might be something that can be done in partnership with your regular accounting services and monthly reconciliation.
We are here to help. Email us today and we can also schedule your free consultation. We would love to help you get a plan started. It is what we do at Hollander & Associates.
Please let us know how we can better serve you.