Hello to my fellow Entrepreneurs and welcome to another fantastic read to help bring your financial goals to reality. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!! I hope you are enjoying this day and are receiving all the fruits of your labor.
Today’s topic focuses on payroll solutions for small businesses. When first starting out, a large population of small business owners, especially solopreneurs, will skip out on a payroll solution. And soon enough, we discover the cost of doing so: that large year-end tax bill. It’s rarely manageable and often creates havoc in our financial house and causes us to foreclose on our dreams of business ownership. Not today! There is far too much education available and quite so many affordable tools available within reach.
Do It Yourself
I already know what you’re going to say. My small business can’t afford a software solution today. No problem. You can opt for a consultation with a small business payroll provider to understand your obligation in your state. Knowing your tax rate, the schedule to make tax deposits and to which entity will put you ahead of your tax liabilities. At the very least, review your net income each quarter and assess your possible tax liabilities and make a deposit.
With the vast increase in technology, you can have a payroll system in place within hours and receive a direct deposit in as little at 5-7 business days. My favorite system, Gusto, keeps small business owners compliant by providing a full-service option. For a small monthly cost, they provide the on-boarding process electronically for both employees and contractors, calculate tax rates, make tax deposits and process returns. And at year-end, your staff’s 1099 and W2 forms are processed with accuracy and distributed to both tax agencies and your staff, electronically and on time. This paperless system makes hiring and payroll compliance a cinch.
Payroll Solutions Provider
If you have a large staff and need an more professional solution, outsourcing your process to a payroll administrator will provide the same benefits as using a payroll system. In addition, you will have a great liaison to many tasks such as time-sheet collection, contractor invoice processing, payroll tax compliance question, reconciling matters and year-end check and balances. The benefits are truly endless when you rely on a subject matter expert on payroll.