Starting your own business is one if the biggest undertakings you will ever take on. You are the Chief and the Indian – you are everything to your company! You are the purchaser, the cash manager, the debt controller, the maintenance department, and Human Resources just to name a few.
In addition you are also managing and working in the business you are creating. While many things are excellent to handle yourself, some things may not be worth your time or may be over your head. When it comes to doing your own payroll it may save you money in the short term, but it could cost a lot of money and aggravation as time goes on. When you open a small business it is easy to think that something like payroll is a good thing to save money on. However, if you make mistakes, you may end up owing the IRS back payments and penalties. This may affect your employees, and the last thing you want is your employees losing faith in you. Payroll companies are generally cost effective and leave you time to do more important things, like making your business income grow!
What’s involved in payroll processing:
– Issuing scheduled paychecks
– Tracking vacation or sick time
– Managing miscellaneous payroll deductions and authorizations
– Filing quarterly reports
– Withholding employee taxes
– Paying withholdings to government agencies when due
– Issuing W-2’s at year end
– Summary filings at the state level
– Managing employees’ health and pension plan contributions
– Handling state disability, unemployment and family leave assessments
– Notifying the government when employees are hired or leave the company
This list of duties is not reflective of why many people go into business – small or large. These things are day-to-day business tasks and can be challenging to deal with. Let your passions shine and grow your business every chance you get! Gary and his team have the tax knowledge and consulting experience to refer you to the best payroll processing company for your small or large business. Ease your burden and gain the time to do the things you are best at!
