As we all know, changes in the world of small business are not only inevitable, they are also constant. More than likely, if you are an entrepreneur, you already have your hands full, just trying to get through your daily responsibilities. That’s one reason why The Payroll Department stays up with the trends. We want to always provide small business owners with the education and information you need. (more…)
So you’re thinking about opening a small business. Finally, you have found the perfect location. You have developed a strong business plan. Your family supports your decision to become your own boss. Have you thought about everything? (more…)
Understandably, many small business owners tighten their belts every chance they get. So in the discussion of whether or not to outsource payroll, some entrepreneurs have a knee jerk reaction and immediately say no. Is that really the wisest choice?
They say no before they realize the payroll fees are very reasonable compared to the time it will take away from working to help their business grow and succeed.
In a recent taxation survey of 1500 small business owners, the National Small Business Association learned that 60% of small business owners handled payroll in-house while the other 40% chose to outsource. Those who choose to keep up with these responsibilities in-house don’t often understand the laborious efforts required of them. As a small business owner, you can expect to spend a minimum of six hours each and EVERY month on this task.
That six hours each month is required only for the paperwork. Constantly researching whether tax regulations have changed since your last payroll are not included in that six hours. When you really look at how much time you are devoting to payroll, you will discover that the amount of time adds up to nearly two weeks of time each year.
But as we are all aware, figuring hours and writing payroll checks are not the only tasks in the payroll chore. The Payroll Department reminds you of these additional responsibilities included in this very important part of small business success:
Keep up with all garnishments and employee
Withhold federal income taxes as well as other federal, state and local taxes for all
Keep up with each employee’s vacation hours, both earned and used.
File the IRS Form 941 four times throughout the year.
For the end-of-year preparation of paperwork, you are also required to file W-2s and 1099s.
Stay in the know about the ever-changing taxes with new laws and regulations.
If all you had to do was write a check, it would be easy. But payroll is more – much more – and if you make a mistake it is a costly mistake. Errors could actually jeopardize the viability of your small business.
Far too often, The Payroll Department is reminded of the incredible risk taken by entrepreneurs with a strong spirit. We drive down a street and notice some type of new small business. A few months or maybe a year later, we drive again down the same street but notice that the small business has vanished. That’s when many of us scratch our heads, wondering what the story might be regarding the “Now you see it, now you don’t” demise of small business ownership. (more…)
Some small business owners make decisions that end up costing them more in the long run. If they keep late hours and miss weekend fun with friends and family, it takes a toll. They are also in grave danger of costing themselves more money than what they are trying to save, by doing their own payroll. The staff at The Payroll Department provides you with 9 valid reasons why you should call on us.
Cost: Huge companies can maintain a payroll But if your business employs fewer than 20 jobs for workers, you can save money by contacting The Payroll Department. Figure out how many hours you or an employee spends each month on payroll. Add the time spent researching ever-changing tax laws and money spent on paper and ink, printing and distributing paychecks and creating payroll tax documents.
Accuracy: Payroll mistakes make employees angry and suspicious of you. Those mistakes can also alert the government, which might later result in an audit.
Reliability: If you or an employee does payroll each pay period, reliability is based solely on not making a single error. The Payroll Department can do a better job of staying current with employees’ vacation hours, overtime pay, garnishments, etc. Why? Because, unlike you, that’s the only job we are doing for your small business.
Speed: The Payroll Department staff are specialists. We have the technological resources to handle any temporary changes in your payroll, such as seasonal workers, contract workers, etc.
Insight: The Payroll Department knows the ins and outs of payroll tax laws as well as federal, state and local regulations. Do you have the time to stay current with this information?
Accountability: When your small business is in our very capable hands, we understand and respect our accountability to you, by law. It is part of our promise to you that we have a third-party bookkeeping service audit every client account one per quarter.
Flexibility: Most entrepreneurs quickly get tired of wrestling with payroll. When we take this burden off your shoulders, you have time to do what you’re best at doing and growing your business.
Security: When we are in charge of providing payroll services for your business, you don’t have to worry that employees handling the payroll might be embezzling from your business instead of simply doing the payroll.
Worry: We guarantee you’ll sleep better at night. And you’ll spend your work days doing what comes most naturally to you, running a profitable small business.
Neither payroll nor taxes are business tasks any small business owner can afford to miss or handle inaccurately. Give yourself a break! Call on The Payroll Department. We’re on your team!
No one knows better than an entrepreneur or a small business owner just how many sleepless nights a person can tolerate before they suffer a meltdown. In the present economy, managing any type of business of any size is a challenge. Juggling so many responsibilities can drive even the most determined small business owner to question decisions and accidentally make huge errors in paperwork. (more…)
Since she could remember, Julia was happiest when she could steal some hours from her demanding schedule to do what she loved. That meant that, even in the wee hours of the weekend, friends and family could find her happily working away in her sewing room.
When Julia was unexpectedly downsized from her office management position in a struggling factory, she decided to finally go for her dream. She found a perfect place to open her own small business as a seamstress. Though she was thrilled that her talent was an immediate hit, Julia was also overwhelmed. Suddenly, her life was littered by stacks of fabric swatches, work orders, walk-in customers and a constantly ringing telephone. (more…)
As an ambitious entrepreneur, interested in launching your own small business, The Payroll Department understands that you have a lot on your mind. As you make big decisions about the future, there’s a lot to consider. You’ve got to mull over the possibilities involving location and leased space for your workspace, logos, employees and training needs. You’ve got to juggle so many different scenarios just to somehow assure yourself success. But did you know that when small business owners fail, one of the reasons is frequently traced to taxes and payroll mistakes? These are the top reasons small business owners find themselves in hot water, heated directly by the flames of the IRS: (more…)
At one time or another, every small business owner begins to feel like a circus juggler. Before they call on The Payroll Department, they try to stay in the know about employee training and performance, customer service, production and cash flow. For those entrepreneurs who are just starting out, they find themselves serving as the office decorator, plumber and housekeeping crew. (more…)
Have you experienced a confidential moment with an employee as he tearfully shares that his wife was recently diagnosed with cancer? And that he absolutely must take time off work to drive his wife to doctor appointments and chemotherapy treatments? That moment is terrible, isn’t it? (more…)