Small business owners often tease and say they wear every hat in the building. They are the marketing person, the human resources person, the customer service person, the janitor and everything in between. But sometimes that fact is not a laughing matter, especially if you, as the entrepreneur, step outside your comfort zone to take on tasks you know nothing about. In fact, in an effort to save yourself some money, you may actually be putting everything you’ve worked for at risk.
According to Barry Moltz, author of several self-help books for small business owners, more than 90% of new small business owners do not know how to read a cash flow statement. Before you start to go into a full-blown anxiety attack, think first about all that you are trying to juggle;
- product development,
- relationships with potential customers
- every aspect of growing your company
Somewhere along the way, unless you are Super Man or Super Woman, you will drop the ball. And very often, the ball is dropped in the most expensive place you can make mistakes, in the areas of payroll taxes. The world of payroll and payroll taxes is constantly changing and a payroll provider can help. Because when those rules change and you fail to be informed, you are at high risk to pay hefty fines.
According to Moltz, one of the best decisions you can make as a small business owner is to simply look at your own strengths and be honest about what you do well and what you don’t. Moltz also reminds small business owners that customers are moving away from the big-box ways of doing business. More often than not, they are looking to do business with someone who can offer more flexibility and personal attention. And so, while The Payroll Department, Inc. takes away the headache and the fear of staying on top of changes in the world of taxes, you can free yourself up to do what you do best: be with your customers, sell your products, provide great service in your workplace and go home at night knowing you are safe.
-Elaine of The Payroll Department Blog Team