Whether you have a single paid employee or run a small business with many employees, you need to pay attention to payroll. However, payroll involves more than cutting a few checks. Good payroll management is comprised of several different functions that help you properly pay your employees and keep your business compliant with government regulations.
Payroll is an important part of every business. While some small business owners take the time and effort to handle payroll administration in-house, certain factors can signify that outsourcing payroll with a PEO might be in your best interest. Here are some signs that it may be time to consider a switch.
QuickBooks software is the most widely-used accounting application for small businesses, according to Forbes. For decades, QuickBooks has been a popular option for small business owners and finance professionals to use on-premise, usually with one individual taking sole responsibility for accounting and payroll internally. More recently, QuickBooks has released a cloud-based version named QuickBooks Online, and along with it have come several new competitors in the online payroll and accounting software space.
While many of these platforms have similar features, relying on these accounting and payroll Software-as-a-Service (SaaS) applications also have many potential drawbacks for small business owners. The following are some of the things small business owners should take into consideration when choosing between a platform like QuickBooks or outsourcing these services.
Paper has played a huge role for businesses. Legal documents and contracts can be found in offices around the country. Business cards and print ads helped to seal deals for decades. Even money is printed on paper. Thanks to technology, however, the times have been a changin’.
In this digital age, businesses can cut down on paper usage in favor of online documents and processes. It’s become so popular that, according to a study on document-creation site Nitro, 49 percent of CEOs name sustainability as a top three initiative for their organization. A paperless workplace is a great way to achieve that goal.
Non-compliance can cost businesses a lot of money. If you’ve read our posts before, you’ll know that the benefits of staying compliant are things that we’ve harped on before, but it’s worth repeating, especially when small business owners pay billions of dollars each year in payroll tax penalties. It’s especially true when it comes to something as problematic as multi-state payroll compliance.
The problem with multi-state payroll compliance is that the rules you followed for your home state may not be the same as the other states where you do business. Each state has different payroll standards, meaning that you may not be nearly as compliant as you thought you were.
Business owners should feel like shouting “mayday” when preparing for pay day. Unfortunately, payroll management can be a time-consuming, frustrating ordeal for owners if they don’t have any help.
Payroll needs to be done securely, accurately, and on-time, which leads to extra aggravation, but it’s better than having several employees questioning where their paychecks are or why they’re incorrect. Online payroll helps business owners streamline the process by giving them the tools to make management faster and easier. Here are three big benefits of using online payroll for your business.
When you own a small business, you don’t always have the personnel to handle your HR functions, which can leave you having to take charge. Unfortunately, these extra duties can end up hurting your business.
Having to handle things like payroll takes time, which could be used to help grow your business. Even more, handling your own payroll can end up costing your business money and putting more stress on yourself.
A couple of weeks ago, prefaced by an op-ed piece written by President Obama, the Department of Labor issued new directives on overtime rules. As with most government regulations, however good the intention, the result on small business owners will be a creation of “additional costs and record-keeping headaches” according to the National Federation of Independent Business (NFIB).
It’s always good to research your options before making a business decision. The questions may differ depending on the industry your company is in, but payroll plays a factor in every business, and it sure isn’t cheap.
Statistics show that it costs small- to mid-size companies an average of $2,000 per employee per year to handle payroll. Even if you’re a small- or mid-size company, a Professional Employer Organization like Group Management Services may be a good fit to help streamline your payroll needs.
Of course, working with a PEO is a big decision, so you’ll want to find out what they can offer your business. Here are some ways to find out if a PEO is good fit to handle your payroll.