Most people who start a business are thinking of the big picture the products they hope to sell, the customers they hope to win, the profit they hope to make. But it's the small details that often make the difference between success and failure.
Chief among these is attracting and keeping good people, and that means paying them the right amount at the right time. As an employer, you are responsible for calculating the earnings of your employees; withholding taxes, Social Security, Medicare, and other deductions; recording all payroll activities; preparing and filing tax documents for federal, state, and local agencies; and, of course, paying your staff.
All that paperwork can be time-consuming and expensive and it can distract you from the tasks that really need your attention and cannot be delegated to someone else. It's up to you to decide if and when to hand the process over to an internal bookkeeper or to outsource it entirely.
We've put together some resources to help you make the decision.
- 10 Tips for Streamlining Your Payroll Process - Whether you're starting a company or in expansion mode, here are some ways to improve the accuracy and consistency of your payroll process.
- Up Close and Personal: Keeping Payroll In-House - Help in navigating such issues as payroll software, management staff, and potential errors or abuses.
- Employee Payroll: Don't Outsource - Best-Source! - Payroll processing services handle the entire payroll process, from filing forms to deposits; but there are disadvantages, too. Learn more here.
- Selecting the Right Payroll Vendor - When choosing an outside Payroll Vendor, your payroll processing should become more reliable, less expensive and all around easier for your business.
- Six Success Tips - Outsourcing can be a good way to get the jobs you need done without the complications and expense of hiring full-time employees, but make sure they are a good fit for the position you are looking to fill.