Human Resources
What All Start-Up Businesses Should Know
Aug 13, 2012
Business owners are known for wearing many hats within their business, especially during the start-up phase… strategist, accountant, salesman, HR, janitor… you name it, as they are all necessary evils of getting any business up off the ground to become profitable. However, some of the things that come along with starting a business are not as easy as you may think at first, and it is not until you are elbow-deep that you realize just how complicated this “hat” actually is to wear. These are the areas in which there are considerable advantages to outsourcing. Examples of such include IT services, financial services, and payroll services.
Doing payroll for one’s business is not an easy task, no matter the size or the number of employees. The payroll process is a multi-step obligation that must be done regularly and precisely in order to avoid penalties from the IRS.
The first step in the payroll process is collecting the personal information of each employee, including their social security number, tax withholding information, and federal verification forms.
The second step is accurate and efficient timekeeping to ensure hours are reported correctly and in a timely manner for the payroll period at hand.
The next step is the actual processing, including adjustments, deductions, benefits, contributions, overtime, and garnishments… whew!
The fourth step involves the transfer of payroll funds from the employer to the employee, whether through direct deposit or physical check. The final step in the process is also one of the most complicated and that is the tax portion. Employers are responsible for tax deductions, tax matching, tax reporting, quarterly payments, year-end processing, and also for any penalties that may be incurred. To add to the confusion, tax guidelines, and rate information are constantly changing.
Outsourcing services such as payroll can be a cost-saving and stress-relieving tactic by taking extra “hats” off of the business owners and handing them over to professionals in the relevant field. Extra Help, Inc. Payroll services allow business owners to focus all of their energy on growing their business and leave the payroll services to the payroll experts.
Contact us today so that we can begin assisting you with your payroll service needs.
