Payroll: Tips to Remember
Many small business owners begin as solopreneurs. It’s one person that wears the many hats of running the business. That may work for the beginning of your business and the idea is that you will grow the business to a point that you need more than just yourself to continue that growth. Once you decide as a business owner that you need outside help and you can no longer do everything with one person, there are several avenues you can take.
You can either outsource some of the work. Outsourcing the accounting of your business is a popular avenue many business owners choose. You can hire independent contractors. This works well with outsourcing social media management or content writing. Finally, you can choose to hire employees for your business. While hiring your first employee is a momentous occasion for your business, it is important to remember to follow all rules and regulations when it comes to payroll. Below are some tips to help you in hiring your first employee:
Make sure that all forms for a new hire that are required by both the federal and state government are completed. Some of these forms include but are not limited to the W2 and the state tax withholding form.
Creating a payroll manual with important information such as job description, hours of position and expectations will help alleviate confusion.
Having a financial platform such as Quickbooks will have a payroll feature that will assist greatly in making sure all taxes are deducted and paid for in a timely fashion.
If you don’t utilize a financial platform be sure to register where need be for both federal and state governments and make the proper withholdings and payment submissions.
Be sure to do the proper research when it comes to having an employee in your own state.
Having an accountant who is experienced in payroll matters will help significantly in hiring your first employee.