SMALL BUSINESS SERVICES

Evaluating Your Options for Payroll

Whether you’re hiring your first employee or just putting yourself on the books, running your first payroll is a major turning point for any business. Taking the time to do it right now can spell the difference between success and frustration down the road.
 
The demands of payroll—to say nothing of paying taxes, reporting new hires, and tracking paid time off—can quickly become overwhelming. Business leaders who don’t have an HR department to handle such duties often feel that they spend as much time on payroll as they do actually running the business. The good news is: You have options. Though many aspects of payroll are mandatory (sorry, you can’t get out of paying taxes), how you choose to address them is up to you.  We’ve compiled the essential information you’ll need to decide which processing option is right for you.

So you’re processing your payroll yourself...

Although this is a low cost option it requires a lot of time and an eye for detail. You can expose yourself to mistakes and the fees associated with these mistakes can make this the most expensive option in the long run. Good news is there are other options you may want to consider.
Explore your options!

Using an off the shelf payroll solution?

Yes it comes with a low cost price tag but what if something goes wrong? If you’re doing payroll right, you’re not spending a lot of time thinking about it. But as with any complex process involving calculations and the government, you will inevitably run into bumps along the way that demand your attention. Are you aware of what some of the more common problems involved with payroll are?
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If you are already using a full service payroll provider...

you are probably already familiar with how payroll works but are you aware of all the common challenges that you may encounter? If you are considering a change you might want to familiarize yourself with some of the problems you may want to consider when looking to make a change.
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If your Accountant is currently processing your payroll...

and your thinking of making a change you probably want to understand everything you need to be aware of when it comes to payroll so that you can make the best decision for your business.  Understanding what challenges you may need to face as well as what options you have will help you choose the right option for your organization.
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You are hiring and need to pay people – very exciting!

Let’s get you off to a great start with a simple explanation of what payroll involves. Put simply, payroll is the process by which your employees receive their wages. But it’s also much more than that: It’s how you demonstrate your commitment to your people, fulfill your obligations to the government, and keep your financial records in order, providing the peace of mind you need to grow your business.
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