Wednesday, June 10, 2015

How To Overcome Small Business Payroll Fears

The biggest source of fear for many small business owners is managing their payroll. Without the proper resources and time, small business payroll can become a huge expense. Without the expertise, mistakes can amount to expensive problems.

Why Is Small Business Payroll Difficult To Manage?

Without the proper resources in place, managing payroll can be really difficult for the small business owner. It becomes that additional task that takes up time. Organization is key to managing your payroll and meeting deadlines. This is particularly important because you don’t want to rush or forget to pay payroll taxes.

Another factor is making sure you have enough cash on hand to meet payroll tax obligations. Penalties can occur when payroll taxes are not paid on time, which can amount to significant amounts of money. Managing payroll may seem like an unfamiliar task and not in line with your small business mission and you may not find the time to stay on top of it.

Ways to Manage Your Small Business Payroll

The very first thing you need to do to stay ahead of your payroll responsibilities is to get organized. If you keep your records organized and your filing system is easy to understand and follow, you will be able to make your payments on time. Also, set time aside to educate yourself on the rules and regulations that are associated with your business. Here are the three areas you need to pay close attention to:

  1. Hiring
  2. Payment
  3. Filing

This should help you manage your payroll. But, keep in mind that you or whoever handles your payroll must thoroughly understand each stage of the process and stay informed about all the rules and regulations.

If you follow these steps, then your worries will be put to rest.

Want to learn more about ensuring a healthy cash flow so you’re able to meet payroll consistently? Click below to discover our tips.

Questions You Should
Be Asking To Evaluate
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photo credit: Tax Forms and Calculator via photopin (license)

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