Local Payroll Help Available for New Businesses
If you’re starting a new business, you likely have an idea in mind for what your day-to-day work operations might look like, and a few goals for how you want your company to operate. While you likely have lofty goals and big dreams, you should remember the realities of business ownership are sometimes not what they seem, and the tasks which accompany owning a business can take a lot of time.
Many new employers are shocked at the time, effort and resources which must be allocated to payroll, and without proper planning your payroll process can take up too much time and detract from your operations.
We’re a local payroll services company and in the sections to follow we have provided a few tips for new businesses to help them get off to a good start in the payroll department.
Ensure Payroll Tax Compliance with an EIN
The first step for any new business is to request an Employer Identification Number (EIN) from the IRS. This identification number is essential for any company to operate in the US. Your EIN is akin to the social security number of your business, and you will need it to open a bank account, apply for credit, process payroll, file payroll tax returns and many other essential business functions.
Craft Your Payroll Policy
If you put some time and effort into creating a payroll policy for your team from the beginning, it will make paying your people easier and smoother for years to come. Among other things, you will need to determine how often you will pay your employees, if they will be hourly workers or salaried, what bonuses are available and many other aspects regarding paying your people. If you set this ahead of time, it will provide consistency and make compliance easier.
Choose Your Banking Partner
Before you can pay anyone, you will need to have a dedicated bank account for your company and possibly even a payroll account depending on the needs of your company and your aforementioned payroll policy. While almost any bank will offer business services, it’s important to pick one you feel comfortable with and one who doesn’t offer unnecessary fees or the right services for your needs, so do your research and pick the best option.
Seek Assistance When Needed
Payroll can be a drain on resources and time, so it makes sense to ask for help when you need it instead of learning on the fly. As a payroll services company, we’re a great resource for new businesses and we can help you accomplish your goals. Instead of hiring an employee to process payroll in house and opening yourself up to fraud and/or errors, partnering with a payroll services provider allows you to stay lean, focus on what’s important and limit your liability.
Want to learn more about how we can help? Our friendly team of local payroll pros is here to help, give us a call today to get started.
