These days, more and more moms and dads are opening up small businesses of their own to bring some extra cash into the home. Some of these businesses are hiting it bigger than expected, and what started as a single person shop is now a thriving small business with multiple employees… and that means paperwork, like payroll. Whether you’re a multi-tasking mom managing a small business of your own, or running a company with hundreds of employees, it’s important to find a payroll solution that meets the individual needs of your organization. Understanding the intricacies of payroll and payroll taxes can be an overwhelming task, but there are many solutions available that can make the company payroll quick, simple and painless.
Hiring a full-service payroll company is perhaps the easiest way to handle payroll. Outsourcing payroll is a popular option, because it’s typically headache-free and fool-proof. It can also be cheaper than handling payroll in-house. Payroll management companies will calculate and file all necessary taxes, and will handle any applicable deductions, garnishments, and other payroll variables. Management companies are also well-versed in tax law, and should always be up-to-date on necessary shifts in processes that come with shifts in payroll legislation and tax code.
You could also hire an individual payroll manager. These specialists usually have formal training in payroll processing and extensive knowledge in accounting and taxation. In the US, they are certified by the American Payroll Association. If you decide to hire a payroll manager, ensure they carry proper certification. Hiring a professional payroll administrator allows you the benefits of outsourced payroll, while affording you the personal service and attention to detail of an in-house accountant.
Many payroll managers offer online services, eliminating the need to transfer documents and numbers by mail or email. This can make the entire process even easier and worry-free. There are even some free payroll services available. Most free offers are simply introductory plans that are offered with the expectation you become a regular paying customer.
If you decide to handle payroll in-house, there are a couple of options that can make the task less daunting. First and foremost – payroll software can be a huge help. Software packages make calculation a breeze by automating the payroll process. The software prompts you with the information needed to calculate deductions, garnishments and taxes, and then performs the necessary calculations. Payroll software also assists in filling out and filing necessary tax forms and government paperwork.
Online payroll calculators can also be helpful. Many sites offer free payroll calculators to help do-it-yourself managers who prefer to handle payroll in-house. The calculators offer hassle-free calculations, all you need to do is provide the numbers, cut the checks, and file the paperwork!
