As a small business owner, you may not have many employees when you first get started. In fact, it might just be you or you and your business partner. In that case, you won’t have any payroll at all. However, as your business grows, you will reach the point where you need to bring in more people to handle the work. That’s when you’ll begin hiring employees and withholding payroll taxes and other funds. It’s also when you’ll need to start working with payroll services.
What are Payroll Services?
Payroll services handle every aspect of paying your employees. This includes calculating their wages, taking out their withholdings, making certain those withholdings are paid to the appropriate agency, and sending them tax paperwork every year. Payroll can take up a good amount of time, and it can be confusing and frustrating if you aren’t familiar with how it works.
In some cases, though, you may be able to handle your payroll services yourself. This is true if you don’t have many employees or if you understand payroll. Here are a few questions you should ask yourself to determine if you need payroll services:
- Do you have many employees?
- Are you comfortable handling things such as state and federal tax withholdings, Social Security withholdings, and health insurance premiums?
- Do you suspect your payroll has errors in it? If so, have you been able to identify those errors?
- Do you have time to do payroll yourself, or are you always putting aside other tasks in order to work on it?
If you’ve answered yes to some or all of these questions, it’s definitely time to start looking for a payroll service to partner with. Don’t always assume your accountant or CPA can do this task for you. Some might, but they often cost more than a payroll service would. Get a Free Payroll Consultation from Complete Small Business Solutions Today!