Paying employees is about more than keeping track of hours and cutting a few paychecks. For this reason, small business owners often find the payroll process quite overwhelming. Whether a business has one employee or dozens, working with an outside payroll service can help business owners learn how to compensate employees, regulate business deductions, and ensure all employee paperwork is current.
Determining business needs
Before meeting with a payroll service, an owner needs to ask whether the business truly needs outside help. If the business owner is already well versed in accounting or has someone on staff that can take over those roles, it may be possible to keep the payroll processing in-house. However, the business owner should have an excellent background in accounting, be willing to research various laws and remember all of the deadlines.
Choosing type of service
There isn’t a one-size-fits-all payroll solution for businesses, so a business owner needs to assess its own needs and circumstances. Unfortunately, with so many available payroll options available, finding the right one can be overwhelming. The first step in choosing a type of service is prioritizing the business’s needs by looking into the business’s budget and what features would be most useful. The most basic function of a payroll service is to keep track of employees’ wages and fees, process paychecks, and organize everything for tax purposes.
Finding the right company
When a small business owner is ready to employ payroll services, it needs to consider cost, ease of use and customer service support. Asking the right questions is the best way to determine which payroll service will be a right fit. For example, the business owner should ask the payroll company how long it has been in business and what other clients they serve in the same industry.
At Kalil & Associates, our Tucson accountants process payroll for more than 30 businesses across Southern Arizona. We also help business owners determine compensation fro tax-planning purposes. To speak with a Tucson accountant today, please call (520) 628-4264.