Many small business leaders are concerned with the precision of their payroll. This concern is certainly warranted, with all of the hurdles and pitfalls that a new entrepreneur must overcome to run their business within established federal and state laws. No one wants the hassle of falling behind with the proper forms they must file with various agencies that oversee small businesses. And no small business owner relishes the idea of letting down their employees when it comes to accurately and consistently paying them the correct wages, on time. Many businesses rely on a payroll solution to ensure that they are on track.
Let us show you how to not only avoid falling behind on these important matters but how to lead the pack when it comes to payroll!
How can a payroll solution make you the leader of the pack?
Guard your business’s reputation.
Payroll can be a nightmare. It seems like a simple process – your employees work, you pay them their wages. It certainly seems simple to your employees. But if just one calculation is off, major problems can result. If your payroll is inaccurate, you can’t effectively pay your employees. Not only is this unethical, it’s against the law. Talk about stress!
Employees work for a reason – they want to receive a salary. And most business owners have every intention of paying their employees fairly and accurately. Payroll mishaps aren’t usually a matter of ill will or malice. It’s just that there are so many pitfalls to avoid! Most business owners, especially small and/or new business owners, have a hard time sidestepping them.
Aside from losing customers or inventory, one of the most important resources for you to keep as a business is your staff. Without them, it is not very likely you would have the success that you do. Ahead of that, of course, is your company’s reputation. Issues with payroll could cause you to lose both your employees and your reputation in one fell swoop!
The last thing you want as a business owner is to be seen as an incompetent or unscrupulous boss. Your employees are also members of your community. What employees have to say about their experience with your business can definitely affect a potential customer’s views of your business. This can happen before the customer ever sets foot in the door!
It is important that you stay on top of payroll by utilizing a system that can help you manage it precisely and consistently. This way, you will always pay your employees what they are owed, and never overpay!
Stay on the state’s good side!
As a business owner, you have certain responsibilities and obligations at the state and federal level. You didn’t have these responsibilities as an individual before you owned your business. Suddenly, there are so many forms to fill out, so many reports to send. You feel the sense of responsibility you have to your family, your employees, even to your community, to keep your business not only up and running but also thriving, however, you may not have realized how far your potential liability would extend, and how accountable you may be to various state and federal agencies along the way.
While others may be genuinely interested in your success and growth as a company, government agencies tend to be concerned with just one thing: compliance.
State and Federal agencies want to make sure that you are reporting to them every time you hire a new employee, that you are accurately withholding taxes, and that you are complying with various state laws. This is not something you can fudge, or put off. It must be done, and it must be done accurately, or it could come back to bite you.
Again, a slip up here doesn’t necessarily mean you are dishonest. Regardless of whether it was an honest mistake, you could accrue hefty penalties, or suffer the stress of an audit.
Payroll is so much more than paying your employees. It’s keeping up with all of those other intricacies so that when the time comes, you have solid information to fall back on.
An effective payroll management system could mean the difference between late nights scrounging up the records you need or smoothly, efficiently reporting accurate information to state and federal agencies.
Get the data you need to grow.
Ever feel like you’re working yourself to the bone, doing everything right, only to see money disappear like flour through a sieve? You feel like you should have financial resources to spare, but when you look at the books, the reality isn’t there.
Consider which book you’re reading. If it isn’t your payroll, that may be the problem! Accurate bookkeeping in payroll, along with an understanding of your industry’s ideal payroll percentages, can reveal so much information. An accurate payroll can tell you whether or not you are using the resources you have wisely, or if you’re bringing the right resources in.
Your payroll can act as a mirror for your company, showing you where you need to make changes so that you can get the right perspective, and the right people, for your business.
Let a professional handle this.
If you’re a new business owner, what you just read through may sound like a lot. Some things may be making sense! No wonder you’ve felt so overwhelmed, right? How do other small businesses survive? Do they know something you don’t know? Are they just better at this than you are?
Nope. Here’s their secret: Successful small business owners know when and where to allocate tasks to the experts.
PayWow is the expert when it comes to payroll. Developed by a small business, PayWow helps put your mind to rest. PayWow takes the burden of payroll, tax compliance and time management off of your shoulders. We have an easy, intuitive program that allows you to swiftly enter your business’s information, then lean back and let it work. You’ll be free to get back to business!
Speaking of free, PayWow is completely paperless, so you’ll be free of all those documents you had to file. No more defending IRS forms from coffee rings! Also, PayWow comes with a lot of free features that will be helpful to your business.
Go to PayWow.com now to take a look and set up an account. You’ll be sprinting to the front of the line and leading your team, as well as your competitors, pretty soon!