Payroll can be overwhelming, especially for small business owner’s due to the many requirements that you must follow. One simple error could cost you and your business both money and time.
Here are our 3 top things that we believe every business owner should know about payroll and how our team at Pytronot can help.
By identifying employee status and the hierarchy of your business you will be able to determine how to pay them accordingly. For example, if you’re planning to start as a contractor with no employees working underneath you, you won’t need to organise a formal payroll solution.
However, if you do plan to hire employees right away they need to be classified as either salaried workers of contractors. This will determine how they are paid and the benefits they are entitled to.
You have numerous options for payroll schedules, most companies used to pay their employees weekly. Even though this is still done to an extent, employers now choose to use either bi-weekly or semi-monthly payroll schedules. Whatever choice you decide to go with, your payroll provider will accommodate to your needs.
It’s important to note that your choice of payroll schedule won’t affect tax withholding, reporting and payment to much extent. Once your payroll schedule has been set up, your tax dates will not change.
Contracting payroll services:
Payroll services such as ours at Pytronot can offer you complete bespoke packages for your needs. If you wanted to keep the service to a basic level you could choose a solution that would consist of writing pay checks, withholding taxes and reporting. Or if needs be you could choose a more extensive package which may include benefits administration, ACA compliance and retirement plans. It’s important that you choose the best solution for you and that it meets both your needs and budget.
Here at Pytronot we will create a bespoke payroll service for your requirements, for more information visit our website today or call our office on 0203 763 8666 today.