Unless you are self employed, Payroll is going to be an inevitable part of your business operations. For even the savviest and most experienced business owners, payroll presents many time consuming and potentially costly challenges, requiring them to take into consideration such disparate concerns as tax law, labor regulations, and various rules and requirements across local, state, and federal levels. One oversight or slipup can lead to disputes with employees and/or government officials, and even litigation.
Nevertheless, many entrepreneurs, particularly those running startups or small businesses, are reluctant to employ a professional to help manage Payroll. They’re at a stage when capital is low and profits are tenuous at best, and there may only be a one or a handful of employees to worry about anyway. With money being so tight, why not handle it yourself, just as you do with so many other aspects of your business?
But as your enterprise begins to succeed and grow, the pressure will begin to mount for a more elaborate and complex payroll system. Aside from needing to hire and manage a growing number of employees, there are other signs that you may need to finally turn to professional assistance to handle your payroll:
- If payroll is changing every pay period, due to a faster influx of new employees and/or workers with variable hours
- If you employ workers out of state, which means having to take into account different tax and labor laws of other states or even counties.
- If your small business has crossed over to 50 full time employees, which means having to comply with the various requirements of the Affordable Care Act (ACA).
- If you’re introducing or improving your benefits package, which means taking into account insurance, retirement packages, bonuses, and additional factors besides base pay.
- Or if you’ve simply reached a point where payroll is taking up more time, energy, and resources than it should be.
Whichever reason it might be, enlisting the services of a Payroll professional like Quilca CPA Group will undoubtedly save you money and headaches in the long term, especially as your business grows and other matters require more of your attention. The best time to hire a payroll expert will be at the start of the new fiscal year, although we’re ready and able to start at any point you need us.
Rest assured that Quilca CPA Group takes payroll very seriously. We’ve worked with firms of all sizes and categories to create a payroll system that is efficient, cost-effective, and compliant with all relevant laws and regulations. See what we can do for you by emailing [email protected] or calling (786) 310-5582.
