Four Payroll Resources for the New Business Owner
Congratulations, you’ve opened your own business! This is a big accomplishment and the beginning of a new step in your career. Not only are you going to be responsible for your own income, but you’ll be also responsible for providing payroll for your employees. As such, you need to be sure you’re prepared to fulfill all the necessary steps to calculate and implement a payroll plan, as well as properly record all the necessary information and file them with the proper federal, state, and sometimes local government agencies. Here are some useful websites to go to for important information on how to handle your payroll.
The Society for Human Resources Management (SHRM)
The SHRM is an organization that provides guidance for HR duties, many of which are important payroll resources. Its website offers a variety of HR tools, including employment law resources and workplace news. When you view the website, clicking on its Resources tab will lead you to a large library of HR topics, as well as HR tools, a glossary, and legal advice.
The American Payroll Association (APA)
Getting right to the heart of the matter of payroll, the APA is an organization of payroll experts that share information on the payroll processing industry and on managing payroll. You’ll find plenty of payroll resources here. Under its Compliance tab, its News tab, and its Education & Certification tabs, you’ll find access to information on payroll laws, compliance requirements, newsletters on payroll management, links to purchase books on payroll management, and links to the APA’s government relations service.
Payroll is a complex subject, and training is often necessary to create an effective payroll plan. The APA offers payroll courses under its Education & Certification tabs as well, in addition to online study tools.
The Department of Labor (DOL)
Sometimes the best place to go for information is straight from the source. The federal DOL’s website has several useful payroll resources under its Wage and Hour Division (WHD) page. Here you’ll find sections on workers’ rights, including the Fair Labor Standards Act, which sets a number of requirements like minimum wage and who qualifies for it. It also provides a timesheet mobile app to make keeping track of hours worked easier.
The website also has an Employers section, which includes a regulatory library, posters, WHD public forms, compliance assistance, industry-specific resources, and more. Finally, it also has a state laws section, where you can find a directory of state Department of Labor websites, which is important to ensure you don’t overlook any state-specific requirements in your area.
Finally, one of the most important duties of an employer is to make sure you properly file your taxes. The IRS website has many resources for businesses to make sure you record your payroll information — including employee names, addresses, positions, etc. — and file the proper tax forms. In fact, the website has a specific section for businesses that relates to tax information for employers as well as the self-employed. Additional business owner information related to payroll that you can find on the IRS website includes information on expense deductions, tax credits, and calculating employment taxes.
Avoid Overloading Your Work Schedule
Looking at these websites and all their resources, you may be struck with the feeling that payroll management is very complicated and has a lot of details and aspects to try and keep straight. You would be right. Payroll can be a very daunting task, especially for those who aren’t financially minded. From taxes to labor laws to deductions, there’s a lot to keep straight, and requirements can vary between locations, particularly between states. If this feels like a duty you’re not prepared for, then good news, there is an alternative to handling it yourself.
Payroll service providers are third-party businesses that help you organize and manage your payroll. These businesses will distribute pay among your employees, help you file your taxes, and more. These services are also often less expensive than hiring an accountant to manage your payroll in-house. Of course, it’s important to go with a provider that has a good reputation and quality service, so be sure to do your due diligence.
Manage your Payroll With Payroll Vault
If you’re interested in signing on with a payroll management firm, then Payroll Vault is ready to provide you with what you need. We’re a payroll services provider that offers a boutique-style service to manage your payroll, from compliance assurance to custom reporting. We also offer various HR solutions to help you select the best, most qualified employees for your business. Learn more about what Payroll Vault can do for you by checking out Payroll Vault or visiting your nearest Payroll Vault location today!