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If you’re running a small business, payroll is one area where mistakes can carry major consequences. Not only are you risking your business, but you’re putting the livelihood of your employees at stake as well.
So, don’t mess up payroll! Lucky for you, there are plenty of payroll options to choose from. Read on to learn more.
An estimated one-third of all small businesses face penalties every year for payroll errors. Some of the most common mistakes small businesses make are:
- Misclassifying employees as independent contractors
- Confusing net and gross payroll
- Not paying on time
- Not paying at all
- Paying the incorrect amount
Why would so many small businesses consistently mess up one of the most vital aspects of their operations?
It’s because they try to do it themselves. Not recommended.
Payroll involves understanding many nuances involving the tax code. Of all the things you can bootstrap and DIY for your scrappy small business, payroll is not one of them. Not by a longshot.
Luckily, you can use plenty of payroll service options to make sure you find all of your optional payroll deductions while staying on point. Here are the most common options for payroll you can start taking advantage of today.
As you compare payroll options, you’re gonna want to put Quickbooks at the top of your list. A progeny of the famed Intuit brand (which also makes TurboTax), Quickbooks offers plans for any sized operation. You can start with a basic plan for just $20 per month.
If you must bootstrap payroll, at least start with this reputable program. There is plenty of support to guide you through the essentials. Full-service plans run around $80 per month.
Gusto is a solid budget option that may work well for most small businesses. Their basic plan starts at just $19 per month, applies to every state, and includes direct deposit.
Keep profiles of employees so that they can have access to critical documents like pay stubs and W2s.
Specially-designed for micro-business, On Pay presents itself with a simple, straightforward price point of $36 per month, plus an additional $4 per person.
At this rate, a fledgling business can get the payroll support it needs but still maintain growth. On Pay’s service can accommodate up to 1,000 employees!
When asking yourself, “what are my payroll options,” Namely is the place to look for mid-sized companies with more personnel. Touting itself as a “people operations platform,” Namely is your subscription to an entire human resources department.
Sage, like Namely, is a complete employee management platform. Manage your open job postings, employee onboarding, and payroll, all with one fine piece of software.
With all of these options, payroll outsourcing has never been easier.
You Have Payroll Options With Outsourcing
With so many payroll options around, you shouldn’t feel the need to go it alone. Take advantage of one of the many quality payroll platforms available.
If you’re serious about running a business, read more valuable articles on our website.