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The payroll process is a crucial chunk of all businesses. Your business may be minting money or just making ends meet. Yet the payroll process is one that is up and running all time, no matter what. It is mandatory that all your employees are paid right and also at the right time... Relativity - 7 Common Misconceptions About Payroll
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While compliance may not be the most fascinating part of entrepreneurship, it has a massive impact on your business in the long run. We share why payroll processing doesn’t have to be a challenge and debunk 10 common myths in this area.
Payroll can be a daunting area, especially for startups and small business owners. There are several state/federal regulations, different rules for consultants and full-timers, as well as quarterly or annual taxation cycles to track. SMBs either end up outsourcing to a neighborhood vendor or decide to do the whole thing entirely in-house. However, neither approach is the way forward if you are looking to hire fast, grow your business, and stay compliant. Here’s a look at ten payroll myths you must have heard, finally debunked.
1: You Need Physical Timesheets to Compensate Employees
2: There’s an Exact PTO Quota to Remember
3: Vendors Won’t Work with Small Businesses
4: When Using Independent Contractors, Payroll Doesn’t have to be Formalized
5: It’s Easier to Do Payroll In-house if you’re a Small Company
6: Hiring the Right Employees Will Simplify Concerns around Taxation
7: Companies with Less than Ten Employees Follow a Different Set of Rules
8: Taxation Can Be Handled by an Internal Workforce
9: Seasonal Hires Can Be Paid Under the Table
10: Outsourcing Payroll Will Inevitably Lead to Vendor Lock-in
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