Pay day is the most anticipated day of the month for many employees. Small business owners, on the other hand, may feel despondent at the thought of calculating their staff members’ individual pay packages. Most business owners specialise in growing a business and do not have much accounting experience. This can make an already complicated activity that much more difficult.
There are several payroll options available to small business owners. Some opt for hiring an independent accounting firm or creating an in-house accounting department. Small businesses tend to adhere to a strict budget and many can’t afford these more expensive options.
QuickBooks offers an affordable payroll software solution that is ideally suited to small businesses, particularly those in their early stages of growth. Continue reading to learn about the different payroll options available to small companies. Choosing between using a payroll software solution and its alternatives is a decision that every small business owner will need to make.
Create an in-house accounting department
There are many advantages to hiring an accountant to take care of your payroll. Hiring an individual whose sole responsibility is to keep track of your employees’ salaries and deductions will give you more time to concentrate on your business and its future.
Another advantage of hiring an in-house accountant is that they are always on hand to answer any questions that you or your staff may have regarding their salaries or other financial matters.
On the downside, creating an in-house accounting department requires a lot of time and energy. Hiring a trusted accountant is vital and finding the right person can be a lengthy process. If you choose the incorrect individual, you could end up in a worse position than when you started.
Employing an in-house accountant will also add to your monthly expenses. If you are a new company, you may not have the finances to hire an extra employee for the sole purpose of keeping track of your payroll.
Outsource to an accounting firm
There are many accounting firms that provide excellent payroll services. They are professional and specialise in paying other companies’ employees. With many years of experience in payroll, these firms are well-versed in the intricacies of salary payments, deductions and the government taxes that accompany them.
While this might be the most efficient way to manage your payroll, it can be very expensive. Many large companies decide to outsource their payroll to specialised accounting firms because it takes the hassle out of paying employees. But small businesses often cannot afford to take this route.
Use a payroll software solution
Using a payroll software solution, such as those offered by QuickBooks, is a cost-effective way to pay your employees. Apart from the initial purchase price, using a payroll software solution will not cost you anything.
You will be required to set the system up yourself, but once your employees’ salary information has been added to the database, it will run automatically. You will no longer need to make monthly calculations unless your employees’ salary details change.
QuickBooks – The payroll software specialists
Owning a small business is a full time job and the more time you have to focus on running your company, the easier it will be to make it successful. QuickBooks offers a range of payroll software, including Quick Payroll and Quick Payroll Lite.
Choose QuickBooks for an efficient and cost-effective solution to your payroll needs.