Guide on Payroll for Small Business Setup
Small business payroll refers to the list of employees that receive hourly wages or a salary. Hourly workers usually include clerical staff or other general staff. Managers, supervisors, and higher management employees are usually paid by salary, a set amount of money regardless of number of hours worked. Payroll can also refer to the total amount of money paid to these employees on a regular basis. Businesses usually decide pay periods, which can be weekly, biweekly, bimonthly, or monthly.

Payroll for Small Business


Regardless of when a business issues paychecks, it must have an effective way of tracking the wages earned by each employee. Traditionally, businesses have used time clocks to track the wages of hourly employees. The time clock stamps the worker's time card whenever the employee starts or stops working. At the end of the week, the employer totals the hours and pays accordingly.

However, with the advent of the computers and the Internet, businesses have found better ways to track employee wages. Many use financial software, such as Quicken, to manage payroll better. There are also many websites online that offer small business payroll tracking. Some do not even require software downloads. Employers just create an account, and then log in when they need to update or print employee pay records. For more advanced methods of maintaining payroll, businesses may be asked to pay a small fee. However, these systems may allow employers to directly pay workers through the website.

Small business resources give business owners access to information on everything involved with operating a business. Many lenders, including banks, credit unions, non-traditional financial companies, and the Small Business Administration (SBA) offer tips and advice on loan information and how to manage debt. However, several other companies also provide websites that give entrepreneurs access to a wealth of information regarding finances, management, and other business activity.

A quick Internet search for small business resources results in a multitude of websites designed to aid entrepreneurs in every aspect of business. The most common sources are about financial issues. In order to gain and maintain a profit, businesses must know how to manage their finances. Financial websites give advice on how to manage debt, apply for loans, and increase profits and cash flow.

Some small business resources websites provide articles on all business issues, not just finances. These sites give up-to-date information regarding marketing strategies, current business news, laws and regulations, office management, and technology. Some resources offer industry-specific articles to help business owners in certain fields, such as retail, restaurant, and franchises. Through forums, business owners can connect with other entrepreneurs to share opinions and experiences on a variety of business topics. Using a small business forum can even bring together business owners with potential partners to create a partnership.

Small business resources also include websites that provide glossaries for common business terms and common loan applications, tax forms, and other necessary documents.

Payroll for Small Business



 

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