If you just recently opened up your own business and are planning on hiring other employees to work for you, you need to make sure that you fully understand how payroll works to ensure that you are meeting your state and federal obligations. Here are four different ways to learn about payroll as a new small business owner.
#1 Get A Mentor
A great way to learn about payroll and other small business practices is to find a local mentor who has been through the process of starting up a small business themselves. In some cities, there are organizations that pair new business owners with more experienced business owners. Talk to your local chamber of commerce to see if any such organizations exist or if they know anyone who wants to mentor a new business owner.
Remember, your mentor doesn't have to be local—you can also connect online with a business mentor who is located in a different city than you.
#2 Hire An Accountant
A great way to ensure you are meeting your payroll obligations is to get together with an accountant. Try to find an accountant who specializes in small business accounting; some accountants are more focused on the big picture, so make sure the one you hire is interested in the type of tasks you need help with.
A solid accountant can help ensure that you meet all payroll obligations throughout the year.
#3 State-Based Small Business Resources
Most states provide resources to help out small businesses. A great way to find out what resources your state offers is by going to the US Small Business Administration website, where you can find resources that are close to you. These resources should help you figure out how to do your payroll and follow all employment laws in your state, as well as provide assistance with other small business matters.
#4 Federal Business Resources
The IRS actually provides a wealth of information online to assist both businesses and individuals with their tax needs. You can find information on how to handle taxes and payroll for your employees as well as information on what information to save for your taxes on their website.
If you need assistance with your taxes and payroll as a new small business owner, there are lots of different ways to find the resources that you need. You can get a mentor, hire an accountant, and reach out and access both state and federal resources that are designed to educate and inform you about your tax and payroll obligations and responsibilities.Share