Payroll should be so easy, but it just isn’t! There are so many things to stay on top of and it’s best you know what you’re getting into before you start. Payroll is simple on the surface, but let’s discuss why you should have someone manage it for you or at least use a platform that will help keep you in the fairway! In this blog post, we’ll discuss the things you need to do to get ready to pay your employees or contractors and a few of the solutions that are available to you.
First Things First!
There are a few things that need to be handled before you can even issue your first payroll. Initially, it’s important to research your state’s workforce commission to understand the guidelines that should be followed before issuing your first payroll. In the State of Texas, we work with what’s called the Texas Workforce Commission to obtain the ability to issue payroll. Through their process, a business obtains a TWC number, which allows the commission to appropriately track and reconcile appropriate payroll taxes and make sure these are being paid on a quarterly basis. The process is relatively simple, but does take a few weeks to obtain the go ahead to issue your payroll. Please see your state’s specific guidelines on how to proceed with respect to paying employees and/or contractors.
Where Are The Risks?
As crazy as it sounds, it has actually become quite difficult to manage the payroll process especially as your company grows beyond the 15 and 50 employee mark. There are a number of things that must be done to make sure you’re staying in compliance and avoiding fines. Among the most important include making sure your payroll taxes are being accrued properly and being paid to the workforce commission in a timely manner. Additionally, making sure you or your CPA are filing quarterly reports is super important to make sure you’re in good standing. Following these steps closely is among the most important things a club director and business owner needs to be aware of and following closely.
What Options Are Available To Manage The Process?
Given all the risks and complexities involved, there are a number of different payroll solutions available to a business owner that greatly simplify the process. The easiest I’ve found and used include Gusto (which is the platform we use to manage HR and payroll for our company) and Quickbooks Enhanced or Full-Service Payroll. These platforms greatly simplify the process of having someone manage payroll on your behalf as well as all the process for setup, filing and paying payroll taxes. These platforms also make it easy to prepare, print and file W2’s and 1099’s at year end.
Schedule a demo with PaidUp today to discuss your personal situation and how we deliver these solutions to your club. Setup and integration is quick and we can be up and running for the upcoming 2018-2019 season. Call 512.518.4943 or email email@example.com today!
About the Author
Allan is the father of three boys who are big time travel lacrosse players. As a father and CEO of PaidUp, he totally gets what club directors and parents face every day as we try to provide the best for our children. Allan is also a recovering banker so he grew up (professionally speaking) helping small businesses thrive! Don’t hesitate to pick his brain how to run a great club! Allan can be reached directly at firstname.lastname@example.org you can schedule a time to connect by clicking here: https://paidup.as.me/.