Business Owners: Payroll Setup

[TurellSmith]

Fellow business owners and those that have employees. How do you set up your payroll system? What software to use? How do you handle taxes, accountants direct deposit, printing and mailing checks, setting up a business account. I don't nowhere to start.

 

[MovinMan]

I use a local payroll service to process my payroll. I use quickbooks for all of the accounting stuff. If you are just starting out stay away from paychex, ADP or any major payroll processing company, they are just about a $ not your best interests.

If you get with a local company see how they handle your payroll taxes. Its fine for them to set it up for you but you want to get that setup with you paying them directly via achieve draft. ADP, Paychex and other similar companies take your taxes and payroll out in one lump sum but may not pay your taxes for awhile but you will be on the hook for it.

Make sure your check date and pay period ending date are not the same. People will be looking for those extra hours. For instance if you turn in payroll on 12/20 but have the 12/23 as the check date then you are stating thatbyou are paying them for hours work til the 20th. If then both days are the 23rd then you are paying hem for days that they may or may not work, if you turn hours end on the 20th.

Get a separate checking account for payroll. This will help you keep things separate and in order and keep your operating account safe. You never know where people cash their checks and you dont want to get caught up.

I wouldn't start offering direct deposit until you have your cash up and can handle large chunks of cash going out constantly.

To open a business account, you need a tax id number from the IRS. Its not hard to get.

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[Killa4luv]

I use ADP. I call in the hours and they fed ex the checks. They provide worker's comp & disability as well. It works pretty smooth for me.

When u say taxes, there are taxes that come out of payroll checks and there is sales tax. I estimate my sales tax monthly and put a little aside for it everyday. My account files and the big chunk comes out of my account when its due. Which coincidentally is today. I'll be back gotta check my account.

U can get a tax id online in 10 minutes at IRS.com Then with that and your incorporation papers you can open a business account.

 

[TurellSmith]

I use a local payroll service to process my payroll. I use quickbooks for all of the accounting stuff. If you are just starting out stay away from paychex, ADP or any major payroll processing company, they are just about a $ not your best interests.

If you get with a local company see how they handle your payroll taxes. Its fine for them to set it up for you but you want to get that setup with you paying them directly via achieve draft. ADP, Paychex and other similar companies take your taxes and payroll out in one lump sum but may not pay your taxes for awhile but you will be on the hook for it.

Make sure your check date and pay period ending date are not the same. People will be looking for those extra hours. For instance if you turn in payroll on 12/20 but have the 12/23 as the check date then you are stating thatbyou are paying them for hours work til the 20th. If then both days are the 23rd then you are paying hem for days that they may or may not work, if you turn hours end on the 20th.

Get a separate checking account for payroll. This will help you keep things separate and in order and keep your operating account safe. You never know where people cash their checks and you dont want to get caught up.

I wouldn't start offering direct deposit until you have your cash up and can handle large chunks of cash going out constantly.

To open a business account, you need a tax id number from the IRS. Its not hard to get.

Sent from my DROIDX using Tapatalk

I use ADP. I call in the hours and they fed ex the checks. They provide worker's comp & disability as well. It works pretty smooth for me.

When u say taxes, there are taxes that come out of payroll checks and there is sales tax. I estimate my sales tax monthly and put a little aside for it everyday. My account files and the big chunk comes out of my account when its due. Which coincidentally is today. I'll be back gotta check my account.

U can get a tax id online in 10 minutes at IRS.com Then with that and your incorporation papers you can open a business account.

Good advice fellas. Thanks.