Growth is great, but every yin has a yang. When your small business reaches the point where it’s no longer a one-person show, it’s time to do some hiring. That can be very exciting. But putting together, and keeping, an effective team requires careful thinking, planning and execution. You’re about to add some of your most important assets, human resources, and there are some key issues to cover to avoid turning it into an inhuman mess.
Be precise with payroll
Let your payroll system get out of hand, and you’re going to hear from at least two powerful places: your employees themselves, and the taxman. Organization is a must, and there are many tools at hand to help take control of the task.
You can create timesheets by making templates in spreadsheet programs like Microsoft Excel, which can also keep track of vacation and sick time and be entered into a payroll system for payment and precise recordkeeping. Or you can outsource through businesses like paychex.com, which frees up a little of your time and money. Or mix it up a little – do the time-tracking yourself and outsource only the payment.
Direct deposit is also something you can do through a safe payroll system. Your employees just fill out a form.
Taxes and withholding vary geographically, so if your payroll is DIY, be sure to keep up with the rules. If you outsource, that will be part of the service. Because outsourcing costs vary, figure out what you can afford and make it work.
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