Small businesses must contend with various challenges to success. First, entrepreneurs face economic, supply chain, and regulatory compliance issues. Additionally, you must determine where and how to focus on required tasks, such as HR management, payroll, and tax services. What do these tasks entail, how much time do they require, and does it make sense to perform them internally or outsource them? In this article, Bayou Bookkeeping & Tax Services explains.
Managing employees requires dealing with complicated people and issues, regulatory adherence, and administrative tasks. Small business owners get farther by working on the business instead of working in the business. But, it’s easy to get bogged down in everything HR Management entails.
Onboarding and offboarding employees can be a lengthy, manual process, including gathering documentation and performing background checks or drug screens. Once employed, you must then have a mechanism to track time. You also need to determine how to approach paid time off, whether or not to accrue it, how much to provide, and whether to include different types (personal, sick, vacation, etc.). You must also navigate state and federal labor and wage laws to ensure compliance. Due to time constraints, liability, and complexity, you may find it helpful to outsource human resource management.
It’s easy to forget everything included in payroll processing. You may factor in hourly rates, taxes, and benefits, which are complex enough on their own. However, you must also consider garnishments, varying rules, taxes for employees in other states, payroll taxes, filings, and reporting. Moreover, your business may offer expense, mileage, or cell phone reimbursement. You may have to differentiate between drive time and productive time if you have company vehicles and service large geographic areas. Consider using an experienced payroll provider in Baton Rouge to save time and focus on other efforts.
In addition to HR Management and payroll processing, tax filing and accounting are important, time-consuming tasks that also carry liability. No one wants to get in trouble with the IRS or risk their business or personal finances. For this reason, you might consider using professional tax and accounting services.