If you’re a new business owner, it can be difficult to know EXACTLY where to flow your money. You wanna make sure you’re being efficient while also being intentional, right? Then as your business grows, you start to outsource + grow your team which then involves the responsibility of payroll.
But, hold on – payroll doesn’t have to be a cringy word. 🥴
Yes, it’s true that a third of all small businesses get penalized for payroll mismanagement. However, despite seeming complicated and confusing, there are ways to get control of it.
Read on for tips + hacks that’ll help you avoid sh*tty mistakes and will keep your employees happy. 🙌
Be A Good Boss.
Let’s talk about gossip and paychecks.
Okay, we’ve all word-vomited about our job to our work friends – that’s fine. And normal.
However, when you’re the boss, you can’t just talk sh*t about your employees to other employees. Even if they’re your friends and you’re all a little sauced at happy hour. 🍻
Because most people choose to join a business for more than just a paycheck – they wanna feel appreciated, valued, and celebrated for what they bring to the table!
Speaking of paychecks…
With your employees putting their all into supporting you + making your vision a reality, they expect to be paid correctly and on time.
No bullsh*t or excuses. ❌
In addition to being paid on time, most people prefer to have the option for direct deposits. They’ll also need accurate records for tax season. And their payment history should always be easily accessible.
Be upfront with how payroll works, right from the beginning. Whether you have a straightforward, bi-monthly schedule or a more complicated project-based payment system, set those expectations early.
Full-time, part-time, gig, and contract workers – always make sure to classify your employees correctly. ✅
Why? Because each classification has different requirements.
For example, not classifying the proper minimum wage requirements could result in legal ramifications for your business.
It’s also valuable to understand that employment and tax laws change pretty freakin often. It can be very time-consuming to keep up with it all (and not to mention stressful…)
If that’s the case for you, where you’re pulling your hair out + losing REM sleep, you may wanna consider outsourcing. Allowing an expert to take care of payroll not only gives you peace of mind but also saves you from HOURS of doing research and applying tax codes [hopefully correctly]. 🤯
But just because you outsource your payroll, doesn’t mean you’ll never have to think about it again.
Since you’re the boss, the topic can pop up! For example, outsourcing your payroll doesn’t mean your vendor will know when an employee messes up on a timecard. They may know more about the intricacies of payroll, but you’ll always know more about your biz + team.
Celebrate The Wins!
Growing your empire + slaying those profits are DEFINITELY worth celebrating (with some bottles of wine)! 🎉
Because not everyone gets to that point. Hell, most business owners don’t unfortunately.
And yes, this life can be super rewarding but it can also be crazy overwhelming – sometimes it’s tough to juggle everything without losing your sh*t, right? 💀
So if you need support, especially as your business continues to kick ass and GROW, let’s talk and see how we can help you out!