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Before Payroll Part 5: Setting up Payroll Accounts in QuickBooks

Today I will help you work on setting up Payroll Accounts in QuickBooks. It is  important that you have all of the payroll liability and expense accounts set up before running your first payroll so that you can track your liabilities and expenses correctly. Getting everything set up right beforehand will help save you trouble down the road as you accrue and pay liabilities. I will help you … [Read more...]

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Before Payroll Part 4: Employee Payroll Documents

Last week I helped you get your payroll account applications set up for your business. Today I want to review the employee payroll documents you will need to have your employees fill out in order to process payroll correctly and be in compliance with regulations. The forms that you are required to keep on file are the IRS W-4 Form, the USCIS I-9 Form, and State W-4 Form. Optional documents that … [Read more...]

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Before Payroll Part 3: Payroll Account Applications

Last week I talked about considering the cost of an employee before you begin payroll. If you didn't quite catch everything in that post, don't worry because the first time you file a quarterly payroll tax return you will understand. This week I am getting beyond trying to work without employees and am assuming from here forward that you are going to or have begun paying employees. Today I will … [Read more...]

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Before Payroll Part 2: Cost of an Employee

Today I would like to continue on with the Payroll topic. Last week we discussed rethinking the need for an employee along with some alternatives such as employee automation. Today I would like to discuss the full cost of an employee. If or when you decide you need an employee, the next step is to figure out what your bottom line costs will look like. To help you think through the full cost of an … [Read more...]

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