Business Owner(s) Payment– Evaluate your title, experience and education and value your presence in the business. Determine what you are worth, your needs and wants, how much you can pay yourself presently, and how much you would like to earn in the future. Once you have determined the above factors, decide your method of payment in accordance with your company’s structure and start paying yourself.
Employees or Contractors Categorization: Before deciding on the payment method for future employees, make sure you categorize him/her properly to avoid IRS penalties. Analyze what is best for your business now and in the future. Before making the decisions, ensure you know the differences between an employee and a contractor.
Select a Payroll System: Select a payroll system that works best for you and your company. Shop around and research based on the company’s needs and budget. Then, select the system that best works for you.
Hire or Contract Payroll Services: Doing a payroll analysis early will help you determine who will be processing your payroll and the system that you will be using. It will also help you decide when to hire or outsource a payroll assistant. Seeking professional help is essential, do so during your initial stage.
