Payroll is an important part of running a small business with employees, and getting it right is a key piece of your business’s financial success. The payroll process needs to be accurate or a business can face serious consequences, from inaccurate financials to unhappy employees and even inquiries from the Internal Revenue Service (IRS).
Payroll services, including online cloud-based software, can be both affordable and easy to use for small business owners. A payroll service can help you save time, reduce errors, and support accurate and timely payments to employees. Browse payroll services in our marketplace, or get personalized options when you sign up for a free Nav account.
A payroll service helps a business manage the process of paying employees, including withholding taxes, paying bonuses, commissions or tips, and withholding deductions for taxes, retirement plans, health insurance, or other benefits. It may also help employers file state and federal payroll taxes on time.
A payroll service may offer a completely outsourced solution that manages payroll for the employer, or payroll software to make it easier for the employer to administer payroll themselves. Some services offer a combination of self-service software with additional support as needed.
Most payroll software today is cloud-based, which means you can run payroll from anywhere. Many software programs offer mobile apps that make it easy for employers to manage payroll, and for employees to update their information and view pay stubs.
Payroll is often one of the largest and most important expense a small business needs to manage. It’s also a legal obligation. You need to pay your employees accurately and on time, not only so they stick around, but also to meet state and federal labor requirements. Even if you only pay yourself a salary, it’s important to handle payroll carefully and in accordance with applicable requirements.
Payroll mistakes can be costly. For example, a small business can be penalized for every W-2 form it fails to send out on time. And payroll tax payments need to be paid on time — neglecting to pay them can result in serious penalties. A payroll service can help you save time, reduce errors, and support compliance.
Chapter 2
Monitor all your money in one spot. Secured using bank-level encryption.
