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Before you get to the stage where you need to hire additional help, it is a wise strategic move to think about your payroll management needs and plan accordingly.
Payroll Management Issues
Salary versus hourly wage
Bonuses and commissions
Compensation Package - vacation pay, time off, sick days, holidays
Employee Benefits - health care, dental plan, pension
Insurance - Disability and Life
A common aspect of payroll management that gets overlooked is payroll taxes. No matter what you do, you can't avoid these for either yourself or your employees. The employer's portion of payroll taxes will cost you money. Effective payroll management takes this expense into consideration from the start.
The Bottom Line on Payroll Management
Payroll management is an issue you need to think abut before you have employees. Even if the payroll roster is just you, your business will still have payroll expenses. It is never too early to start thinking strategically about your payroll management. You should be formulating a plan for handling employees and subcontractors and the expenses that come along with them, long before you actually need them.
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