The nation’s collective basketball-related madness has begun. (Thanks to tax season, my team and I have been feeling the madness for a while now. So welcome to the party).
How is your bracket faring? Because I love statistics, here’s one for you: So far in March Madness history, only one person has ever had an absolutely flawless bracket through the Sweet 16. And he wasn’t even a big basketball fan.
While all the basketball madness is ramping up, some of the madness you’ve been dealing with related to your business is finally slowing down.
FinCEN has released its final word (sort of) on BOI reporting: U.S.-based businesses no longer need to report their beneficial ownership information. Only foreign companies doing business here in the U.S. have to report (but they don’t have to report U.S. individuals as owners).
Now comes the caveat you were probably anticipating: This is an interim rule. So, while the need isn’t as urgent, it’s still wise to have your BOI reporting documents at the ready.
Hopefully, for now, this makes it feel like there’s a little less madness happening in your business. Because one of the best things you can do for your business (and for your own state of mind) is to identify areas of chaos and do what you can to bring more clarity.
Today, I want to bring up another area that is a source of chaos for a lot of Sugar Land business owners (that actually has a very simple fix)…
How to Choose the Right Payroll Software For Your Sugar Land Small Business
“‘If it ain’t broke, don’t fix it’ is the slogan of the complacent, the arrogant or the scared.” – Colin Powell
Think about the payroll software you’re using for your business right now.
Does it waste your time with lots of troubleshooting?
When your troubleshooting hits a dead end, is it hard to get ahold of customer service?
Is it a pain to sync with your other accounting software?
Does it make documents and information difficult to access for your employees?
Is it putting your business at risk by not protecting your data?
If you answered yes to even a couple of these questions, it’s probably time to shop around for new payroll software options. There may be some new ones on the market since you last looked and it’s always important to leverage the latest technology.
And listen, I know changing over to a new system is a pain. But the costs to your business of using the WRONG payroll software for your small business are ultimately much more painful.
Because an ill-fitting software will cost you valuable time and mental energy. But with the right software? Your hands will be untied to work more on what you actually care about – your business’s financial goals and your overall growth.
Making the right call
Your payroll software must, at the bare minimum, process direct deposits and assist you with payroll tax compliance. (But note that you’re looking for compliance help, not a full handoff.) Also, try to go for software that has automation features. Every task you can automate is one less task on your plate.
But beyond the must-haves, also consider which software has features best suited to your business’s needs. Here’s a little cheat sheet for you…
- If you have remote workers or multi-state operations, or you’re in a highly regulated industry (like healthcare or construction): Look for software with features like W-2 and 1099 form generation, workers’ compensation integration, and multi-state payroll support.
- If you have mostly hourly employees or run a service-based business: Look for built-in time tracking, overtime and PTO calculation, and scheduling and shift management.
- If you offer benefits or you’re hiring frequently: Find software that helps with health insurance and retirement plan integration, employee onboarding and paperwork, and labor law compliance tools.
- If you’re a consultant, you own a creative business, or you own a trade business hiring subcontractors: Look for 1099 payment processing and expense reimbursement options.
- If you own a professional service firm or a project-based business: You’ll want a payroll software for your small business with accounting software integration, custom payroll reports, and job costing and project-based payroll.
Leveling up
In a 2022 survey, 43 percent of business owners said tax compliance was their biggest struggle with payroll. It’s a struggle I’m sure you’ve dealt with – tax legislation never sits still for long, and failing to keep up means serious consequences for your business.
For this reason, a lot of business owners turn to full-service payroll providers that tout their efficiency at getting payroll tax compliance taken care of for you. And they’re often a great choice if you have complicated payroll needs or you’re focused on scaling up your business.
But I would advise caution here – compliance mistakes can still happen.
And the responsibility of getting your taxes filed correctly still falls on YOUR shoulders (even if your provider lets you down). Don’t ever assume that your provider has done everything correctly. Always verify that your tax payments and filings are submitted on time, that your workers are classified correctly, and that withholdings are accurate.
Whether you opt for payroll software for your Sugar Land small business or a full-service provider, your role here is one of active involvement. It’s just the nature of payroll. And the reality is, your business likely needs you more in other areas – areas that you’re probably more passionate about, too.
So, if you’d like to pass this off to someone you can trust, my team and I are here for you. We can guarantee you stay payroll compliant, so you can put more of your attention toward your business’s growth and success:
calendly.com/anna-tncpa/discovery
To doing payroll better,
Tina Nguyen