Congratulations! Your new business venture is doing well and it’s time to start paying yourself a salary and possibly even hire an employee. You ask yourself, “I wonder if I can just do the payroll myself?”
Or let’s say times require belt-tightening in your company’s budget. To save money, you consider ditching your payroll service in favor of tackling it yourself “for free.”
What is our recommendation?
Unless you were previously a payroll accountant and have extra time on your hands, then we would urge small business owners not to take on payroll themselves. We have the utmost confidence in the competence of good small business owners, but if payroll is not your core business, the cost/benefit ratio will almost always be in favor of hiring out this pesky task to professionals. Continue reading…