Anyone who is responsible for operating a business, no matter how small or large, knows it can be a pretty daunting process at times. Everything from budgeting, to managing employees, to ensuring tasks are being completed on time – it can all be fairly exhausting! Nothing can be more taxing though than learning the practices of being compliant with your business’ state and federal regulations.
Our experience in that regard was no exception. We learned quite a bit over the past few months and we’d love to share our experience with you and what we learned.
After well over five years operating as a DBA (“Doing Business As”) we finally made the leap to becoming an S Corporation. With the transition came a lot of excitement but also quite a bit of paperwork! Our top priority was getting payroll processing in place.
Did you know that as a corporation, if you’re paying your employees directly from your corporate bank account you will be forced to pay penalties?
That was a learning point for us too! Fortunately, we were less than three months into the year before learning this, so we caught our mistake early. This is definitely something you want to rectify immediately though as the penalties can add up and hurt your bottom line quite severely.
We began our search for a payroll provider right away and we learned that every individual or business had their own way of processing payroll. Some fees were understandable while others just seemed outrageous. Being the ‘do it yourself’ kind of group, we looked at the possibility of handling payroll processing ourselves, while still staying compliant as to avoid any ‘gotcha’ fees or penalties. That’s when we came across Square Payroll.
We had already been using Square’s invoicing and payment processing gadget for several years and have always had a great experience with them. Needless to say, we were quite enthused to find out they also had a payroll service!
It didn’t take us long to get aquainted with the system and discover how easy it was to process our payroll. All of our concerns were met, including making sure that even the trickiest of payroll taxes were being taken care of. We’ve been using Square Payroll to pay our team and can honestly say it’s fast and easy—it even files all our payroll taxes for us.
Looking for an easy way to get started on your payroll AND be rewarded? Use our referral link to get your payroll up and running quickly and even get your first month free!
Referral Link: https://squareup.com/payroll/i/QMYKYPX