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Payroll 101: Setting up for your first employee
As your business builds steam, you will come to a point in the road where you have to decide: is this as big as I want to get, or is it time to bring in some help and take things to the next level? If you decide to hire your first employee, there are a few logistical steps you have to take before you actually bring someone on board:
What your employees need to know about paycheck withholding.
We often get a lot of questions about withholding in paychecks and just how that system works and how it affects your end of year taxes. If your employees are similarly confused about how the amount is calculated or if they can adjust that number somehow (or if they SHOULD adjust it), here is some info they will probably be interested in:
Are you financially ready to hire your first employee?
Your small business is blooming and you are at a crossroads: it’s time to bring on an employee! Before you start thinking about posting an ad and conducting interviews, a very important question needs to be addressed.
Are you FINANCIALLY ready to hire?
You don’t HAVE to have an employee handbook, but here is why you should…
Doesn’t it feel like having an official “employee handbook” is a big, grown up, not at all “small” business thing to have? The reality is, an employee handbook can make your boss life a lot easier AND cover your ass legally.
Benefits you can offer your employees that are creative, unique and inexpensive.
For a small business, offering employee benefits can be a tough road. You value your employees & what they add to your business, but the cost can be prohibitive. Health care & retirement plans are kind of the gold standard, but there are lots of unique & low cost ways to show your employees how much you appreciate them.
Being A Boss.
As COVID raged, I realized that I had capped out my capacity to take on any more clients without adding to my team. It was terrifying to think about adding that expense and responsibility though, and I vacillated for a while before I finally took the leap. Having managed payroll for several clients for a few years, I knew the basics and how to best manage it, but it was still stressful to start the process and it's still stressful sometimes. Through conversations with clients and other small business owners, I know that being a boss and a manager can be a challenging and consuming part of your job.