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What Are My Payroll Options?

Can I do payroll myself

What Are My Payroll Options?

Running a small business is challenging and exhausting, both physically and mentally, as it requires you to make fast decisions day in, day out. But making informed decisions takes time, and time is a commodity which you have to manage wisely if you want to avoid getting swamped with work at the worst possible timing. On the other hand, you may have little time to think things through before having to decide on a certain course of action. 

Managing payroll is a non-essential function, but one without which your business cannot do. One way to keep your payroll straight is to hire professional payroll services for small businesses in San Diego. But this begs the question: what are your other payroll options and which one makes most sense in the long term?

What are my options for payroll?

If you run a small business and need a long-term payroll solution, you have the following options at your disposal: 

Some of the above options enable you to minimize the time commitment, while others enable you to cut costs, so you will need to factor in your budget and time constraints, including the size of your company, the number of employees in it and your average workload.

Can I do payroll myself?

Should you decide to process payroll by yourself, put some time aside to collect all the necessary information and be careful not to overlook any steps. Processing payroll is not complicated in and of itself, but it does require concentration and attention to detail during the painstaking process of collecting information. 

You should handle the task carefully and diligently to avoid costly mistakes, errors and slips, especially in terms of keeping track of and managing the following information:

  • Employee hours
  • Employee wages
  • Deductions & withholdings
  • Tax documents & requirements
  • Direct deposits & payments

How do I do payroll for my small business manually?What is the cheapest payroll service for a small business

Processing payroll manually is possible, but it is demanding and time-consuming. Depending on the number of employees you have, doing payroll can be a painstaking process, as you will need to collect a massive amount of information and keep track of any changes. 

The good news is that there are simple programs you can use to handle payroll information. Designed to facilitate payroll processing and reduce the risk of errors, they are a convenient solution if you have few employees. 

Still, if you lack experience, you will need to dedicate a considerable amount of time to learning how to manage payroll and keep track of all the information and the necessary updates, which is one of the reasons why outsourcing payroll is an increasingly popular option among small business owners.

What is the cheapest payroll service for a small business?

While comprehensive payroll services sound tempting, you may want to explore other options if you are looking for ways to cut costs. Using payroll software is a convenient method to facilitate the payroll process: it is less time-consuming than doing payroll manually. But it is far from the safest and most reliable, as there is still the risk that you might overlook important information and make errors.

How much do payroll services cost for small businesses?

Unlike CPAs who normally charge hourly fees, bookkeeping and payroll service providers typically charge a flat rate base fee with the additional cost of payroll processing which depends on the number of employees. Contact your prospective payroll service provider for more details.

Since a payroll service provider will handle the whole process week in, week out, you will not be required to spend any time on that, which makes this the ideal solution if minimal time commitment is your number one priority. In addition to that, outsourcing payroll drastically reduces the risk of making errors and mistakes which may result in hefty fines and penalties, which is yet another reason to invest in a payroll service instead of processing payroll by yourself.

Hassle-free payroll services for small businesses in San Diego

Effective time-management is essential to successful business operation. Partner with David York’s Tax Service and find out why we are a trusted choice of individuals and businesses across San Diego County, down to Border Field State Park. We offer a full range of reliable, time-saving services for the thriving small business. Aside from bookkeeping and payroll, we provide business incorporation services as well as tax preparation and filing services for businesses and individuals alike. Reach out to us today!