The time may come when you want to shut down your business to retire, open a new venture, or start a new career path. Regardless of your reason, the process for closing a business is different than selling it. Although it can be overwhelming, you can de-stress with our closing a business checklist. Continue reading “Closing a Business Checklist: 8 Steps for a Smooth Transition”
Hiring your first employee is a huge milestone for you and your business. However, becoming an employer comes with many additional responsibilities. If you’re ready to become an employer, you must know which steps to follow.
You must deduct payroll taxes from employees’ wages. But, what do you do with the withheld money? You can’t hold onto it until someone asks for it.
You must pay payroll taxes to the federal government. Some employers might have to send money to their state and local governments, too.
Learn how to pay payroll taxes so you can remain legal and prevent penalties. Continue reading “How to Pay Payroll Taxes”
Small business owners in every U.S. state can now use online payroll from Patriot Software, the company announced today. The company recently approved the states of Pennsylvania and Michigan, finishing work that has been several years in the making, according to Wendy Smith, Patriot Software payroll manager.
“Our team has worked very hard to achieve this milestone,” she said, adding that in order to approve the payroll software in each state, the team had to conduct extensive programming and testing. “Because we guarantee the accuracy of all payroll taxes, we had to factor in the idiosyncrasies of not only each state, but localities within states,” she said.
Easy-to-use online payroll software
“Our online payroll software is designed for small business owners who have little time to learn a complicated software package,” said Mike Kappel, president of Patriot Software and founder of the company, which is based in Canton, Ohio. When he was just starting out as an entrepreneur, Kappel saw the need for simple, affordable software that was designed to meet the needs of small business owners.
“Our software is fast, accurate and powerful,” he said. “Business owners can quickly take care of payroll and other tasks and get back to running their businesses.”
With online payroll, customers simply log into the secure Patriot Software website and can pay their employees in just a few clicks. Employers can choose to print out paychecks or take advantage of free direct deposit, as well as a free employee portal, where employees can view their pay stubs and manage their personal information.
Employers can access reports anytime, and print out W-2s for employees at the end of the year, said Kappel. “They don’t need to be a payroll expert in order to use our software,” he said.
Low monthly cost
The payroll software is also designed to be affordable, with month-to-month pricing scaled to the number of employees receiving paychecks in the business.
“Small businesses should not have to pay big-business prices for payroll software,” he pointed out.
The company offers online payroll options: Basic Payroll, in which customers take care of their own payroll taxes, and Full Service Payroll, in which Patriot Software handles all required payroll tax deposits and filings for the business.
Free routine support
Another difference is the level of customer support Patriot offers its customers.
“We offer free routine support right here in the U.S.,” he said. “So if someone calls with a question, they will actually get to speak to a real person who can walk them through the software, troubleshoot and answer any questions they may have. Our customers love us!”
Patriot also offers free payroll set-up to new customers, including year-to-date payroll data, as well as help articles and other training tools.
Customers can take a free 7-day trial of Patriot Software, or sign up and get their first 30 days free. For more information, call (877) 968-7147 toll-free.
Patriot Software is pleased to announce that their online payroll software is available to Washington small business owners. This is great news for the 549,000 small business owners in the state of Washington, according to Mike Kappel, founder and president of Patriot Software. Continue reading “Big News: Online Payroll Software Available in Washington!”
As a business owner, you do a good job of juggling many different tasks: payroll, task delegation, accounting for small business – you name it. but it’s impossible to accomplish everything. Unfortunately, the employee performance review can be one of the first items to fall off a business owner’s To-Do List.
Writing an employee performance evaluation can be a tough assignment for any manager (even when you’re dealing with a stellar employee). Preparing a thorough employee evaluation also takes time and careful thought, and if you’re a small business owner, you most likely don’t have an HR department to help with the task. That means you have to stop whatever you’re doing and focus on your employees, which takes you away from the sales floor. And it puts you in the position of sometimes delivering bad news, which can be uncomfortable for both parties. So why is an employee performance review even worth your time? Continue reading “5 Reasons You Shouldn’t Blow Off Employee Reviews”
EFTPS, the Electronic Federal Tax Payment System, is now issuing Inquiry PIN numbers to business owners who use an outside payroll tax service to handle their federal payroll tax deposits.
Once a payroll tax provider enrolls a client in EFTPS, the client will now receive a letter with a separate inquiry PIN and their enrollment number. With this information, taxpayers can log into EFTPS to make sure their federal tax deposits are actually being made on their behalf.
Many business owners use an outside payroll tax service to handle their federal, state, and local payroll tax responsibilities. However, some clients have fallen victim to unscrupulous providers who do not make the federal payroll tax deposits as promised.
Some U.S. small business owners are spending up to three workweeks per year just handling payroll taxes for their companies, according to a new survey by the National Small Business Association (NSBA).
Results from the NSBA’s 2014 Small Business Taxation Survey showed that while 60% of small businesses handle payroll on their own, 11% spend more than 10 hours a month on the administration of payroll taxes. Another 43% spent three to 10 hours a month on the tasks, the survey showed.
Doug Simmons, who handles payroll tax filings and deposits for customers at Patriot Software, LLC, said some small business owners may think they are saving money by handling payroll taxes on their own, but may not realize that there is a cost to their time.
Continue reading “Payroll Taxes Cost U.S. Small Business Owners Valuable Time”
Here’s a quick quiz:
- How do you correctly classify your workers?
- Do you verify all new employees?
- Which labor laws apply to your business?
How did you do on the quiz? If you don’t have the correct answers, you may be headed for trouble.
With the complexity of federal, state, and local payroll and labor laws, it’s all too easy for small business owners to make payroll mistakes. Classification errors, missed deadlines, and other slip-ups can be costly in terms of time, money, and legal hassles.
Payroll mistakes can be potentially devastating for small business owners.
“We know how tough it can be for small business owners in America,” said Mike Kappel, president of Patriot Software.
So we’ve focused on 7 Common Payroll Mistakes in a series of seven articles. With this information from Patriot Software, you can learn to avoid those costly payroll mistakes. Click on the titles in the index above to find the easy-to-read articles.
This is part 5 of a seven-part series for small business owners looking to avoid making payroll mistakes.
Tax rates can change — make sure you’re using the right rates for your company.
Why is this important?
Use the wrong tax rate, and you may pay more in the long run, with penalties and interest piling up.
How to avoid this mistake:
State Unemployment (SUTA):
Your SUTA rate generally depends on your experience, industry classification code, and state rules.
- Do your homework. Depending on your industry, you may pay a higher or lower starting rate than another employer. If you’re a new employer, find out your state’s starting rates for SUTA.
- Watch the mail. If your employees file for unemployment, your SUTA rate may increase. Watch for notifications regarding SUTA rate changes.
Federal and State Rates:
- Choose a payroll processing method that automatically updates universal rate changes.
- Use current tax tables if you are figuring payroll by hand, and regularly check your payroll software for tax rate changes if updates aren’t automatic.
- Keep up with news on tax law changes that affect your payroll.
If you make this mistake:
When you realize you’ve paid a wrong tax rate, contact the tax agency immediately, and they can tell you how to proceed.