A: Be sure you are counting ALL the costs; including risk and liability!
How much time do you spend on payroll and administrative duties? How do you handle employee complaints? How do you keep up with changing regulations, withholding rates and government forms? More importantly, would you pass an audit if the IRS or Department of Labor walked through your door?
- Back office responsibilities for small businesses are a real money burner. The more time you spend on payroll and HR related tasks, or on hiring and training a bookkeeper, the less time you’re spending managing your business. Most small business owners didn’t go into business because they were passionate about performing the administrative tasks that go along with running a business.
- According to the Small Business Administration: small business owners spend between 7% and 25% of their time handling employee-related paperwork and issues. Is this the most productive use of your time?
- One government intervention or employee complaint can tear down a business.
- Now is the time to strategize and give your company a competitive edge. Keeping up with the ever-changing tax laws and HR regulations is crucial in reducing your business risk and liability.
With EmployShare, you can grow your business while we fortify your compliance requirements.