Payroll Management - Start Planning Now


By Joshua Feinberg


Payroll management is an issue that is never too early to start considering. Obviously, in the early stages of your business, your payroll management will consist of paying yourself. As your business grows you will have to concern yourself with compensation for you and your employees.

Payroll management in a business that has employees requires planning for salaries and hourly wages. There will also be payments to subcontractors for technical and sales related services to consider. You will eventually become too busy to do it all yourself and you will need help.

Before you get to the stage where you need to hire additional help, it is a wise strategic move to think about your payroll management needs and plan accordingly.

Payroll Management Issues
Salary versus hourly wage
Bonuses and commissions
Compensation Package - vacation pay, time off, sick days, holidays
Employee Benefits - health care, dental plan, pension
Insurance - Disability and Life

A common aspect of payroll management that gets overlooked is payroll taxes. No matter what you do, you can't avoid these for either yourself or your employees. The employer's portion of payroll taxes will cost you money. Effective payroll management takes this expense into consideration from the start.

The Bottom Line on Payroll Management

Payroll management is an issue you need to think abut before you have employees. Even if the payroll roster is just you, your business will still have payroll expenses. It is never too early to start thinking strategically about your payroll management. You should be formulating a plan for handling employees and subcontractors and the expenses that come along with them, long before you actually need them.

Copyright MMI-MMVI, Small Business Computer Consulting .com. All Worldwide Rights Reserved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance}

Joshua Feinberg has helped thousands of small business computer consulting firms get more steady, high-paying clients. Now you can too. Sign-up now for your free access a one-hour audio training program featuring field-tested, proven Small Business Computer Consulting Secrets.


More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Management Information:

Related Articles

The Role of the Machine Metaphor in Mixed-initiative Organizational Leadership
"Can This Marriage be Saved?" So reads the title of the cover story in the August 15, 2005 issue of BusinessWeek (www.businessweek.
7 Tips for Growing Your Business You Do Not Want to Ignore: Business Strategies To Easily Implement
Growing companies must always be ready for the next challenge. If you fail in meeting critical business challenges you will not grow.
A Checklist for Organized Executives
I could begin this article by providing a checklist of organizing techniques for you to incorporate into your daily work routine. The goal would be to become and remain organized, improve your time management and reduce your stress while increasing your productivity.
Small Business Outsourcing: An Introduction
Outsourcing is the delegation of a business process to an external service provider. The service provider will then be responsible for the day-to-day running and maintenance of the delegated process.
Transform Any Business into a Go-Getting Power House by Working SMART
Probably as well known as SWOT, SMART turns goals, objectives and tasks into concrete deliverables. If there is one key to turning busy, ineffectual organisations into models of streamlined efficiency then this is it.
Communicating When A Crisis Strikes
How would you handle communication if your business or practice got into a crisis situation?I was pleasantly surprised when my Internet service provider responded competently and quickly to a technical crisis. And, we can learn to communicate more effectively by studying its response.
The Devil We Know
"I'm in an abusive relationship," sighed Andrew. "My bookkeeper annoys the hell out of me but I just can't let him go.
What Makes a Crisis a Crisis?
If you're old enough and were living in America about 30 years ago, you may remember the scandal in the motion picture industry known as "the Begelman affair" or "Hollywoodgate."A skillful analysis of the crisis that rocked Columbia Pictures, a leading company in its field, is presented by Steven Fink in his book, "Crisis Management: Planning for theInevitable.
Tales from the Corporate Frontlines: Coworker and Caretaker
This article relates to the Coworkers competency, commonly evaluated in employee satisfaction surveys. It tells the story of a coworker whose performance consistently facilitated effective cooperation, collaboration, and communication between the employees within one organization.
Appraisal Systems - Not Living Up to Their Objectives
Almost, if not all organisations have them, they've been around for a very long time and some organisations swear by them, however on the whole the average appraisal system fails to live up to the expectations of the organisation and often they can cause more trouble than they are worth."So, minister, here we are at the end of your government and the record doesn't look to good, crime is up, hospital care down, the economy still shaky and poor public services.
Hold Your Applause!
It's amazing what you can accomplish if you don't care who gets the credit. Harry S Truman. President Truman had decided that Secretary of State, General George Marshall's name should be attached to his plan for massive European relief following World War II.
Creativity and Innovation Management - Hierarchies
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.
Punctuality in Business: What it Says About You
"Nothing inspires confidence in a business man sooner than punctuality, nor is there any habit which sooner saps his reputation than that of being always behind time." (W.
Its All In The Systems
Have you ever noticed french fries taste the same at every McDonald's? The same can be said for Subway and its Italian BMT. How do these fast food icons replicate themselves at nearly 40,000 locations when some eateries struggle to get it right in a single restaurant? The answer is simple: it's all in the systems.
Know Your Client - The First Rule of Business Coaching
Whilst the very best coaches have undertaken independently accredited training and or have years of experience with clients, new self-assessment questionnaires are coming available which is evolving coaching into a far more focused activity. And that is to the benefit of coach/client relationships for the following reasons:- Key AreasResults from assessments enable the coach and client to understand key areas for development and the client can then choose which will be most beneficial.
Group Decision Making : Are the Decisions Really Made by the Group?
GROUP DECISION-MAKING: Many managers feel they are well-versed in areas of group effort, such as problem-solving, goal-setting, and action planning. Frequently, however, the implementation of such techniques never seem to get beyond the initial stage.
Creative and Innovative Culture, Change Management - Three Easy Tests
Creativity can be defined as problem identification and idea generation and innovation can be defined as idea selection, development and commercialisation. From this simple definition, it is clear that certain cultural characteristics ought to be prevalent if creativity and innovation are to be maximised.
Goodwill is an Intangible Asset
'Goodwill' is regarded as an intangible asset in a business. Goodwill carries a value over and above the tangible assets of a business, and representing all benefits derived from the distinctive location, trade and brand names, credit rating, reputation, cusotmers and patronage of the business.
Running Successful Meetings - The Key Steps To Getting It Right
We all complain about meetings which are a waste of our time and the truth of the matter is that so many are exactly that. We've also seen the "corridor" meeting that takes place afterwards where it seems the real decisions are taken, or the agreed decisions are overturned.
Communication, Feedback, and Participation: Three Easy Tidbits For Smarter Business
On communication: One of the biggest strains on the communication process occurs when the sender or receiver is experiencing stress, anger, or frustration either at work or at home. When a situation is emotionally charged, it is difficult to express yourself clearly and maintain a positive communication relationship.