Small business owners want their business to grow, and this often includes hiring employees. Adding staff to an enterprise frees up time for an owner to focus on strategy and long-term projects and step out of day-to-day tasks, such as ringing up customers at the cash register or making sales calls. A TD Bank survey of small businesses in 2015 found that 43 percent of businesses have at least one employee, and the Small Business Administration (SBA) reports that small businesses account for 66 percent of net new jobs, putting these companies on track for additional revenue growth.
Running a small business is complicated, and often the CEO has job descriptions ranging from chief bottle washer to chief financial officer. Just 23 percent of businesses with employees in the TD survey reported having a financial professional such as a bookkeeper or accountant who handles financial records. In a similar study in 2014, 46 percent of small business owners named booOne way for business owners to find relief is to work with a payroll service. Such a service will provide basic services such as calculating pay, tax withholdings and generating direct deposit or checks each pay period. Others offer perks such as online check stubs, time off tracking and apps for employees to view pay information.
Gene Marks, CPA and owner of The Marks Group, said that relying on outside help for tasks outside of their immediate expertise, such as payroll and payment processing is a winning strategy for business owners. “Small business owners who succeed act like executives. They don’t ask when something will get done, but who will do it. Business owners who do payroll on their own will never grow. Whether you have one employee or 100, the issues of being an employer are the same and you need a smarter mindset to grow your company.”