If you’re just starting a business, payroll might not be at the top of your to-do list. As a new business owner, you likely have dozens of other tasks to complete – securing your business license, getting a taxpayer number for your new entity, and securing any leases you might need to open up. However, amidst all those tasks, we want to encourage new employers to think ahead when it comes to payroll. Whether you’re a new employer or about to get your business off the ground, choosing to invest in a payroll software early on will yield dividends down the road.
We have some tips for new employers. Tools from Advanced Micro Solutions will provide the support and tools you need to get payroll in order both efficiently and early on in your business’s life. Our full accounting suite is perfect for new employers. The W-2/1099 software tool is essential for new businesses who need to hire contracted work, while our payroll software is an excellent way to begin setting up your accounting processes for new employees.
Invest Early in Payroll for Easier Accounting
Here’s how we’ll begin our tips for new employers: We know setting up a payroll system might seem like an unnecessary task at the beginning of a new business venture. That said, this is an important step toward getting employers ready to handle the accounting challenges of running a business. Every new business will have a number of initial steps to take, and payroll should be among them.
Importantly, understanding industry-specific pay demands, such as how much you should budget for employee wages, the types of benefit packages to offer, and simply recording tax and wage information, is all necessary for a burgeoning business. Understanding these nuances will make it easier for employers to recruit employees when the time arrives. Plus, you’ll be on more sound accounting footing if you know exactly how much to budget for employee labor. Finding useful tips for new employers is all about preparing for future challenges.
Prioritizing Payroll with AMS
Software solutions from Advanced Micro Solutions can help your small business get ahead. Specifically, AMS Payroll ($134), one of our most popular software tools, provides the semi-automated solutions and payroll support you need to get your business up and running. Our user-friendly and intuitive platform is a great option for first-time payroll users, but it also provides essential tools at an accessible price point. Some highlights for AMS Payroll are listed below.
- Automatically calculate state, federal, and local payroll taxes
- Print checks individually or by date range
- Support up to 1,999 payers and 9,999 employees per payer
- Easy set-up
- Electronically file 944, 941, and 940 forms
- Export data to the W-2/10999 forms filer for year-end processing
Starting a Payroll Business with AMS
In addition to using AMS for internal payroll procedures, some new business owners may be looking to start their own payroll businesses. We have a full checklist and resource for users who want to start their own payroll businesses, but we’ve distilled some of the most important information in the bullet points below.
- Specialize in specific services. This will allow you to concentrate your resources on a select few tools, like the AMS accounting suite, to provide optimal service.
- Understand what to charge. It’s important to calculate the cost of yours and others labor when beginning to write your payroll business plan. How much time do you plan to save with a software? How may clients do you want to take on?
- Focus on one industry. Each business industry has its own perks, which means payroll companies can be more efficient when they specialize in one area.