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On Running Your Shop : Don’t Do Payroll Yourself

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On Running Your Shop : Don’t Do Payroll Yourself

BY DAVID GELLER

On Running Your Shop : Don’t Do Payroll Yourself

Published in the April 2012 issue.

Eliminate the hassle, drudgery and, most of all, mistakes.

After helping many a jeweler with their QuickBooks over the years I am still surprised to see so many people having so much to do with payroll. Of all the things to do in a store, this is one of the most boring and least productive.

I see many small-store owners using the old-fashioned IRS booklet and figuring up the taxes by hand. That is time-consuming enough but then they need to figure up time sheets, send them to an accountant, and then print out and distribute the checks.

The alternatives include:

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1 >> Using the QuickBooks payroll module that can be downloaded directly into QuickBooks.

2 >> Using a payroll company like ADP (adp.com), Paychex (paychex. com), or Insperity (insperity.com)

3 >> Your bank

Doing payroll yourself can lead to inaccurate figures and filling out 941s. You never want to be behind on submitting payroll taxes; they’ll hang you at noon. Even though your accountant should get it right, there’s usually a monthly fee.

QuickBooks’ payroll program is easy to use, but from my experience the user can make mistakes and you might still need an accountant to check over your work at year-end.

For this reason I say don’t do payroll anymore, farm it out. Just make sure, whether it’s a bank or payroll service, that you can download the accounts directly into QuickBooks (assuming you are using QuickBooks). If not, you’re back to doing payroll and hand entering data into QuickBooks.

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If you use your bank or a payroll service (like the three above) then usually you just go online, enter the employees’ hours, commissions and bonuses, and the service does the rest. They will submit your 941s and give you your W-2s. Paychecks can be printed and distributed but easier yet is to use direct deposit. These services will also help with employee manuals, compliance issues and sometimes  even background checks.

So please, stop doing payroll. 


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SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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David Geller

On Running Your Shop : Don’t Do Payroll Yourself

mm

Published

on

On Running Your Shop : Don’t Do Payroll Yourself

BY DAVID GELLER

On Running Your Shop : Don’t Do Payroll Yourself

Published in the April 2012 issue.

Eliminate the hassle, drudgery and, most of all, mistakes.

After helping many a jeweler with their QuickBooks over the years I am still surprised to see so many people having so much to do with payroll. Of all the things to do in a store, this is one of the most boring and least productive.

I see many small-store owners using the old-fashioned IRS booklet and figuring up the taxes by hand. That is time-consuming enough but then they need to figure up time sheets, send them to an accountant, and then print out and distribute the checks.

Advertisement

The alternatives include:

1 >> Using the QuickBooks payroll module that can be downloaded directly into QuickBooks.

2 >> Using a payroll company like ADP (adp.com), Paychex (paychex. com), or Insperity (insperity.com)

3 >> Your bank

Doing payroll yourself can lead to inaccurate figures and filling out 941s. You never want to be behind on submitting payroll taxes; they’ll hang you at noon. Even though your accountant should get it right, there’s usually a monthly fee.

QuickBooks’ payroll program is easy to use, but from my experience the user can make mistakes and you might still need an accountant to check over your work at year-end.

Advertisement

For this reason I say don’t do payroll anymore, farm it out. Just make sure, whether it’s a bank or payroll service, that you can download the accounts directly into QuickBooks (assuming you are using QuickBooks). If not, you’re back to doing payroll and hand entering data into QuickBooks.

If you use your bank or a payroll service (like the three above) then usually you just go online, enter the employees’ hours, commissions and bonuses, and the service does the rest. They will submit your 941s and give you your W-2s. Paychecks can be printed and distributed but easier yet is to use direct deposit. These services will also help with employee manuals, compliance issues and sometimes  even background checks.

So please, stop doing payroll. 


{JFBCLike}

{JFBCComments}

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

Promoted Headlines

Most Popular