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Discussion in 'Business Operations' started by hewitt64, Apr 13, 2002.
Being in business would be easy, if it were not for the employees and the customers........
I have a book keeper - about 20 hrs a week
We use Paychex
We use Quick Books
I have an accountant
The point is that you can use whatever combination of products/service to do the job that you want. Remember this - you are in business to be in business. The widget of your business is not the point of you waking up every day. To this end, manage the heck out of your business.
You may pay an accountant a $100 an hour - it will be worth your money. Maybe you dont' have them do every accounting function. Reduce your professional fees by doing some of the leg work yourself or hiring it a lower cost by having someone do some of your bookwork. I choose to use Paychex because they are professionals at one thing - Payroll. It's their job. They have a system. It's better than mine - and it's better than my accountants. Who cares if my accountant is $5.00 cheaper. Focus on what you do best - hire others to do what they do best.
I like to think of myself as a general manager of a baseball team. I hire the best position players to create a winning team. I may need to bring some people in for certain jobs here and there, and then drop 'em back to the minors or "trade" 'em after they've done their job. I try to hire (employees or vendors) that can make up for my weaknesses. Surround yourself with good people with good talent and skills.
first go to irs.gov there you can get the inforamtion about a federal id number if you look long enough you will find a phone number and be able to get it right over the phone instead of waiting for them to send you a form or even downloading a copy of the form.
then go to your state web site to get a state id number
remember you will have to match social security and medicare that your employee pays plus you have to pay FUTA (federal unemployment) plus state unemployemnt plus workers compensation....... once you get the info from the state you must get classified with the sate workers comp then they will send you a rate the rate is used to mutiply by yoour payroll this is a 8 month premium
you will also have to chose a workers comp provider ( in Ohio ), anyway)
the federal taxes collected from employees and your matching share plus FUTA are due when you pay your employees you pay them to the bank ( irs will send you coupons for this )
state taxes are due quarterly
you will also have to do a quarterly and end of year reconciliation form federal return (940 941)
it seems intimidating but its not that hard just extra paperwork
the web sites are very helpful