Most entrepreneurs start out wearing all the hats. Passionate about something, they turn it into a business and it grows, creating more work than the entrepreneur can handle alone. It’s time to hire some help!
The first new employee arrives, and the entrepreneur realizes he doesn’t know anything about payroll, human resources, or labor law, including what new hire paperwork he legally needs to provide before his worker even clocks in. He is not aware the DOL requires current federal and state labor law posters be displayed where workers can see them, or that he must provide Workers’ Compensation Insurance and Unemployment Insurance (and what is the difference between those two insurances anyway?) He doesn’t understand the complexities of withholding taxes from an employee’s paycheck, making timely deposits of those withholdings to multiple tax agents, or that his company must match the employee’s FICA withholding (and what is FICA anyway?) He should have an employee handbook that lays out company policies to avoid misconduct and misunderstandings. What needs to go into that handbook to be compliant and avoid labor law issues?
The challenges facing a new employer are daunting normally; this year he is faced with a pandemic that could temporarily shut down his business, requiring him to furlough his employee. Does he know the guidelines for paying a furloughed employee? He may have qualified for a PPP loan, but didn’t know how to prepare the payroll reports required for the loan application, or what to track to get that loan forgiven. How does he implement the new medical leave policies (FFCRA, HFWA) and is he even subject to them?
We offer peace of mind! Make Payroll Vault your FIRST call when you decide to become an employer. Let the experts guide you through the process from the very beginning to ensure you are compliant and don’t make costly mistakes. Outsourcing to Payroll Vault is smart, affordable, and gives you access to HR Services to help design your employee handbook, offers electronic employee on-boarding and assigns a dedicated payroll specialist to answer the plethora of questions that come up once you bring on a workforce. We wish you great success growing your business and look forward to your call!