You’ve grown your business, take pride in a satisfied customer base, and have increased profitability year after year -- what’s the problem with that? As the poet Biggie Smalls once so eloquently rapped, “Mo money, mo problems.” While it’s obviously the goal to succeed as a business - and profitability is part of that equation - here’s how too much profitability can hurt your business -- and where you can get the help you need.
When you own a small business, it is imperative that you find ways to save money wherever you can. It’s not a matter of want, it’s a matter of need. You take pride in doing your own sales, your own customer service, heck, you might even shovel your own driveway. That’s why it makes perfect sense to do your own payroll right? Maybe not. Here’s why it’s a waste of time to sit in front of a blank spreadsheet with your head in your hands.
Payroll Software is Subscription-Based, Meaning You Keep Paying for the Same Thing Year After Year. Paying for payroll software isn’t usually a one-time fee. Every year you’re paying for a “newer” version of the same old software with a bunch of “new” features that don’t really feel all that different.
It has been a privilege to help many wonderful Minnesota small businesses reach their goals and grow their companies. Your success has given CSI owner, Brian Paulson the platform to help other accounting and payroll firms come up with better ways to serve their clients through his work with the Professional Association of Small Business Accountants (PASBA).
Accounting can be one of the toughest activities for small business owners, especially for those who don’t have a background in bookkeeping. Following a few simple bookkeeping tips throughout the year, however, can make it much easier to track expenses and file taxes when the time comes.
Managing Payroll is Complex
When it comes to managing payroll for your small business, you may be using your own accounting software. While the software offers the necessary features to comply with payroll regulations, the overall process can be complex and time consuming, especially as you begin to hire more employees.