What is the best way to do payroll for a 6 man company?

Answer 1

Well, it probably depends on your familiarity with payroll and payroll tax reporting. If you're relatively sharp and can fill out the numerous payroll tax returns that are required, you probably could do the payroll through your accounting software. Peachtree and Quicken both have payroll modules that you can buy, but you do need to pay for updates every year (so the tax tables can be updated).

If that sounds like more trouble than it's worth, you may want to contract ADP. All you would need to do is call in the hours, and ADP literally handles everything else: payroll check writing, payroll tax deposits, filing of all quarterly payroll tax deposits and reports, and year end filings. If you were to do the payroll monthly, it may not be all that expensive to hire an outside service like ADP. What the heck? It's worth the hour it would take to talk to a rep to see what she has to say!

Answer 2

Hire it out. Your local bank will have a cost-effective solution. There will be companies like A-plus (I'm not affiliated in any way) that offer affordable payroll solutions as well as insurance solutions for small businesses. The real cost of payroll isn't cutting the checks, or even compliance with tax laws, but liabilities with human resource issues. These companies keep their finger on the pulse of that stuff, something you don't want to be worring about right now. Quickbooks and Quicken also have fairly affordable payroll services bundled with their software. Small bookkeeping firms and accounting firms always offer this service as well. Also, if you choose to use executive offices, they'll usually bundle that service for a fee.

Basically, payroll comes bundled to about everything else, because it's not something a small business can afford to build a competency around. (It doesn't increase revenues or cut costs, manage cash, develop R&D, or anything else critical for a budding company. All it does is avoid potentially costly mistakes.)

I guess the bottom line is to find someone to do it for you. It's probably going to run you about $12 per month per employee if you have someone do it for you (they'll keep an eye out for the things you don't know you don't know), and $25 per month if you bundle it with your accounting software (I think that's what it was with Quickbooksonline).

Good luck

Answer 3

If your afraid of screwing it up and don't want the liability. Go for a company like Paychex or ADP. There are a few other providers out there as well. Get competing quotes from their salesmen and have them compete against each other. They can offer direct deposit and a few other simplification services that you might not think about right now. Software works okay and can provide reliable results but ease and headaches saved. The Services can be a great way to protect against Uncle Sam as well.

Answer 4

Quickbooks payroll service is the most cost effective for only 6 man.

Answer 5

My name is Victoria, I sell full liability Payroll and Credit Card Processing for a nationwide company called Heartland Payment Systems. I would be happy to get you pricing. Free direct deposit>>I also have a web based solution where you just plug in employees hours and pull reports 24/7. I could also provide you with references. personal mail: [e-mail]

Work comp pay as you go with Heartland.
FYI- Bank of America is re-selling ADP payroll.Watch for lots of hidden fees.I saved 8 employee company thousands$ that was using ADP. Heartland is full disclosure and very affordable plus you & employees can use whatever bank you want to use. I would be happy to send you a comparasion of fees.

Answer 6

One option I didn't see mentioned in the prior group of answers is to try Bank of America's payroll solution. It doesn't involve any cost on your part initially.

Of course, the catch is that you have to have a business checking account with B of A...

Answer 7

Most would never hire a CEO with those credentials.. but seems a whole lot of Americans want to elect a president on that basis. Oh well... they can cry later.. just as the Bushbots did. We are Americans, We are Free.. we can make mistake after mistake and still call ourselves the greatest nation on earth.. Does it matter that the rest of the world is laughing at us.. Hell No.. We are Americans...

Answer 8

I can't say enough about QuickBooks. It's really great. (No affiliation.)

Answer 9

Fire them, pay yourself
Or
Microsoft Excel

Answer 10

get a software, and chill