I am going to start my own business. I am going to have about 3 or 4 employees including myself.
Can I do payroll and book keeping or do I have to have some sort of schooling for that ? and is it hard?
I was never a good math student!
2006-10-02 07:12:33 · 6 answers · asked by ? 2 in Business & Finance ➔ Small Business
I wouldn't say it was hard, but it is very time consuming. Get a reliable program that will keep up with everything for you once you have entered it in. I use MYOB (www.myob.com). But Quickbooks is also good. My MYOB payroll program is great and it does all the figuring. When you set your proram up, you will need to know the correct rates for unemployment, FICA...etc. I called my state department to get these rates; and I also called the IRS for some other figures. Just be sure you know all the rules and regulations before you get started. And keep good records. I am in Tennessee and we have to file a 941 form every 3 months for payroll, make a payroll tax deposit every month, make a estimated payment every 3 months...and on and on. So be ready to be busy. Good Luck!
2006-10-02 07:26:16 · answer #1 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
As a small business owner myself, I strongly suggest you not try to do payroll without professional help. I did it at first and it was a nightmare. If you don't already have a good CPA, find one quickly and he/she can help you set everything up. As far as bookkeeping is concerned, I recommend using QuickBooks. I had no bookkeeping/accounting experience when I started my business and I have found QuickBooks to be a great tool.
2006-10-02 14:22:32 · answer #2 · answered by gambia_joy 2 · 0⤊ 0⤋
Bookkeeping is not hard. I would get Quickbooks, and it will keep your accounts organized easily. As for payroll, you can hire payroll companies fairly inexpensively to run checks for employees, as well as keep track of their taxes and send them W2s at the end of the year. You don't need schools for that.
2006-10-02 14:16:45 · answer #3 · answered by Dave L 1 · 0⤊ 0⤋
To tell u the truth u actually have no choise to go to school. But think of ot this way if u didn't go to school u would never learn anything you'd be an idiot.You would still live in the stone age . And to know what we as Canadians got now compaired to what we once had we've came along way to get where we are today with tech and teaching .
2006-10-02 14:51:08 · answer #4 · answered by Deanna D 1 · 0⤊ 0⤋
Yes the more you know the better for you and your business. It could be guidelines that you know nothing about. Take a quick course on accounting if anything
2006-10-02 14:15:20 · answer #5 · answered by prizelady88 4 · 0⤊ 0⤋
Buy quickbooks and it will do all the work for you.
2006-10-02 14:20:17 · answer #6 · answered by MarshaMarsha 3 · 0⤊ 0⤋