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Date Posted: 11/26/2013

How to Set Up a New Company’s Payroll in 4 Steps

 
 
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By Stefan Schumacher, Editor of The Payroll Blog  

If you’re advising someone starting a new business, you’ll want to make sure they get off on the right foot in regard to payroll. If they can’t pay their employees and/or themselves properly, it will create tremendous headaches. 

Make sure these basic steps are in place for a new business looking to run payroll

Step 1: Get an employer identification number (EIN). This number comes from the IRS and it’s essential to have as an employer. 

Step 2: Check state and local compliance requirements. As an accountant, you should look out for your new business clients by making sure there are no unique state or local laws they’re not aware of and need to comply with. 

Step 3: Don’t Forget the W-4. Many small businesses will start with the owner as the sole employee, but if you’re hiring people, they need to complete the W-4 correctly. 

Step 4: Help your clients decide how often they want to run payroll. There are a variety of reasons for why some companies prefer bi-weekly to semi-monthly payroll, or vice versa. Consider what works best for the business, as well as state law.
 
 


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