Twenty-three percent spend more than $500. In the National Small Business Association’s 2018 Small Business Taxation Survey, 45% of small businesses use payroll services, and 42% spend between $101 and $500 per month. Many small firms have found success with online services that handle a variety of payroll tasks, such as calculating wages and taxes and paying employees by direct deposit or check, for a monthly fee. While you may not be able to dedicate a team to managing payroll, that doesn’t mean you’re on your own. In fact, poor tax compliance is a top small-business financial challenge that can end up costing big bucks.
But it’s also a time-consuming and detail-oriented job-and errors can have serious consequences, including tax penalties. Paying employees and contractors accurately and on time is a critical task for any small business. East, Nordics and Other Regions (opens in new tab)
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