Growing a Company

Status
Not open for further replies.
bikeindy said:
You need a Federal ID and buy something like Quickbooks (thats what I use) you can do payroll and everything else you need to do. If you have just one employee it is very simple. You can get your Federal ID (tax ID) online at www.irs.gov
Click to expand...

This is the second time I've heard this. Last month, an AC contractor told me all his guys payroll deductions and taxes are handled on Quickbooks, thru separate escrow accounts, etc..

What does not make sense to me, is how could Quickbooks deal will all the required STATE payroll/employment laws, or possibly handle workers compensation, or unemployment insurance, much less handle termination for cause paper trail warnings, or safetly/training documentation & proof of qualification for public works projects.

And I wont buy it until it can do all that correctly in my state.
 
ramsy said:
This is the second time I've heard this. Last month, an AC contractor told me all his guys payroll deductions and taxes are handled on Quickbooks, thru separate escrow accounts, etc..

What does not make sense to me, is how could Quickbooks deal will all the required STATE payroll/employment laws, or possibly handle workers compensation, or unemployment insurance, much less handle termination for cause paper trail warnings, or safetly/training documentation & proof of qualification for public works projects.

And I wont buy it until it can do all that correctly in my state.
Click to expand...

gee you're not asking much from a program that cost $200.00
It does do payroll deduction for state and local. While it may be easier to pay a service to do it all QB is less expensive and a little research in your state will get the rest done. And we are talking about a small EC here QB is a good inexpensive start. A good HR handbook for your employees handles the firing issues. Mine is only 3 pages and they sign an agreement.
 
Quickbooks still doesn't cover your workman's comp nut. They want it up front for the year. For one guy it never made sense to me, the payroll places I used had so many guys on their own policy that they got great rates, far better than I could get, so even with the markup it worked out cheaper to send my guy's out to them.
 
macmikeman said:
..so even with the markup it worked out cheaper to send my guy's out to them. (payroll svc's)
Click to expand...

Shopping for group discounts! Now thats awesome. Wonder if liability policies are available this way? Do any of these payroll services, or more likely industry trade groups offer group discounts for liability policies. How about NECA?
 
Ramsy, they covered your men when leased back to you with liability also. What the one place I used initially did not do was cover for OSHA. They made me sign a waiver on that. I became responsible for the safety and welfare of the men I hired. As well I should, so that part was not an issue for me. Once I got up to 15 men and more I found a California company that did the same stuff for an even better rate, and was set up for my state, so I switched to them. They did not have any OSHA waiver stuff in their contracts. Oh, yeah, did I mention, they all want pay in advance for the next weeks payroll.
 
Hi Lou, yeah thats it. You paid upfront, mail in timecards signed by you or whomever you authorize to sign for you, the employee, and the men got paychecks, either sent to your company to disburse, or else at your option they could get them sent directly to their own address. Overtime was handled in advance also. When I did it thru a local firm out here, they had the checks ready by the following Thursday and I would run out and pick em up myself. The local firm has a very outstanding reputation and track record of proper tax payments. That is one thing you have to watch out for is track record of the company. And they made it pretty clear that they had a low tolerance for any monkey business on the part of the customer also. Meaning, if a person worked any overtime, then it had better be reflected on the timecard.
 
Hi Lou, yeah thats it. You paid upfront, mail in timecards signed by you or whomever you authorize to sign for you, the employee, and the men got paychecks, either sent to your company to disburse, or else at your option they could get them sent directly to their own address. Overtime was handled in advance also. When I did it thru a local firm out here, they had the checks ready by the following Thursday and I would run out and pick em up myself. The local firm has a very outstanding reputation and track record of proper tax payments. That is one thing you have to watch out for is track record of the company. And they made it pretty clear that they had a low tolerance for any monkey business on the part of the customer also. Meaning, if a person worked any overtime, then it had better be reflected on the timecard.
 
Growing a business

Growing a business

Well hiring an employee or expanding your business is always a hard decision and one that should be well thought out and not rushed. Have you ever though of getting an apprentice, it can be a good solution if you?re looking for help to catch up. As for payroll I suggest you talk to an accountant and see what the rules are like where you live. I live in Canada and im sure the rules are quite different. Even from state to state I think they can vary a large amount.
So I suggest you talk to a good accountant in your area.

Also adding CCTV (Closed Circuit Television) be a great way to expand your business if your a electrical contractor. This is my one of my first posts here so if anyone want to talk to me on MSN and show me the ropes around here.

Deleted contact information. If you wish to contact this member, please exchange private messages. - George
 
Last edited by a moderator:
Status
Not open for further replies.
Top