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Dec 17

Solopreneurs and or individuals with a very, very small Ma and Pa shops who decide to start a business with limited capital and month to month cash flow trim operating cost wherever possible and typically, do not have the ability to run payroll nor do they see the value in it.  The businesses that can pay a fix amount to the employees do so by taking a draw and save 30% for their quarterly estimated taxes.  Then there’s the rest of us, every dollar that comes in goes straight back out to make the business function; and any change left over goes to beer, bread, and rent.   After 5 years of being in business full time, we implemented a payroll system for several reasons.

  • I owed $20,000 in back taxes due to never having enough money saved to pay them off every time April 15th
    • Every year tacked on another $4000 to $6000 in taxes in ever expanding installment agreement with the IRS. I was advised not to pay the IRS until the end of the tax year because I need the cash liquidity for my own personal needs.  This is true but it left me with a very large hole to dig out of.  Now I’ve implemented a $55mo payroll system that automatically deducts individual and business taxes so I don’t have to.
  • My bookkeeping became a nightmare.
    • I kept performing transfers or draws to my individual account any time I needed money in increments of $250, give or take $50 because I never knew where the next check would come from.
  • I could better predict my income and thus budget appropriately.
    • With the advent more and better clients I became more comfortable with a fixed 40 hours at initially 18hr. Not much at the time but I knew it would cover my nut and I could finally start paying down my installment agreement the IRS.

Payroll Service Options

  • The local Payroll Company
    • I didn’t see enough value to go that direction
  • Intuit Payroll
    • It’s very popular amongst my client but I saw more value and exciting features in Gusto and SurePayroll
  • Gusto
    • Very pretty and intuitive interface. The customer service is terrible and with my cash flow issues; and their inability to perform very small window (2 business days) direct deposits made for a huge disappointment.
  • SurePayroll
    • I do not like that it’s owned by Paychex but that’s my personal issues with corporate. The interface is pretty clunky, pricing is reasonable but not cheap, customer service is awesome, and the direct deposit from the point an individual completes his work week period to the point those hours end up in a direct deposit is quite quick.

About SurePayroll

Payroll can be a nightmare in SurePayroll if you don’t know what you are doing.  We created some basic steps for not only making sure you get your money in a timely manner but extra money when you need it.   SurePayroll direct deposits into individual or personal checking are generally a lot quicker than Payroll services such as Gusto.  Their customer service is phenomenal too.  I advise use to take advantage of  the 1-877-956-SURE when you are in a jam.

 

Payroll Processing Times

You just need to approve payroll by 2 p.m. two business days before your employees are paid.

I.e. It’s Wednesday December 27, 2017.  We need to process before 2p on Wednesday for it to process the deposit later that week on Saturday.

 

SurePayroll Basics

 

We are all make mistakes when processing payroll or forget to process in a timely manner; and thus, you have payroll time outs.  Then, you have to log back in to the payroll service.  Utilize the button below to the process from scratch.

SurePayroll DashBoard for 12/27/17

What could be potentially wrong with this picture?

  • Do you want the payroll period to be one week or two weeks?
    • Try to end the payroll on Friday regardless if it’s one week or two to initiate a earlier direct deposit date or “Check date”.
  • The “check date” is in 2018.
    • You can adjust the check date to earlier depending on when your pay period ends. Generally, this is not an issue unless you have cash flow issues.
  • You want to run a bonus check for 2017
    • Run a bonus prior to running payroll because the bonus will process at the same check date as your regular payroll.
      • Click “reset payroll” and run bonus check.

 

 

 

 

 

 

 

 

SurePayroll Bonus Check

A bonus helps you out for Christmas or any time you are in need of more money.

 

 

 

 

 

 

 

 

 

Separate Bonus Check

Click payroll, begin extra payroll.  You don’t an “additional check” if there is no customization

 

 

 

 

 

 

 

 

 

 

 

Run payroll and Bonus Together

The only reason you run a Bonus separate is that you need the “check date” or deposit date of the money to be processed sooner than the typical payroll check date.

 

 

 

 

 

 

 

 

 

 

 

Run Payroll – No Bonus

 

This for the owner who on paper works 40 hours but reality may be totally different.

Don’t Forget!   Click preview payroll but also click “approve payroll”  You should receive an email less than a minute after if you processed the payroll correctly.

 

 

 

Payroll Services Beginners Guide Summary

This payroll post give you some baseline knowledge to build off of.  From this point forward, I will add additional resources for more convoluted payroll scenarios.

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