I have one employee. What are my options for processing payroll?
Basically, you have three options.
- Process it manually. This means you calculate wages and payroll taxes yourself. It also means you file all governmental payroll reports. Yes, this is the cheapest option, but it’s also the most time consuming.
- Process it with software. In the small-business world, QuickBooks Online seems to be a popular software option. But there are so many alternatives available now. The cost of using software depends on the service level you select.
- Process it by outsourcing. It may not be as expensive as you think; in fact, the price may be comparable to using software. When you outsource, you generally work with an expert who helps with processing payroll and filing all governmental reports.
If you are an established business with employees, what payroll software did you start with in your business? Pros? Cons? I’d love to hear about it.