As some of you may know, I’m working on a book with one of my favorite business authors, Diane Kennedy, CPA of www.ustaxaid.com.
We’ve been collecting business stories that provide real, teachable moments for other business owners. The premise of the book is that you can learn from others’ business mistakes before you make them yourself!
We’ve had some really powerful stories submitted for the book. (If you want to submit a story for our book, check out this stupid stories link.)
Here’s a story that was submitted recently that talks about a mistake I suspect occurs frequently. Read for yourself and decide if you’re trying to skimp on your expenses by saving money doing your own payroll:
Saving Money While Doing my own Payroll:
My year in business was accidental, and chaotic. At the end of the year I had to figure out payroll – I’d just been cutting checks when (and if) I could. I had QuickBooks, but didn’t want to pay the extra $200 or so for the payroll module. I decided to figure out the calculations myself.
Having no experience with payroll other than receiving paychecks, this was a bad idea. I spent an ENTIRE WEEKEND trying to sort out the IRS rules and regulations and make the calculations. It was upsetting, and ultimately I did it wrong, underpaid and got fined down the road.
The next year I forked over the $200 for the payroll module. Life became so much easier. I have never been tempted to D-I-Y on something I know nothing about again.
Lesson From the Story:
Choose your battles when it comes to early-stage expenses and DIY. There’s a point where trying to save money costs money.
If you are stressed out over payroll issues, please checkout my payroll services. I can make your life less stressful so you can focus on what you’re good at!
Tags: Bookkeeping, Payroll, Quickbooks help
