Need to Know: Payroll for Solopreneurs & New Entrepreneurs. With Pincus Schiff, The Payroll Guy.
Payroll may not be the sexiest subject ever when thinking about entrepreneurship or running your own business, but it’s something we all need to know about… even if you’re a solopreneur. (I have payroll running on one of my companies, even though I’m the ONLY employee.)
If you’re new to the topic of payroll & know NOTHING about it, this interview is PERFECT for you! It’s a conversation between someone who knows almost nothing about payroll (me), and a payroll expert (Pincus). Pincus does an amazing job of answering all my questions, as well as all the questions I collected from the Business Bitch audience before the interview.
Even if you’re not using payroll yet, it’s something that’ll be a good idea to know about as your business grows… and this interview is a stress-free way to introduce yourself to the topic. Of course, when the time comes to look at payroll for your business, you’ll need to get 1:1 advice from an expert, but this interview will help you know what subjects to bring up, AND know enough about the subject to make sure you’re hiring a good person to help you, instead of getting swindled.
Some topics we go over in the interview:
- Why it’s a good idea to put yourself on payroll, even when it’s early in your business and you’re the only employee. (Even if you decide not to pay yourself sometimes.)
- Why it’s important to have an accountant or a bookkeeper to talk to & advise you in financial & tax matters.
- How payroll & HR are connected in a company’s infrastructure.
- The different taxes in business & how they interact with a company’s payroll.
- Why you SHOULD NOT confuse 1099 (independent contractors) with W2 (employees).
- How payroll ties into unemployment insurance with the state.
- Worker’s Comp insurance.