Small Business Archives - Palmetto Payroll Solutions

Payroll Processing Small Business

How Should You Pay Yourself as a Small Business Owner?

The ability to control your own salary is likely one of the things that drew you towards becoming a small business owner in the first place. Unfortunately, things can get complicated when it comes time to pay yourself. We explore some of the best ways to go about that in this blog. Start by Choosing…

Palmetto PayrollJanuary 2, 2021

Company Culture Employee Onboarding Small Business

Motivating Your Staff Doesn’t Always Take Money

This year has been challenging for everyone, including your employees. As many businesses continue to operate under coronavirus restrictions, it seems that employee relations are more important than ever. Even though you want to show your employees how much you appreciate them, few employers have extra money in the budget this year. The good news…

Palmetto PayrollOctober 31, 2020

Small Business Taxes

Is an LLC Required to Start a Business?

If you’re considering starting a business, you may wonder if you need to initially register it as a Limited Liability Corporation (LLC). The answer to that question is no. However, forming an LLC may be beneficial to you depending on the size of your new business. Below we explore more of the benefits and drawbacks…

Palmetto PayrollOctober 16, 2020

Accounting Payroll Tax Responsibilities Small Business Taxes

Avoid These Common Small Business Tax Filing Mistakes

The actions you take now have a big impact on how much you pay or receive back as a refund when you file your small business tax return next April. At Palmetto Payroll, we typically advise small business clients to aim for breaking even with the IRS in that they neither owe nor receive a…

Palmetto PayrollOctober 1, 2020

Accounting Small Business

Resources for Veteran Entrepreneurs

In 2019, Bunker Labs conducted a survey with military veterans transitioning to civilian life. One in four veterans responding to the survey expressed interest in starting their own business but needed funding to do so. If you’re a veteran turned entrepreneur, we are happy to let you know that many resources exist to help you…

Palmetto PayrollSeptember 15, 2020

Accounting Small Business

Financial Recovery Tips for Reopening Your Business

Whether your small business recently reopened after the forced COVID-19 shutdowns or you have been open for business for a while, there’s no denying that you now work under a different financial reality. Since lack of positive cash flow is one of the leading causes of business failure, now is the time to focus on…

Palmetto PayrollAugust 26, 2020

Accounting Payroll Processing Payroll Tax Responsibilities Small Business

Prepare for Financial Reports to Look Different Due to COVID-19

Certified Public Accountants (CPA) should understand that financial reports they prepare in 2020 will look differently than reports they prepared in all years prior to 2019. The difference, of course, is that 2020 saw a global pandemic that had a devastating impact on small businesses across the country. Even companies that did not shut down…

Palmetto PayrollAugust 15, 2020

Outsourced Payroll Payroll Processing Small Business

DIY Payroll Could Cost You More in the End

New small business owners often make the common mistake of thinking that payroll only involves tallying the time worked for each employee and paying them accordingly. It’s not quite that simple. First, you need to apply for an employer identification number and complete multiple other steps before you can even hire employees. Then you need…

Palmetto PayrollJuly 30, 2020

Payroll Fraud Small Business

Don’t Let Hackers Destroy Your Small Business

Malware, data breaches, and denial of service attacks are just some of the tricks employed by hackers to disrupt business and steal money. While all businesses are vulnerable to this threat, the consequences of a cyber attack can be especially steep for small businesses. They have fewer resources to prevent or recover from an attack…

Palmetto PayrollJuly 15, 2020

Accounting Small Business Taxes

Accounting Problems That Stunt Your Company’s Growth

Accounting is a necessary task of all business owners. It’s also something that many don’t particularly enjoy doing. Whether you have taken on accounting tasks yourself, hired a staff accountant, or outsourced the work, it’s important to be aware of common mistakes that could hurt your bottom line. If financial mismanagement goes on for too…

Palmetto PayrollJune 30, 2020

Small Business