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Full-Service Payroll
Payroll is one of the biggest expenses that businesses face. Ideally, you’ll be spending anywhere from 20-35% of your revenue on payroll. But even this broad range doesn’t cover the potential cost of your labor: in the restaurant industry, you may end up spending up to 60% of your revenue!
Obviously, small business owners need to figure out how to handle their payroll. Unfortunately, this is made difficult by complicated benefits. And it’s made even more difficult by the high stakes: if you’re late on payroll, you could cause serious financial problems for your employees.
At Paxis Management Group, we offer payroll services suited to every need.
WEEKLY, BI-WEEKLY, AND MONTHLY PAYROLL SERVICES
Businesses use one of three major payment schedules. These are the schedules we recommend to managers, since they’re the ones that your employees are most likely going to expect: weekly payroll, bi-weekly payroll, and monthly payroll.
How often you pay your employees will influence your cash flow. If you’re making the same amount of money every week, weekly payroll makes more sense. A company that only brings in profit once a month may be more inclined to keep employees on their schedule.
But it’s also important for your employees: are they fiscally responsible enough to budget one paycheck to cover an entire month? It’s worth taking this into consideration when figuring out payroll.
HOURLY, SALARY, AND COMMISSION-BASED PAYMENT PLANS
As with payment scheduling, payment type is broken into three major categories: hourly, salary, and commission.
Hourly wages mean you have to clock the amount of time your employees spend actually working. This is usually used for part-time jobs like retail, where you need the flexibility to decide how much staffing you’ll need on any given day.
Salary wages are for professionals who want to earn a consistent amount between paychecks. If you’re employing people with specific skills, training, or education, you should be paying them a salary.
Commissions are popular in sales, and it’s hard not to see the benefit for business owners: especially if you have commission-only staff, you’re only paying people when they bring in revenue. That said, even in sales, commission-only staff are difficult to find and keep.
NEED HELP WITH YOUR SMALL BUSINESS PAYROLL?
Paxis Management Group has you covered with on-demand payroll services. We provide a proper payroll management system that helps small businesses avoid the hassle and IRS compliance issues that can result in penalties. Our payroll reports are user-friendly, accurate, and available to you upon request.
No matter how often you or your employees get paid, or what type of employees you have, we’ll ensure your payroll is taken care of. We work with many small businesses, and as you grow, we’ll grow our services along with you.
Whether you just need a payroll service, or you need help with things like bookkeeping services and financial analysis, we are your solution. Once we are setup we can be as involved as you need us to be.
To learn more about how we can help your business grow, call us today at 888-447-1535 or contact us online.