But no small business runs without myriad administrative needs – not for long, anyway! By the end of the first month, you have to have money from customers coming in the door or on the way, or risk losing the business – that’s bookkeeping and cash management.
If you hire staff, you need human resources. You must pay taxes or risk fines and even an audit – yo, accounting! In some businesses, scheduling of employees is key, and chaos can rein without adequate oversight of time-keeping.
Many small business owners plan to handle all these functions themselves, or simply assume that they’ll manage whatever comes up, when it comes up. But there’s many reasons why covering them yourself isn’t a great idea. And managing what comes up leaves you vulnerable to issues that may not come up until a big problem exists, like underpayment of taxes.
Administrative tasks like invoicing, payroll, human resources functions, and accounting seem like they won’t take long. But in fact they can take hours or even days from a small business owner’s time. If you run into a challenge – like an unexpected tax issue or a human resources compliance problem – it can be a tremendous time suck. Plus, problems and challenges can cost you in tax penalties, charges, and even fines from the government for violating human resources regulations.
Adding staff may not be a viable option, either. You may not be able to hire people to perform all the small business administration you need. When your business is small, your initial employees may need to be closer to the heart of the product you produce or the service you offer than an administrative role. A yogurt shop needs yogurt scoopers first, after all; a hair salon needs stylists.
Setting up a plan for small business solutions can help you in the following ways:
1. More Time to Focus on Running the Business
Payroll, accounting, taxes, human resources, and more are absolutely necessary, but the time needed can add up quickly if you’re running a business. Outsourcing these tasks to top-notch professionals and systems can give you more time to concentrate on the most important things to keep your business focused, robust, and profitable. You have time to maximize your revenue and minimize your costs.
2. Experts Can Help You Stay Compliant
Establishing systems to be compliant with laws, regulations, and requirements is essential. These strictures exist in everything from taxes (Federal, state, municipal) to hiring and employment to state and local building codes – and more. Being unaware of what you need to do can be a big problem, because it can lead to fines, fees, government intervention, and even lawsuits from employees. Experts can help you be compliant.
3. Experts Can Help You Make Better Business Decisions
Administrative services help you make better business decisions in many ways. Financial forecasting, for instance, is essential to the smooth operation of your business. But the strongest forecasting is based on accurate records. Good bookkeeping and accounting will ensure that if you want to forecast this coming October results with reference to last October, you can.
4. Provide Benefits to Attract Top Talent
Want to attract top employees in your field? Some business services can offer benefits that help you do so. Sixty percent of the population thinks benefits are highly significant when considering whether to take a job.
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The top benefit is health insurance, which is cited by 88 percent as a benefit that would make them consider a job – even if it paid less than a job without health insurance. Business services solutions include several benefits, including health insurance for your company.
What Administrative Services Do Small Business Solutions Offer?
Here’s a brief overview of the type of administrative services small business solutions offer.
Cash management provides bookkeeping and accounting services for invoicing, payment collecting, paying of accounts, forecasting, running of reports such as profit-and-loss statements, balance sheets, cash flow, maintaining records of cash flow and profitability.
Payroll services run payroll at specified times, perform data entry, synchronizes payroll with accounts receivable for optimal cash management, and provides benefits such as direct deposit for employees.
Bookkeeping and Taxes
Bookkeeping and Tax professionals provide a range of services, including preparation of returns, proactive support and helping you avoid noncompliance, fines, and potential audits.
Outsourced HR resources can provide compliance support. HR compliance can include appropriate paperwork for employees, classification of exempt versus nonexempt employees, and ensuring nondiscriminatory hiring practices.
Workers’ Compensation Insurance
The majority of states in the U.S. require all businesses to have workers’ compensation insurance, which covers workers in the case of on-the-job accidents or job-related illness. If your business is in one, your plan can be integrated into your payroll.
You can review affordable options and build a health insurance plan that works for your business – a benefit many employees name as a key factor in deciding whether to take a job offer.
If you set up a 401(k) or similar retirement plan, choosing investment options is key. Investment management services can help you choose options to offer your employees with confidence.
If you schedule, manage, and track your workforce’s hours, time-keeping services can be a great asset, simplifying the process for you and making it more efficient.
How Guidant Business Services Can Help Your Business Run Smoothly
Guidant Business Services offers all of these small business solutions and more, all in one convenient place. All are focused on maximizing your revenue and minimizing your costs. You can choose just one, or every single one – or any number of services in-between.
Our experts have helped launch more than 25,000 businesses. We know your needs in selection, in setting up each service, and in support. Contact us today to discuss how we can help.