When you launch a business, setting
up a payroll is most likely not the first thing that comes into your mind,
especially if you’re going into the business by and for yourself. But payroll
is a big part of the financial and administrative side of entrepreneurship.

Whether employees are not a
priority for you now or you’re planning to hire a hundred people in the future,
it’s good practice to start thinking about and planning for payroll before it
becomes a burden.

The Payroll schedule
includes you record and compensation as well as your employees. It also includes:

• Gross wages, salaries,
  bonuses, commissions, and so on that have been earned by its employees
• Personal income tax, income
  taxes, state taxes (if applicable)
• Employees insurance
  premiums, employees’ contributions to savings plans etc.
• Employer’s portion/expense
  for income taxes and other state taxes
• Employer’s portion/expense
  of fringe benefits such as health and dental insurance, paid holidays,
  vacations and sick days, pension and savings plan contributions, etc.

 If you haven’t started planning to set up a payroll for your business, we encourage you to do so today. We have provided a payroll template to serve as a guide, please feel free to download using the link below ………………