Manage My Business Credit

  • CreditBuilder™: Add good payment history to impact your D&B® scores
  • CreditMonitor™: Monitor your credit file in real time with detailed info about changes to your D&B scores
  • CreditSignal®: Receive free alerts to changes in your D&B business credit file

Manage My Business Credit For Me

Monitor Another Company's Credit

Not sure which product is right for your business?

Our Credit Advisors are standing by

to assess your needs and help point
you in the right direction.

Call Today Call 800-700-2733


Ask about our Concierge service.

Business Directory

Business Services

  • VERIFIED™: Get your business data VERIFIED™ to help protect your business identity online
  • Business Shield: Helps protect your company by alerting you to potential warning signs of business identity theft
Help manage your
business identity and
reputation


Let us distribute your VERIFIED
information
to up to 90% of US
consumers searching online.

Call Today Call Today! 800-700-2733

Sign up for FREE today!
Help protect your business identity against inaccuracies and business misrepresentation online and across social media properties
Get it now text

Enterprise Solutions

If your company is looking for a custom enterprise data solution, contact us at
1-800-264-0947 or businessdevelopment@dandb.com
Lead Advisor
Better Data, Better Results
Whether you're a list professional or a first-time marketer, our lead experts will work with you to help you target, segment, and select the list most likely to work for you. Learn More.
Call today 1-855-455-8039

Free D-U-N-S Services

Expedited D-U-N-S Services

  • Small Business Starter™: Promote your business online and get an expedited D-U-N-S and business credit file
  • DUNSFile™: Get a D-U-N-S and basic business credit file in 5 business days or less
Company Update
Update your company info today. It's free!
Review and update your existing D&B® credit report, dispute inaccuracies, add financial statements, and review public filings.

Don't have a D&B report? Get your FREE
D&B D-U-N-S now.
Get Started

Setting Up a Payroll System

Taking Care of Your Small Business’s Monthly Bills

setting up payrollPayroll is one of those things in business that is, well, just grunt work. There is nothing exciting or simple about establishing a payroll system, and nothing fun about issuing checks every two weeks or once a month.

Too bad.

No one said everything in business would be exciting and interesting, because as we have all seen, it certainly is not. But that doesn’t make mundane tasks like payroll any less important than more creative things, like launching a social media campaign. Both are equally needed to run a business.

Sure, there are a few downsides to setting up a payroll system, but they are easily outweighed by the benefits. The cons are these:

  • Setting up and then running the system (usually) is fairly complicated. There are a lot of forms and rules to comply with (see below.)
  • It is not inexpensive. Whether you outsource it or do it yourself, it will take time and money.

 

The major benefit to having a payroll system is that it allows you to run your business like a business. The nitty-gritty details of operations are proof that you are on the right track, and that alone is the best reason to establish a payroll system.

The actual process should look something like this:

1. Get your EIN: If you don’t already have an IRS Employee Identification Number, it is time to get one. It is akin to the Social Security Number for your business, and if you are going to have employees and payroll, then you must have one so that you can report your numbers to the government. Get yours here.

2. Get your employee documents in order: Some of your folks will likely be independent contractors, some may be hourly employees, and others will be salaried management.

You need to withhold taxes from employees, and they will need to fill out a W-4, give you their Social Security Number, and fill out an I-9, employment eligibility form. You do not need to withhold anything from contractors, but they should fill out a 1099.

3. Factor in the rules: Are you required to pay certain folks overtime pay? Are you matching 401(k) payments? How are health care premiums handled? What about paid time off? What taxes need to be withheld?

4. Set up your system: Essentially, you have three choices. You can…

  • Do it yourself, manually. This is the most challenging way because you will have to calculate withholdings and payroll yourself, by hand. This is where mistakes can be made. Similarly, you could have a staff member do this, but he or she would face the same issues.
  • Buy software: There is a lot of great software available, and additionally, many banks offer online payroll software systems. This is likely to be your most affordable option.
  • Hire a payroll service: Outsourcing payroll has been a tried and true solution for many years.

 

5. Establish a pay period: Weekly, bi-weekly, or monthly.

6. Report: You need to report withheld taxes to state and federal authorities.

7. Keep great records. Period.

 

Author:

Steven D. Strauss is the country's leading small business expert. An internationally recognized lawyer, columnist, and speaker, Steve is also an author of 15 books. Steve's highly syndicated business column, Ask an Expert, appears weekly at USATODAY.com He is also the small business columnist for Microsoft, and AT&T who calls him "America's Small Business Expert."