MyCorp FAQs: Do I need an outside payroll service?

underwriterOne of the questions we get from new small business owners is “What do I do about payroll?” Yes, you can handle payroll yourself, but more and more these days entrepreneurs are opting for an outside payroll service. Small business owners are doing this for a couple of reasons:

To save some money. 

When you choose to handle your payroll yourself, it becomes a full-time job. Most businesses that do their payroll from the inside hire on a new employee. Between the hiring, training, pay, and bonuses, hiring on an employee to do payroll becomes a huge expense. Not to mention the training and the software that will need to be purchased to actually do the payroll. By using an outside service, you get to avoid the hoops of hiring on a new employee and you save some money in the process.  Continue reading

Experts Weigh In: How much education did you receive before starting your business?

6 Leadership Lessons We All Learned in KindergartenEach entrepreneur has a different path. Some realize their business dream a little later in life, and, others, as early as high school. We asked our small business experts how much education they received before starting up their businesses, and how they think that decision has played out for them.

“I started my business right after I graduated from college. In fact I graduated from college, moved to a new city, got married, and started my business all in the same month. I always knew that some day I would have my own business and by the time I was in my final year at LSU I realized that the best time to do this was right now, so I began doing freelance website development and Internet marketing. I signed a major client my first month so that made the transition to full time self employment much easier. 18 years later I’m still in the same business and glad that I ventured out on my own.” –Charles Ogwyn, My Internet Marketing Partner, Inc.  Continue reading

Mo’ Money, Mo’ Problems: Sales Tax Edition

Your eCommerce store is growing! That’s a good thing, right?

Well, for the most part, darn right it is. But as you’ve probably noticed, as your little online store grows up, so does the complexity of running it behind-the-scenes.  And one of the most complex aspects of running a thriving online store is dealing with sales tax.Wallet

Today we’ll help you pinpoint some of the more onerous aspects of handling sales tax compliance in your growing eCommerce store, and what you can do to put a lid on sales tax.

Problem: You have sales tax nexus in multiple states

Let’s say that when you started your business you lived in and ran everything about your business – sales, fulfillment, customer service – out of your garage in California. Sales tax in this instance is simple. You have sales tax nexus in California and must collect sales tax from buyers in California. If you sell to a buyer in another state where you don’t have any significant connection, like Virginia, then you don’t collect sales tax. Simple, right? Continue reading

MyCorp FAQs – What do you need to know about payroll?

Payroll may seem like a straightforward topic, but there is a lot more to it than just tracking hours and cutting checks. Unfortunately a lot of small business owners don’t realize that and, before they know it, they’re up to their ears in tax forms and reports they’ve never even heard of. Calculating, and staying on top, of payroll can actually be pretty complicated, especially if you don’t have a background in accounting. payroll system So what do small business owners absolutely need to know about setting up a payroll system?

You must withhold taxes

The federal, state, and local governments can all levy tax on income, and it is your responsibility as an employer to withhold the necessary amounts from your employee’s paychecks and send that into the proper agency. Continue reading

7 Key Inventory Metrics every Small Business Should Know

owning and operating a small businessYou’ve launched your Business and are steadily getting orders from customers. You’ve built an inventory of products to ship them as soon as possible and handle more customers. But how do you ensure everything in your inventory is running smoothly, every day? How can you take your business to the next level?

Small business owners need to regularly monitor the important numbers about their inventory to ensure all processes are running smoothly. This enables them to easily identify areas where they can grow revenue, increase efficiency or streamline costs. Here are 7 key inventory metrics small business owners need to keep an eye on. Continue reading

5 Things You Need to do to Improve Project Management in 2015

Group of business associates looking and pointing at a chart put up on the wallKeeping your small business’s project management up to date can seem nearly impossible. With the rapid advancements of technology in the recent years it feels like once you finally get caught up with one thing, everything else has changed, and you’re back at square one. However, there are ways you can utilize these technological upgrades to your benefit – but how? This article will explain the 5 things you can do to get ahead of the game and boost your business’s project management in 2015. Continue reading

Experts Weigh In: IP Horror Stories

How to Deal With Work Related StressProtecting your intellectual property is so important. Your name, logo, and business creations tell your customers who you are. So making sure that no one can steal your company’s brand is one of the first steps you should make when starting a business. We asked some of our small business experts if they had any IP horror stories from when they were first starting out. Here’s what they had to say…  Continue reading