Without a good balance sheet, your income statement cannot be relied upon. In other words, your steady cash flow might make you feel like your business is doing well. But that feeling means nothing if your numbers aren’t accurate. And the only way to know that your numbers are accurate is—you guessed it—a regularly maintained balance sheet.
If you’re going to pay someone for doing some work for you, you’re going to find yourself processing payroll. And like so many aspects of small business, the first time you do it can involve a lot of confusion, uncertainty, and crossing your fingers in hopes that you’ve done it right. To make payroll processing easier (and more secure) the first time around, here are 5 things you should know before you bring on your first employee.