Employee Requirements: The Paperwork You Need To File

Employee Requirements: The Paperwork You Need To File

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IAC Professionals

Following are some types of employee paperwork you should be

familiar with: Business License/Certificate If you originally organized your business structure as a one-person operation, your current license and certificate may not be sufficient. Contact the agency where you initially filed to inquire as to whether you will need additional documentation when hiring employees. Insurance When you selected business liability insurance, you chose a policy that was right for your company at that time. However, bringing in employees often increases risk. Speak with your insurance agency to determine whether you need to raise your coverage. Also speak with an attorney about liability for your employees actions. For example, if an employee steals from a customer, will your company be liable? Make sure that your business is fully protected against employee actions as well. What if an employee steals from the company? Will you have to eat the loss, or do you have insurance that covers this event? Workers compensation is another important concern. If your employee is injured on the job, the company may be held responsible for his medical treatment. Be sure that you carry sufficient workers compensation insurance. The topic of business insurance is extremely complicated. It is highly recommended that you work with an insurance agent that specializes in small businesses, as well as a qualified attorney, to ensure that you are carrying proper insurance. Employee Taxes From Social Security and Medicare to income tax, you may responsible for tax withholdings from your employees paychecks. Tax law is specific, detailed and ever-changing. The penalties for errors may be severe. Never attempt to set up employee withholding without speaking with a qualified professional such as a CPA or tax attorney. Job Application/Identification Documents/Other Paperwork Depending on your type of business and the area in which you live, you may be required to keep employee files. The requirements for these files may include a formal job application, copies of identifying documents, trade certificates, college degrees and any number of other documents. Even if these documents are not required in your state, they may become necessary should disputes arise. Speak with a qualified small business professional or an attorney to develop an employee records system that is accurate and contains all necessary documentation. Obtaining Outside Help If the tasks involved in setting up and maintaining personnel records, tax withholding and other paperwork seem daunting, you have options for reducing your paperwork load. Consider utilizing independent contractors rather than employees whenever possible. A Virtual Assistant company such as IAC Professionals can handle many of the same tasks as an employee without the paperwork requirements. If you need to hire full-time employees, your VA company can again assist. Consider outsourcing payroll, tax withholding and other paperwork tasks. You can outsource as much or as little work as you need, and maintain as much control over the process as you see fit. No one can or should handle all aspects of running a company alone. Outsourcing to a VA company such as IAC Professionals is a great way to minimize the time and energy that must be invested in new employees, while keeping costs down and allowing you to focus on the tasks that you do best. If you have any question about Employee Paperwork, contact us today. IAC Professionals is a single source for contracting qualified professionals to assist you with your most critical business needs. They offer a wide range of outsourcing solution which include Accounting, Bookkeeping, Virtual Assistants, Company Formation and Business Consulting. IAC Professionals 8260 NW 14th Street Suite V6115 Miami, FL 33126 www.IACProfessionals.com 1-786-214-6046 1.786.214.6047

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Employee Requirements: The Paperwork You Need To File