You've started your Canna-business, and up until now, you haven't needed extra help. Your business has now grown to the point where you need employees to continue to grow.
While a growing business is an excellent problem to have, it also brings with it the need to educate yourself on new elements of business ownership - how and when to pay your employees correctly.
In today's business world, paying your employees involves much more than just having a bank account and enough money in the bank to cover a pay cycle.
Current payroll standards are complex, and there are now numerous aspects to consider to stay legally compliant in the ever-changing world of payroll processing. Employees need to be paid on time, paid fairly, and companies need to be compliant to minimize or avoid the pitfalls of employment claims that can occur if payroll obligations are not met.
To reduce risk from employment claims that stem from unfair or untimely payroll complaints, you'll have to navigate the payroll world at local, state, and national levels to make sure you have all the facts and requirements for where your business is located.
Just a few topics to get up to speed on include minimum wage requirements, overtime laws, paycheck reporting requirements, tax obligations, and final pay requirements for employees that leave your employment. If you think that's a lot to learn, you are correct!
Every business owner has the responsibility of learning the rules of payroll processing. Even if you decide to secure a partnership with a payroll company to relieve you of that responsibility, you still need a basic understanding of legal obligations to prevent you from making risky or noncompliant business decisions.