As highlighted by Forbes Business Council in their article, “Payroll Basics: What Every Business Owner Should Know,” payroll management is a crucial yet complex part of running a business, often requiring expertise to ensure compliance with tax laws, labor regulations, and accurate employee compensation.
Key Payroll Considerations for Business Owners:
- Payroll Regulations Vary by State – Laws governing wages, overtime, and tax filings differ, requiring careful management.
- Payroll Is a Major Business Expense – Labor costs typically account for 20% to 35% of a business’s gross sales.
- The Rise of Payroll Outsourcing – The global payroll outsourcing market was valued at $10.04 billion in 2021 and is expected to grow to $17.69 billion by 2031.
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Article with all rights reserved, courtesy of Forbes Business Council — https://www.forbes.com