Initial Decisions

Like accounting you need to decide how to handle payroll. You may choose to handle accounting internally while hiring a private firm or individual to handle your payroll. This is acceptable so long as you recognize that you are still the one responsible for what happens with payroll. No matter which option you choose it is important to make sure that payroll is being accounted for properly. The pros and cons of each decision are similar to those mentioned in the accounting section.

To make the transition easier try to keep things consistent with how they were done before. For example if employees were paid monthly continue that tradition. You may want to change these things in the future, but if you follow a similar process it will be easier to transition for you and your employees.