(BPT) - Even amidst the uncertainty of 2020, entrepreneurship managed to grow. Nearly 4.5 million business applications were filed—the highest on record for a single year, up 24% from 2019. This surge in new business formation means many small business owners may soon be hiring employees for the first time, which is both exciting and nerve-racking for these entrepreneurs.
While there are many things to consider when hiring your first employee, understanding payroll is key. When you know the basics of the process, not only will you save time and trouble, you’ll also be able to get back to what you love—your business—faster.