Payroll for business and
Every company out there wants to become better – more efficient, more inclusive, more profitable – which is why there are various industries dedicated to consulting. Starting and building a consultancy business can bring unique challenges, but there are various options and technologies that can help launch your small business and take it to the next level.
Bringing your expertise
As a business and management consultant, you've likely got the business basics down when it comes to setting up your own company – different business structures, overhead costs, tax and withholding implications. You may choose to function as a 1099 contractor for companies, or you may wish to establish your own LLC and offer consulting services that way.
Whatever you choose, once you have those foundational elements in place, you'll be able to focus on your specific expertise. There are countless types of consultant services including business and management, construction, legal and compliance, IT and cloud computing, creative and design, financial, media, political, and much more. No matter the service you're offering, you'll want to explore what accreditations or certifications are available – or in some cases, required – to serve in your industry.
Running payroll for your consulting company
If you're working as a 1099 contractor, you should receive payment based on whatever arrangement you made with your client, and then a 1099 form (hence the 1099 name) at the beginning of each year for the previous calendar year's work.
However, if you've set up a formal business, your clients will pay your business, which you'll then use to pay yourself. Running payroll for a small business – even a company where you're the only employee – may seem difficult, but it's actually quite simple with the right technology and tools.
With Roll by ADP, even if you're a company of one, you'd add yourself as an employee, establish your salary, and then run payroll just like any company. The technology will take care of tracking taxes and withholdings, and provide the reporting you need for end-of-year tax filing.
Hiring employees and 1099 contractors
At some point you may want or need to start expanding your consultant business in a way that will require you to start bringing on additional help. It's an exciting but potentially new experience for you. And these new workers may themselves not be consultants. You may need to hire someone to help with other operational or administrative needs.
In any case, Roll by ADP can help with that as well. Whether they're part-time, full-time or 1099 contract employees, adding (or removing) them from the payroll can all be done from your phone, anytime, anywhere. Then simply run payroll like you normally would, and the app will handle all the payment and tax details. Roll makes it easy for you to focus on what you love – helping companies achieve their business goals.
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