If you’re a single-person business with plans of growing your team, there’s a lot you’ll need to have in place. It might not be the most exciting part of business-building, but it’s important. From an employee handbook to setting up benefits and payroll, here are a few things that go into expanding from a small business of one to hiring employees:
Payroll. This is more than just paying your employees. Payroll also includes income withholding, Medicare, Social Security tax, proper recordkeeping, and more.
Another step that goes into building your team is coming up with hiring procedures, an employee handbook, job descriptions, and a payment structure, all of which fall under human resources.
Benefits are add-ons that are part of your employee’s compensation. It could include anything from healthcare insurance to a Flexible Savings Account for your team’s health-care-related costs, a retirement plan, paid time off, and a flexible work schedule.
There’s a lot to consider when you hire team members for your company. A payroll provider, such as Gusto, may help you handle this part of your small business.
What is Gusto?
Founded in 2011 and headquartered in San Francisco, Gusto is a payroll service provider where small business owners can handle their payroll needs. Since its inception, Gusto has expanded to provide a number of services and products to help small businesses manage their teams and grow their companies.
What are Gusto’s main features?
Gusto provides many tools, including:
-Payroll services. Gusto may help your simplify payroll. Through Gusto, you can file taxes automatically, figure out your payroll cycle, generate tax forms, and track time and administer benefits.
Gusto has also created Gusto Cashout. This feature enables your team members to access cash in between paydays. Employees have access to a daily amount based on their estimated earnings.
-Benefits. Gusto can also handle the benefits you might offer your team. This could include healthcare, retirement, a Health Savings Account or Flexible Spending plan, and sick and holiday pay.
-Hiring and onboarding. Gusto’s hiring and onboarding features include tailored offer letters, forms to send to new team members, and an onboarding checklist. You can also set up tools for your employees.
-Time tracking and management tools. Through Gusto’s time tools, your team members can log their hours by signing in to their Gusto account via the dashboard or app.
-HR advisory. You can connect with HR professionals and resources to help you stay compliant with labor laws so you’ll steer away from getting dinged with fines. If you have questions that are specific to your company, you can schedule a call with an expert.
Pricing: Gusto’s payroll service alone starts at $45. It’s a $39 base fee and $6 per employee. Add-ons have separate pricing.
Who is Gusto for?
For those who are currently solopreneurs and would like to grow their businesses and hire team members, Gusto may be right for you. It depends on what features you’re looking for and how you expect to scale.
Who isn’t Gusto for?
If you are building a small team, If you’re planning to expand to a company with dozens of employees, there may be other payroll providers that better serve your needs.
Gusto could be the right choice for those who are either single-person businesses with one employee—themselves—or who are starting to expand their teams. Because it’s a one-stop-shop with an easy-to-navigate platform, business owners may consider it an attractive “people platform.”