Hiring employees for your
small business is a big decision. First,
you want to make sure you hire the right person for the job. Then you have to make sure you take care of
all the necessary paperwork for withholding federal and state taxes. And if you make a mistake or fail to file
payroll taxes on time, you’ll be charged penalties.
To avoid all this hassle
many small businesses opt to use a professional payroll service. Now, imagine this. You choose a company you assume you can trust
and then that company moves to a new location and tosses all your employee
files in the trash. Think about it: Those files would have all kinds of
confidential information including, social security numbers, EIN
numbers and bank account numbers.
What a nightmare!
Well, that nightmare turned
out to be a reality for some business owners in the New York Metropolitan area this
week. A Fox
5 news reporter found stacks of files in a dumpster behind the offices
where Olympic Payroll Services had
previously been located in Fairfield, New Jersey.
This story is a good
reminder to all of us to make sure we work with reputable payroll services. Inquire as to how they discard old records
and if you’re uncomfortable with the answer, ask for a clause in your contract that
requires old records to be shredded and disposed of appropriately. Alternatively, ask the company to return old
files to you instead of discarding them so you can insure your employees and
your business are protected from potential identity theft.
For more information visit www.sbtv.com.
More from living