In the fast-paced world of solopreneurs and small business owners, finding reliable and efficient solutions for payroll and tax compliance is a must.
Today, Avery, who is a tax expert, explains how Opolis is a game-changer for solo entrepreneurs. He shares his own experience as the Owner and Enrolled Agent of Smoky Mountain Tax Consulting.
Curious why a tax expert trusts Opolis for his own payroll? Dive into Avery’s story to discover why our platform stands out in the world of tax and payroll solutions.
Meet Avery
Avery is a seasoned tax professional, He specializes in working with small business owners, particularly those running single-person or family-owned operations.
His expertise now spans the wild world of cryptocurrency, where he jumped into the fray offering tax advice in 2020— because who doesn’t want to be the go-to guru for all things crypto and taxes?
His journey with Opolis started when he was searching for a payroll solution for his Web3 clients, and he hasn’t looked back since.
Discovering Opolis
Initially, Avery referred clients to Opolis, thinking it was only for crypto transactions. However, he soon realized that Opolis also supported traditional banking remittances.
That little epiphany led Avery to finally hop on board with his own payroll. Turns out, he’s been a satisfied Opolis member for over a year and a half— because when you find a payroll solution that actually works, you stick with it.
How Opolis Simplifies Payroll and Tax Compliance
Avery's main takeaway is that Opolis makes payroll easy.
Having worked with many well-known payroll providers, Avery describes them as merely form remitters. They handle the forms but leave the responsibility of understanding and troubleshooting to the business owner.
Opolis, on the other hand, takes care of everything.
“[With] Opolis for business owners, you don't have to set up any of the state accounts, you don't have to work on closing, you don't have to work on completing or monitoring the forms. You just send in your remittances for Opolis and it kind of happens in the background for you… it's all taken care of and it's all seamless, which is fantastic for myself in terms of helping people and even just business owners who are running it themselves.”
With Opolis, there’s no need to set up state accounts, manage forms, or monitor compliance. Business owners just send in their remittances, and Opolis handles the rest in the background. This seamless process is a huge relief for solopreneurs who don’t want to become payroll tax experts.
Comparing Opolis with Competitors
When you stack Opolis up against the old guard like ADP or Paychex, Avery points out some pretty major differences. Traditional services often require additional time and cost for tax professionals to review and reconcile accounts. Not Opolis.
Opolis streamlines this process, reducing Avery's workload to just two outputs per year, which is particularly beneficial during tax season.
“On the Opolis side, there really are just two outputs that I’m looking at to the end of the year, and I don’t have a lot of tasks going on with [my] clients that use Opolis. It’s just happening right at the end of tax season… those tax clients that have nice clean records, they often save on their tax preparation and also get thank you gifts from us at the end of the year.”
Opolis is designed specifically for solopreneurs, offering a cost-effective solution compared to services built for larger employee pools. This focus makes sure solopreneurs aren’t shelling out for features they don’t need, which directly boosts their bottom line.
The Tax Efficiency and Benefits of Payroll
A common question Avery gets as a tax professional himself is, "Why should I run payroll?"
For solopreneurs looking to be more tax-efficient, payroll is often a necessity. Structures like S corporations or C corporations require payroll to optimize tax benefits, especially in reducing social security and Medicare taxes. Running payroll is essential if you want to be tax-efficient.
“How much do you like paying social security and Medicare taxes? That’s the top-level question when considering S or C corporations.”
Beyond tax efficiency, Opolis offers significant advantages in terms of benefits.
Getting insurance and other benefits as a self-employed individual can be a real pain and cost a pretty penny. Opolis acts like a group plan buyer, providing members with access to superior benefits at competitive rates, including retirement plans and more.
Streamlined Tax Compliance with Opolis
With Opolis, business owners don’t have to worry about the complexities of tax law or filing taxes. Opolis ensures compliance with federal, state, and local tax requirements, including employment tax and federal income tax. The platform handles all the tax documents, making it easier to manage payroll and tax obligations seamlessly.
Enhanced Business Operations and Human Resource Management
Opolis doesn’t just simplify payroll— it also upgrades your entire business game. Our platform comes with employee self-service features, so Members can check their pay stubs, manage benefits, and stay on top of labor laws. This takes a load off solopreneurs and ramps up customer service.
Avery’s Final Advice
For those dealing in cryptocurrency, Avery’s rule of thumb is to reconcile transactions quarterly, and the same goes for payroll. Regular reviews ensure everything is set up correctly and prevent any end-of-year surprises.
“Crypto users, don’t wait until the end of the year to reconcile your transactions. Do it once per quarter, and the same goes for payroll. Review it maybe once a quarter to make sure it’s all set up the way you want it and nothing’s changed.”
Opolis makes staying on top of this seamless.
Takeaways
Avery’s experience with Opolis highlights why it’s a game-changer for solopreneurs looking for a straightforward, cost-effective, and dependable payroll solution.
It’s a testament to Opolis’s reliability and efficiency that a seasoned tax professional like Avery, who thoroughly understands tax law and payroll complexities, chooses it to manage his own payroll and tax compliance.
Whether it's for tax efficiency, improved business operations, or access to better benefits, Opolis stands out as a trusted partner in the solo professional’s journey.
Ready to simplify your payroll and join a cooperative that understands your needs? Check out Opolis today and experience the difference for yourself!
Reach out to Opolis at [email protected] to get started.