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03 - Accounting & Taxes Accounting Help & Tax Strategies

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Old 06-26-2012, 02:03 PM
bpetruzzo bpetruzzo is offline
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Join Date: Aug 2008
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Default How to pay contractors as a small business

I run a small photography business. It only employs me. However, I contract out a fair amount of work to a handful of other photographers. Here's the problem:

Checks are expensive
ACH transfers are slow (and expensive)
Wire transfers are slow (and very expensive)
Payroll is overkill (and very expensive)

So how the heck am I supposed to pay these guys without drowning in erroneous banking fees?

I'd like to be able to pay them immediately upon the completion of work, and even if it takes a few days for the money to get to them, it needs to disappear from my business accounts immediately. The makeshift system we're using now works, but always makes headaches at tax time, so I'm trying to smooth those things over and having a hell of a time figuring out the best, most affordable way of doing it.

Anyone have some insight?
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