Payroll processing is a crucial procedure for your business. We can help with choosing software such as QuickBooks, and/or full service payroll processing vendors.
The basics of payroll are:
Pay Day – Your pay day is determined by many factors. These may be work load, cash flow, staffing, processing time, etc.
Payroll Taxes – You will need to pay the government the Federal & State taxes withheld from your employees’ paychecks — as well as payroll taxes your business owes.
Filing Tax Forms – You are required to fill & file them, so the government knows who’s been paid what, the taxes paid, & other details. Most businesses file quarterly; and some file monthly or yearly.
Some of the pitfalls of payroll processing are errors, deadlines, and penalties.
Here are ways to avoid these pitfalls:
Payroll Software – Run payroll yourself in a few clicks with the help of payroll software. This method gives you the control of processing the payroll yourself while having the calculations done with just a few clicks. With this method, you will be making your bank deposits and reporting/filing taxes.
Payroll/Accounting software – Run payroll yourself in a few clicks with the payroll software. With just a few clicks, your information is integrated with your accounting records. Reporting/filing taxes is streamlined – many times electronically.
Full service payroll processing vendors – A local payroll service helps with the processing of your payroll. Depending on your needs, the service company will process checks, and handle all reporting/filing. You will receive electronic or paper reporting as desired.