subject: What You Need To Know About Small Business Payroll Accounting [print this page] As a small business owner, you are aware of the complications involved in what should be a simple task: paying your employees. But there is so much more that payroll encompasses, such as:
Calculating actual wages and withholding taxesnTracking vacation and sick pay
Figuring deductions for employee-contributed benefit payments
Providing year-end wage reportsnEnsuring accurate and timely bank transactions
Complying with legal obligations
Keeping up with new laws and regulations regarding payroll and taxes (that almost always require immediate compliance)nComputing commissions and bonuses
Dealing with tedious paperwork
Enlisting the services of an outside company to handle all of the above (and more) can definitely save you time, money, and aggravating frustration in the long run. You would not need to employ a full-time payroll manager and/or staff (depending on the services you choose to delegate to the outside firm), and your precious time could be spent on more important things, like expanding your enterprise. Consider the following beneficial aspects of outsourcing your tedious payroll tasks:
Payroll services for small business offer convenience.
When you enlist the services of a payroll company, you simply phone in, input online, or e-mail your payroll information and the firm handles all the rest.
Payroll companies are undeniably accurate.
Payroll firms are aware that in order to keep your business, they must make an unprecedented effort to "get it right" the first time, as well as stay abreast of all the new tax laws and regulations.
Outsourcing can assist you with myriad other employee-related matters.
In addition to cutting checks, many payroll companies also offer services that relate to direct deposit, employee benefits, and even retirement plans. Many of them also provide you with supplemental management reports and will handle all payroll-related tax obligations.
A good payroll service company will offer peace of mind.
Payroll functions encompass a complicated array of legal obligations, both state and federal. A reputable company can ensure compliance and ultimately save you money on possible legal fees.
As with other service-oriented companies, it's wise to do some research on different payroll companies and get at least three quotes before committing to one. Choosing the right payroll services for your small business is important not only because said vendor will have unlimited access to sensitive information, but also because they will be the ones responsible for all employees getting paid accurately and on time. A miscalculation on either front can result in irate staff members and unwanted tax penalties. It's a good idea to get recommendations from your business peers, thoroughly check out all references, and investigate all you can about the enterprise before making a decision.
The internet is a great resource to use when doing your homework. Check out different firms' websites and compare what they offer to see what would work best for you. Whichever route you decide upon, the benefits offered by a reputable firm will far outweigh any risks you may be worried about when it comes to taking on outside payroll services for your small business.
by: Kevin Rockwell
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