PAYROLL
Why you Should Outsource your PAYROLL Processing
Managing any Type of Business is not an easy task. When it comes to Payroll you could be at risk with your Employees but also with the IRS if it is not managed on accurately. It can demand time and resources and still not be done Properly. A successful Business requires a clean and organized Payroll Accounting Record for Tax purposes but also for Growth and Sustainability.
Saved Time
No matter how many Employees a Business has, Processing Payroll demands time and attention to detail. This often comes at the cost of valuable time that could otherwise be spent on more detailed Business Priorities, such as building Revenue or serving Customers.
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What is PAYROLL Accounting?
Basic Payroll Accounting maintains the records of your Employees’ Compensation. This includes, but is not limited to:
Gross Wages, Salaries, Bonuses and Commissions
- Overtime Pay
Payroll Accounting Taxes and Withholding:
- Social Security
- Medicare
- Federal/State Income Tax
- Federal/State Unemployment Tax
Employer Paid Benefits and Other Compensation:
- Holidays
- Sick days
- Vacations
- Insurance
Employee Compensation is subject to State and Federal Laws, as well as Company Policies. These Policies can change over time. Our Experienced Team provides guidance to keep up to date with these Laws to make sure you get every benefit possible. One of the first rules is to stop seeing Payroll as a simple and manual Bookkeeping Task, because one of its purposes is to help you Manage your Business in an easier and harmonic way.
Some Time-Consuming Payroll Responsibilities:
Payroll Processing
Requires a significant time commitment on a Daily and Weekly Basis. Whether it is calculating Payroll Amounts, Generating In-house Reports, Preparing and Remitting State and Federal Payroll Taxes and Returns, or simply Printing, Signing, and Distributing Paychecks, the demands on your time can be costly.
Generating Reports
For In-house and Accountant Use. At the end of each Payroll Period, the amount of Pay Earned by all Employees, any Benefits or Miscellaneous Deductions Withheld, and all Payroll Tax amounts must be carefully recorded for future Accounting Purposes.
Available Information
Payroll Reports are also necessary for Tax Purposes, both for Business Year-end Income Tax Filing and for Quarterly and Annual Payroll Tax Reporting.
Preparing and Remitting Payroll Taxes and Returns
Business Owners or Designated Administrators must carefully calculate and complete a Quarterly Payroll Tax Form to prove that the proper amount of Payroll Tax has been Withheld. This Form must then be submitted, along with the proper amount of Withheld Taxes, to the IRS each Quarter.
Mitigate Payroll Mistakes
Payroll errors can cause Fines and Penalties costly to both Employers and Employees.
Security Risk of Payroll Data
Outsourcing Payroll to an experienced and trusted Provider like Us can offer a safe environment for your Confidential Payroll Data.
Compliance with Government Regulations
Government Rules and Regulations often change, and Small Business Owners can’t always stay on top of the latest Requirements.
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SERVICES
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Accounting & Bookkeeping Services
- Accounts Receivable Processing
- Accounts Payable Processing
- Posting of Entries to the General Ledger
- Journal Entries
- Preparing Sales Tax and Payroll Tax Returns
- Sales Tax Calculations
- Reconciliation of Bank Statements
- Monthly Financial Statements
- Management Reports
- Cash Flow Management
- Cash Flow Reports
- Business Activity Statements
- Generate Income Statement
- Generate Balance Sheet
Tax Services
- Tax Preparation
- Tax Returns and Plannings
- Tax Problems
- Representation with Taxing Authorities
- IRS Audits
- Payroll Tax Problems
- Sales Tax
Business Consulting
- New Business Start-Up
- Business Registration
- Business Valuation
- Financial Plannings
- Mergers & Acquisitions
- Forensic Accounting
- Internal Controls
- Bank Financing
- Cash Flow Management
- Digital Transformation
- Cyber Security
- Marketing Strategic Planning
- Strategic Transformation
Audit & Consulting
- Forensic Accounting
- Audited Financial Statements
- Audit of Commercial Business
- Cyber Security Audits
- Information Security Audit
- Tax Audit
Payroll Processing
- Checks or Direct Deposit for Your Employees
- Payroll Reports
- Quarterly Tax Forms
- Year-End Tax Forms
- Tax Deposit Services
- W-2s and 1099s
- Tax Preparations
SERVICES FOR INDIVIDUALS
- Tax Returns and Plannings
- Tax Refund Options
- Wealth Management
- Tax Resolution
- Representation Taxing Authorities
- Tax Audit