Payroll is the biggest financial duty each business must comply with other than paying its legally owed income, payroll and sales taxes. Payroll mandates accurate payment to employees and full compliance with all federal, state and local government laws, rules and regulations. Severe financial fines by government agencies like the IRS and State and employee anger will be part of a business’ picture if payroll processing is not done accurately and on time. Make a choice to use online payroll processing or to use in-house payroll processing hinges on having a full understanding of the needs your business for both payroll itself, financial accounting, cash flow and budget forecasting.
In-House Payroll Processing
processing is a solid selection to consider if your company features ten or less
employees with little to no changes in hours, benefits and deductions from week
to week and month to month. If your company’s payroll processing requirements
are simple and payroll fields for deductions are easy to update and answers to
questions from employees are easy to provide, keeping payroll processing in
house using a payroll software program. The bottom line for in-house payroll
processing is the company’s employee charged with the task of doing payroll and
managing it on-going basis absolutely has to stay current with company staff
turn-over, payroll tax laws and stay current with tax filings, tax withhold for
the company and its employees and pay payroll accurately. In-house payroll processing
might reduce security and risk factors for the company and its employees’
Bookkeepers and CPAs Payroll Processing
the USA outsource payroll processing to bookkeepers and CPAs all the time, but
most of time each one prepares it similarly to doing it in-house and bank
interface services including 401(k) deductions and direct deposit for employees
may not be offered or available. Be certain to check to see if the bookkeeper
or CPA provides the knowledge and skill sets your company requires such as payroll
changes like increased wage per hours or new deductions to keep any payroll processing
mistakes from being made. Federal tax liability
payroll deposits and payments to the IRS are a 100% a business’ responsibility.
If an error is made the IRS will call you the business owner and not the
payroll processing company. Be sure the company you hire can and will take care
of all tasks on time and without fail.
Payroll Processing Service
Payroll processing service provides are professionals with
high-level payroll tax and regulatory mandate expertise. They are professions
with excellent skill sets that will make sure your business is 100 % current with
all regulatory reports and tax deposits, leaving your time completely unencumbered
from dealing with payroll task responsibilities. Payroll processing services
include disbursing payroll wages to company employees via paper check, payroll
debit cards and direct deposit as well as automated deductions from paychecks
for benefits retirement savings such as 401(k) and 403(b). Payroll services
quite often provide services guarantees and the chances of mistakes and ensuing
penalties for incorrect or tardy payroll tax filing are very low. The federal
government’s Electronic Federal Tax Payment system provided by the U.S.
Department of the Treasury is a no cost secure service gives employers the
ability to login online to the Treasury website and confirm their tax payments
have been made through the system.
Online Payroll Processing
Managing and overseeing payroll 365 days a year, 24 hours a day, is offered by online payroll companies through a web based online payroll processing platform complete with an SSL certificate and firewall to protect sensitive company and employee data. Once enrolled with an online payroll processing provider you will not have to buy payroll software or expensive equipment. On-boarding new employees for payroll, entering current payroll and tracking employee paid vacation and sick leave pay can all be done from a desktop, laptop computer or a smartphone. Most online payroll companies provide payroll services, payroll tax filing and payment. Signing up for online payroll services with tax filing and payment included gives company owners peace of mind and it frees up time to manage and grow their company.
Consider all the options for payroll processing while looking at the needs and legal requirements of your company and then make a smart well-informed decision. For further information about payroll processing look at this article: “Why Payroll Processing Is Highly Important to Every Albuquerque Business Part One“.