Payroll processing involves much more than just paying your employees. It includes collecting time information, making the proper deductions, calculating what is owed to each employee, and paying each employee on time. We provide dependable payroll processing services to ensure that all payments are correctly calculated and paid out on time. We ensure that your company’s finances are in order and that your employees are kept happy (no employee will enjoy being paid less than what’s owed or being paid late). As a part of our payroll processing service, we can help your business set up its payroll and assist with payroll taxes.
Setting up payroll is trickier than most people think. First, you will need to collect all of your employee information. You will need to set up how you will pay your employees (such as by check or direct deposit). Then you’ll set up a payroll schedule (usually weekly, biweekly, or monthly). When you decide on the payment schedule, you’ll have to keep your company’s cash flow in mind. There are also laws in place regarding how often you can change your payroll schedule. You will also need to set up tax accounts to withhold state income taxes and contribute to unemployment.
We can help set up your payroll, ensuring that all employee information is collected correctly and employee hours (for hourly employees) are accurately calculated. We will also ensure that the correct amount is withheld from each employee (such as state tax, social security tax, retirement funds, etc.). We will also implement a payroll solution to pay your employees on time based on your desired payment schedule. Finally, all payroll activity will be recorded and organized so that you’ll have access to critical financial data regarding your employees’ salaries and wages at any time.
As most business owners know, tax returns can become quite complicated, especially in regards to payroll. You will need to file a Form 940 every year to report your Federal Unemployment tax liability. You will also need to file a Form 941 to the IRS every quarter to report your federal income tax withholding and Federal Insurance taxes. Finally, you will need to file your state tax returns every quarter as well. Keeping up with all of these tax returns can be a challenge when you’re also trying to maintain and grow a business. Not only can we help you submit the right forms on time, but we can also help ensure that the correct financial information is provided so that you’ll avoid any potential fines.
Setting up an efficient payroll processing system is essential for correctly calculating employee payments and payroll taxes on time. By using our payroll processing service, you can spend less time worrying about whether your employees are being paid correctly and on time or about whether you’re filing payroll tax returns correctly, and more time on growing your business.