Payroll

Whether you pay your employees on a weekly, semi-monthly, or monthly basis, processing payroll takes time and expertise. The following will help you make the decision of whether to prepare your payroll in-house or have Accounting For You prepare it and save you the time and worry.

As an employer, it is your responsibility to make sure your employees are paid accurately, on time and in compliance with federal, state and local laws. This may seem simple, but there is a lot to know – payroll taxes, minimum wage and overtime laws, filing requirements and penalties, and much more.

Can you answer “YES” to the following questions? If not, you probably need to let Accounting For You prepare your payroll.

1. Can your organization handle every payroll calculation and detail with precision and timeliness, week after week?
2. Are you completely familiar with everything entailed in filing payroll taxes for your business, as well as for each of your employees?
3. Do you have a system to issue payments at least always effectively and on time?
4. Do you have the time and personnel to make sure all of these operations are performed accurately throughout the year?
5. Is your time better spent working on payroll, rather than growing your business?

To make the right decision for your business, you should consider the following:

Preparing Payroll In-House

Whether you use a manual system or a software package, you can calculate and produce your employees’ paychecks each pay period. You can figure out your payroll tax obligations and make the tax payments. When it comes time to prepare your quarterly and/or annual payroll tax returns, you can either generate the reports yourself or hire an accounting professional to do it for you.

Before you decide to keep your payroll processing in-house, you should consider these questions:

• Who will manage payroll and are they properly trained to do so?
• Does this person have any other responsibilities?
• Who will have access to the payroll information?
• Who will determine how much your payroll deposits should be?
• Who will be responsible for keeping track of changes in federal and state tax regulations?
• Who will prepare and file payroll tax returns?

If you are going to use a software package, you should also consider the following questions:

• How much does the software cost?
• What is the annual update fee?
• How long will it take to learn the software?
• What happens if your PC crashes? Can you back up your payroll information? What type of hardware would you need for this?
• Who would have access to the information in the software?

Accounting For You Payroll Services

Every year, more and more small to mid-sized business are outsourcing their payroll. Here are some of the reasons:

• Ease of Use – With Accounting For You, your payroll responsibilities are reduced to a simple function of communication each pay period. From paychecks to quarterly and annual payroll tax preparation, your time investment remains minimal. This allows you to focus on what is important – managing your business. To learn more about how payroll is process by Accounting For You, click here.

• Accuracy – Keeping track of changing tax regulations can be a nightmare for a business owner. By using Accounting For You, you have the comfort of knowing your payroll is being expertly handled. We keep up with the federal and state regulations so you don’t need worry.

• Confidentiality – A breach in the confidentiality of your employees’ earnings can be devastating for any business. By using Accounting For You, your payroll information is kept strictly confidential and will be shared only with those you authorize to have it.

• Flexibility – At Accounting For You, we offer a variety of options, allowing you to choose the method most convenient to you – scanning, fax, email or “snail” mail. We provide comprehensive, easy to read management reports. We have the ability to provide extensive earnings and deductions categories, so we are flexible enough for virtually any type of business.

Making the Decision to Use Accounting For You

If you are confident in your knowledge of payroll tax laws and requirements, are able to stay on top of changing regulations, and can maintain and deliver payroll accurately and on time without draining your resources, then in-house payroll management is probable best for you.

However, if you have ever experienced late paychecks, accounting mistakes, missed tax payments which caused you to have to pay not only the tax but penalties and interest, then you know how much trouble payroll can be. Add in the potential cost savings, plus substantial savings in time, energy and frustration, and it is easy to see why Accounting For You is the clear choice for your business.