Payroll is just one checkbox on an often-overwhelming to-do list. But it’s an important task nonetheless. Your employees will be unhappy if they’re not paid correctly and on time. And you’ll be unhappy if you have to spend hours each week adding up timesheets, calculating pay and filing forms for each employee.
If it’s just yourself and one or two employees, it might not take that much time. But what else could you be doing to further your business instead of pushing paperwork? Maybe it’s time to do a quick time-cost analysis to determine whether the time you spend processing payroll can be better spent ordering, marketing and selling your products.
5 Things to Consider
If you’re thinking of outsourcing your payroll processing, consider all your options in order to make a smart decision.
1. Payroll Services
What services do you need? Most payroll providers offer a basic set of services. These often include:
- Processing payroll
- Time tracking options
- Generating payroll records and pay stubs
- Handling tax filing and compliance
Some payroll providers offer additional services that can further streamline your payroll process, including:
- Tax filing on your behalf
- New-hire reporting services
- Vacation time and sick leave management
- Software integration
- Management of employee benefits and retirement plans
2. Software Integration
Chance are, your company uses a variety of software programs like QuickBooks, Gusto, BambooHR, Zendesk, Salesforce and others. If so, you’ll want to make sure your payroll system can integrate with your other software, if necessary. This can streamline the payroll process, making things more convenient and efficient.
3. Processing Costs
The costs for payroll processing services will vary depending on the features and price structures. Most processors charge a flat rate every month or pay period, plus a small fee for each employee. Be sure to ask about any additional charges for tax filing, direct deposit or HR services. Cost should not be the only deciding factor when choosing a payroll provider, however. The best payroll service will save you time and effort at a cost-effective price point.
4. Tax Compliance & Updates
An important part of payroll processing is handling tax services, such as calculating and filing Social Security and withholding taxes. Because tax laws are constantly changing, you’ll want to make sure your payroll processor is up to date on laws and forms — to avoid errors and to help you stay in compliance. You might also want to ask whether they provide penalty protection in case of a filing mistake.
5. Customer Support
It’s bound to happen … so what will you do when something goes wrong? If you’re using simple online payroll software, you might have a hard time tracking down customer service. Or you may have a question, but can’t find the answer in the many FAQs and online forums. When you’re shopping for a payroll processor, be sure to find out about customer support options, as well as ease of use.
Premier Payroll Services Handled Locally
Premier CPA Services uses myPay Solutions, a service of Thomas Reuters. With myPay Solutions, you’re ensured of accurate and timely payroll services for your business. What’s more, you have a dedicated team you can contact directly with any payroll questions — whether simple or complex — right here in Blue Ridge, Georgia.
We can provide you with complete payroll processing, including federal tax services and state tax filing, direct deposit and integration with a variety of software. When you need a payroll report, just send us a quick email and we’ll pull it together for you.
We guarantee that your taxes will be paid accurately and on time; and if the IRS or your local tax agency should ever contact you, our tax experts will handle the matter for you. You’ll have no more worries about ever-changing payroll tax rates, policies or potential penalties with our payroll tax services.
It’s time to hit “delete” on time-consuming payroll tasks. Call us at (706) 632-7850 or email Jackie at jackie@premiercpaservices.com to request more details on how our payroll services can help you and your business.
May 31 was the 10-Year Anniversary of Premier CPA Services! Over the next few months, we will be offering some great giveaways to our clients and Facebook friends to celebrate! Be sure to follow us and stay tuned!
Back-to-School: Some Teacher Expenses Are Deductible
If you are a teacher or administrator, the Educator Expense Deduction allows you to deduct up to $250* from your taxes. You can only claim this deduction for expenses that were not reimbursed by your employer, a grant or other source.
To be eligible, you must be a K-12 teacher, instructor, counselor, principal or aide. You must also work at least 900 hours a school year.
Be sure to keep your receipts for purchases including:
- Professional development course fees
- Books
- Supplies
- Computer equipment, including related software and services
- Other equipment and materials used in the classroom
*The deduction is $500 if you and your spouse are both educators and file jointly.
Online Access Keeps You In-Touch
Did you know that you can set up an Online Account with the IRS? It’s a safe and easy way to view specific details about your federal tax account.
What You Can Access:
- Your federal tax payoff amount, if any (updated each day).
- The balance for each tax year for which you owe taxes.
- Your tax payment history.
- Key information from your most current tax return.
- Payment plan details (if you have one).
- Digital copies of select IRS notices.
- Economic Impact Payments you have received, if any.
- Your current address on file with the IRS.
What You Can Do:
- Select an electronic payment option.
- Set up an online payment agreement.
- Request a 1040 transcript.
- Authorize who can represent you before the IRS or view your tax records.
- Approve and electronically sign Power of Attorney and Tax Information Authorization requests from your tax professional.
To access your information online, you must register through Secure Access, the IRS’ two-factor authentication process that protects your personal information.