Processing payroll is probably the single most feared procedure that small business owners encounter. In fact, payroll is such a problem for small business owners, most CPA’s recommend outsourcing payroll. The problem with outsourcing your payroll alone is that all the payroll data still needs to someway be entered into the accounting system in order to get a financial statement.
Our philosophy is to do everything on one system; not to piecemeal it out. Whether we do payroll or our client does it, with our help, it’s done on their accounting system. Some clients pay weekly, others bi-weekly or semi-monthly. Some pay hourly and others pay regular salary amounts. Some have union benefits, 401(k), health insurance deductions, etc. There are many variables, however, once the system is set up we just need the employee’s time card in order to create a paycheck.
We receive timesheets based on the specified payroll period and input that data into the system. Total wages, deductions and net pay are calculated automatically and a paycheck is created. Paychecks are either printed or direct deposited into the employee’s account, depending on the client.
Payroll taxes are paid when due. We don’t impound your account for all the payroll taxes and then sit on the money until it’s due to the government. We pay the tax when it is due, based on the specific tax. We prepare all payroll tax returns and year-end W-2’s, including annual reconciliations.