Batley CPA provides useful payroll tips for small businesses
Batley CPA- Outsource your small business payroll with a CPA
By: Batley CPA
The first step is to determine if you'd like to outsource your payroll processing or prepare it in-house. Bear in mind that processing payroll is highly sensitive and can be very time consuming. Taxing agency reporting compliance requirements can be confusing and fraught with pitfalls. Fixing errors can be exasperating. Penalties for non-compliance can be burdensome and untimely.
If you decide to outsource your payroll processing, choose a reputable payroll service provider. After you get set up, you'll typically only have to provide your processor with hours to be paid, rate changes, and other employee updates. They should handle the rest including issuing the paychecks or direct deposit, filing the reports, and submitting the payroll taxes, withholding and benefit plan funding. They should also assist with making corrections and responding to tax notices.
If you're planning on tackling this chore in-house consider using the built-in payroll module of your accounting software. Engage your CPA to assist with the setup. If set up correctly, this should provide you with meaningful labor reports, automate general ledger or job cost postings, and provide accurate compliance information. You want to get this right from the very start. There may be an additional cost for activating the payroll module of your software.
MANDATORY TASKS FOR SETTING UP YOUR SMALL BUSINESS PAYROLL
Regardless of whether you outsource or process payroll yourself there are some mandatory set up tasks you'll need to complete before you can process your first payroll. Your CPA should be able to assist with these as well.
ABOUT BATLEY CPA
Batley CPA, LLC is a full-service CPA firm providing tax, accounting, payroll and advisory services to businesses and individuals throughout Green Bay and the Fox Cities. Batley CPA regularly provides clients with best practices and strategies to maximize cash flow, profit, reduce taxes, manage costs and risk, and bring meaning to financial and operational data. The company has offices in Appleton, Neenah and Green Bay.