How so? You can’t do without by offering you experienced and accomplished certified accountants and bookkeepers who will make bookkeeping payroll services business one. The stress-relieving impact of it will echo throughout all the departments of the company. You would be sorry you did not consider hiring them earlier .
Whether you are a private corporation – large scale or mid-level, or with the government and any of its instrumentalities, it does not matter. Our virtual bookkeepers will assist you in a manner that befits your needs. Once you have laid down what it is that you want us to do, we will plan and work according to your specifications.
Our reliable virtual bookkeepers and accountants will see to it that calculations are accurate and that all pertinent deductions are made accordingly. No employee will be left disgruntled, as this may cause a decrease in efficiency and productivity.
Employees work hard every day and contribute a lot to the growth and success of your company.
Hence, they deserve to be recognized and compensated for their hard work and loyalty to the company. After all, trust and loyalty are gained when they are made to feel like family. When they are listened to and acknowledged for their inputs and dedication. There is no better way to show your appreciation than by giving them just compensation in labor laws and standards. When your employees receive their compensation just as they expect, rest assured that they will help your company succeed. After all, your employees are the backbone of your company.
Payroll processing is a relevant part of any business. The significance of which should never be underestimated. For a company with a huge number of employees, organizing and calculating their wages can be difficult. Too cumbersome in fact. That is where we come in. When you come to us for payroll services, our band of professional licensed and certified accountants will help your business pay employees correctly. They will also manage their tax withholdings, and ensure deductions are taken for benefits, retirement savings, and garnishments. Depending on your company’s size or business, we apply a method or technology tailor-made for you.
To prepare your company’s payroll, here are the time-consuming steps we undergo:
Know your tax identification number
Not only do employees have tax identification numbers, but also employers. The Internal Revenue Service wants to be sure that you pay your tax liabilities while giving you a chance to fulfill your corporate responsibility to the state. The Internal Revenue Service is very strict about compliance to these tax requirements. After all, it is the tax that you pay the state that also guarantees your business’s smooth running through the maintenance of peace and order, providing health services and infrastructure.
Collect information from employees
Imagine what an arduous task this could be if you have many employees. From the distribution of forms, gathering them, checking them for accuracy and completeness of details. We have to see that appropriate forms are filled up as a new or regular employee or simply contract-based. Wherever your business may be located, there are specific forms to be filled and later filed to satisfy state revenue requirements. W-4 Form, for example, is filed to determine whether the taxpayer is single or married, how many dependents he has, and how much withholding tax can be deducted from his income.
Decide on a payroll schedule
It is a must that your employees know exactly when they will be receiving their salary. After all, that is what they have been waiting for. As an efficient bookkeeping and accounting services company, we will ensure that your payroll is good and ready ahead of time so that employees will not be disappointed. Most countries have a date of compensation prescribed by law, but other companies still formulate a different schedule. It can be weekly, bi-weekly, monthly, or semi-monthly. It is a must that we comprehend taxation and labor laws fully so we can prepare a just and valid payroll.
Determining gross pay
This stage requires much patience and attention such that the right benefit, exemptions, and deductions be given to employees. The hours they spent working as well as hours absent and considering their rank and classification to compute their respective compensation correctly. If a union exists, their collective bargaining agreement should also be considered.
All applicable labor and taxation laws should be kept in mind to come up with an accurate computation. Again, the business’s location is also considered since every region, state, or nation has its respective laws. For workers paid by the hour, their hourly rates must be indicated in their formal time cards. This card has to be correctly filled up, indicating hours spent for overtime work and gathered at a specified date and time.
Once gross pay has been determined, ascertaining deductions follow. Care must be taken about deductions to be made for every employee. Only deductions allowed by law should be considered tax credits, exemptions, government insurance or social security dues, etc. Also included are allowable deductions under company rules and regulations like membership dues and loan amortization.
Calculating the net pay or take-home pay
This is the final step. The net pay is arrived at by deducting all employee items such as retirement plan contributions, health insurance premiums, and charitable contributions. This net pay should be given promptly through direct deposit to their respective employees’ bank accounts, by check, or whatever has been agreed upon by the employer and employees.
After knowing all those steps, you must realize how much time and money you will save from hiring a payroll service provider like us. Our company has computer software which facilitates the collection of this information and processing of data. Our skilled virtual bookkeepers and accountants will ensure that your payroll is promptly given to you long before your employees’ wages are due. We are here to help you comply with federal regulations and labor laws to avoid fines.
If your employees are happy, they become more efficient and productive. Thus, your company’s growth and success are secured. What more could you want for your company? Let us help you reach that goal with our bookkeeping and payroll services. Your payroll is our concern. Contact us now!