March 12, 2018
Top 10 Reasons to use a Payroll Partner
Working hiring a Payroll Partner can save you valuable time and money. Below are the top ten reasons to work with a Payroll Partner:
- Save Time and Money – Payroll is an essential part of business, working with a payroll partner will save you time and money as it cuts cost to train employees and develop a payroll department within your company.
- Improved Company Focus – As a business owner or manager with more time and money at your fingertips, your focus can be on what really matters – the success of your business!
- More Internal Resources – With a payroll partner in place, you can free up your employees in-house to do more important tasks directly related to your business.
- Access to Professional Payroll Expertise – Your Payroll partner will be there to assist with payroll matters as quickly and easily as possible.
- Increase Accuracy – Payroll specialists are trained to make sure your information is done and processed accurately and timely for you.
- Access to Several Payroll-related Functions – The right choice in a payroll partner also gives employers access to other payroll-related functions, such as timekeeping solutions, human resources support, mobile pay stub delivery, etc.
- Peace of Mind – Letting someone else handle your payroll can mean less headache and less worry for you. Leave it to your payroll company to deal with any payroll-related issues. You have better things to do!
- Less Liability – The last thing you want to deal with is a penalty from the IRS or state. Partnering with a payroll company means you have less risk of your taxes being paid late, and thus avoiding penalties. If you receive a notice, forward to it us, and we will take care of it.
- Compliance – With the constant changes in governmental rules and regulations, outsourcing your payroll will give you that advantage of staying ahead and keeping your company compliant.
- A Partner – You get a strong partner working for you to make sure your payroll is accurate and your employees get paid in a timely manner making your job easier.
December 11, 2017
Payroll Year-End Prep Checklist
If you’re not already preparing for year-end, it’s time to start looking at some items that need to be considered for payroll purposes. Before we know it, the new year will be here! So as you finish up payroll this year, keep in mind the following items:
- Employee Data – Confirm identifying employee (both inactive and active) information, such as address, ssn, name, etc for W-2 purposes.
- Year-end Bonuses – If you offer bonuses in December, note whether you’d like the amounts to be considered gross or “grossed up” for the required FICA/Medicare taxes. For example, a gross $1,000 bonus (paid at an employee’s current withholding) will handle taxes differently from a net $1,000 ($1,082.84 gross) bonus. Please let us know these amounts before your last payroll of the year or before December 29th.
- Year-end Adjustments – These year-end adjustments include, but are not limited to, S-Corp Shareholders Health Premiums, personal use of company automobile, 3rd party sick Pay. Anything you need to include outside of your normal payroll, let us know for your last payroll of the year or before December 29th to make the adjustments.
- Tax Rates – Provide us with your SUTA Tax Rate Notice (State Unemployment Rate) for 2018.
- Deposit Requirements – In October of every year, the IRS determines if a change for the next calendar needs to be changed, depending on the total tax liability in the company. The company either pays these taxes monthly or semi-weekly, depending on what the IRS has determined. If you have received a notice that indicates your “deposit requirements for Form 941” have changed for 2018, please forward the notice to us.
- Time Off Accrual/Balances – Confirm employee PTO/vacation/sick balances. Take note of sick days, vacation time, and other allowed time off, carry over rules, depending on your company’s policies.
- Employee updates – Have employees review their withholding allowances before the new year. Please let us know of any new pay-rates or deductions that are effective for the new year.
As you are making plans, prepping for the holidays and other year-end items, we hope this payroll year-end checklist will alleviate some of the stress during this already busy time of the year. In fact, we wish for you, that this is truly the most wonderful time of year!
March 6, 2017
Tips for First-Time Business Owners
“What do you wish you knew before you started your business?”
Successful, Portland small business owner, Sam Thannickal, shares his insight on what he wishes he knew before he first started his small businesses years ago. Sam has over 30 years of experience in payroll, tax, and consulting.
Find a Structure that Fits. Partners, S-Corps, & LLCs…oh my! How do you know what’s the best fit for your business? Once you choose a businesss structure, it’s relatively difficult to shift to another type of structure. Do the research to find the best form of ownership & organization that will benefit your situation for liability protection and tax savings. Contact your accountant or attorney for professional advice.
– Sole Proprietorship
– Limited & limited liability partnerships (LLP)
– Limited liability companies (LLC)
Monitor, Modify, Repeat. Your business plan is all about effective strategy and communication. It is an important document presenting the company’s strategy and expected financial performance for the future years. It’s what you do in your business and how you plan to carry it out. As you move along in your business, it is important to monitor its progress, making sure company goals and benchmarks are being met. Update it regularly, as needed.
Think Proactive. Set your business up for success! At the initial stages of your business, plan and implement forward-thinking. Instead of reactive measures after issues arise, it’s a good idea to account for potential issues, as much as you possibly can. Remember, it’s okay to fail and make mistakes. That’s how we learn. But do it with a proactive approach, and think ahead. Creating documentation for business practices by safeguarding your business value is vital to the success of a small business is an example of how you can succeed at business proactively.
Outsource as an Option. To outsource or to keep it in-house? Before you dive deep into your business, it is important to know your options to outsource certain business functions. When making your decision, be sure to weigh in the cost, resources, control and location. Outsourcing makes sense when it increases efficiency and effectiveness in your business. We know outsourcing your payroll functions to us will save you time and money! Call us today to find out more about our services.
Learn to Love Networking. Don’t worry, you don’t have to be an extrovert to be good at networking! Introvert or extrovert, it is vital to your business to build a support network of like-minded business peers in your local area. Share what you do best in your industry, creating conversations and thus, opportunities to build up your business. Remember it’s not about who’s the best at small talk; it’s about building strong, beneficial relationships and connections within your business network.
If you are a new business owner, we would love to come alongside with you. Contact us today!