Payroll
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The IRS has made payroll a time-consuming nightmare for many business owners. Balancing paying your employees on time and following current laws and IRS mandates can take time and effort.
Many small business owners, on average, will spend eight hours a month performing payroll functions alone. That amounts to 12 days a year you are likely spending payroll instead of developing new ideas for your business, selling your product or services, looking for new opportunities, improving your products or services, and more.
Thankfully, we offer payroll solutions that meet your business’s needs.
why outsource payroll...
It's Cost Effective
By allowing us to handle payroll and the associated legal components, you can utilize your staff more efficiently for other roles in your business. You can reduce overhead by eliminating the hiring of specialized employees.
It's a Time Saver
Our payroll service removes the load of modifying, revising, and maintaining your payroll system. Just picture it: (1) no more data entry (2) no more researching for updated laws and (3) one less thing to worry about overall
Worry Free Payroll Tax Filing
Eradicate the risks of filing your payroll taxes by allowing professionals to take care of them. Federal, state, and local payroll tax laws change frequently and become more complex over time. Do you want to allocate your time to learning new rules or regulations? Or would you prefer to utilize that time to do what you care about for your business?
Allows You to Focus on Core Competencies
Our staff at AEM Accounting Solutions allows you to focus on your business’s core capabilities. Our goal is for you to focus on making your business what you envision and giving you the tools to make all your dreams a reality. Let our experts help you succeed in achieving your business goals!
the importance of payroll
Every small business owner has many roles they assume at their company. One of the most crucial tasks in running a small business is running its payroll. Employees rely on their employers to pay them consistently without delays. Payroll significantly impacts every aspect of a small business – from employees’ morale to the company’s financial stability.
To read more, please visit: The Importance of Payroll
Morale
For most small businesses, employees are more aware of the company’s financial stability than more prominent corporations. If payroll is late, employees start questioning the company’s financial integrity—this line of questioning results in lowered employee morale and permits room for insecurity in their position. Payroll must process on time to keep morale high.
Compensation
Another critical attribute of payroll is that it shows employees their worth within the small company. Employee earnings are the heart of payroll. Most often, employees will also have an annual performance evaluation by their supervisors and typically will see a salary increase. Benefits also reflect an employee’s worth within a small business.
Consuming Job
Payroll is typically a very time-consuming job for a small business owner. Usually, this task needs consistent performance once or twice a month. Additionally, the data needs to be correct so employee payments are correct, the withholdings are precise, and state and federal tax deposits are prompt. To do this timely, small business owners should consider outsourcing payroll to free up their time for other pressing business matters.
Lowers Tax Bills
Payroll must be accurate to lower state and federal taxes for small businesses. Small business owners must ensure employees fill out their W-4 withholding forms correctly—subsequently, the information on the forms calculates withholding for personal taxes regarding employees. Owners should also ensure they withhold the proper amount of FICA taxes each year from payroll. FICA percentages can change yearly based on legislation.
What Payroll Documents Do You Need Before You Can Pay Your Employees?
Paying a new hire is more complex than just writing a check. The government requires you, as the business owner, to submit several payroll documents ahead of time for tax purposes and other employer responsibilities. The following is a checklist of documents you need before hiring employees.
To read more, please visit: Payroll 101
- Employer Identification Number (EIN)
- State/Local Tax ID Number
- State Unemployment ID Number
- Employee Addresses and SSNs
- I-9
- W-4
- State Withholding Allowance Certificate
- Department of Labor (DOL) Records
- Workers' Compensation ID Number
- Publication 15 (Circular E)
WHAT PAYROLL DOCUMENTS DO YOU NEED BEFORE YOU CAN PAY YOUR EMPLOYEES?
Paying a new hire is more complex than just writing a check. The government requires you, as the business owner, to submit several payroll documents ahead of time for tax purposes and other employer responsibilities. The following is a checklist of documents you need before hiring employees.
To read more, please visit: Payroll 101
- Employer Identification Number (EIN)
- State/Local Tax ID Number
- State Unemployment ID Number
- Employee Addresses and SSNs
- I-9
- W-4
- State Withholding Allowance Certificate
- Department of Labor (DOL) Records
- Workers' Compensation ID Number
- Publication 15 (Circular E)
CALL TO SCHEDULE YOUR CONSULTATION TODAY!
CALL TO SCHEDULE YOUR CONSULTATION TODAY!
CALL TO SCHEDULE YOUR CONSULTATION TODAY!
