Payroll Service
No matter how many employees a business has, processing payroll demands a lot of time and attention to detail. Each pay period requires the business owner or their payroll person to type in large amounts of data and double check for entry errors. That’s time taken away from more important tasks like building revenue and serving valued customers. Outsourcing payroll gives owners more time to focus on what matters most to them.
Generally speaking, small business owners aren't experts in the complicated world of government tax regulations. But, at the same time, they’re legally responsible for any cases of misrepresentation or failure to accurately report employment taxes to federal and state government agencies. Twenty-Eight percent of small business owners have been audited or received a notice from the IRS. Also, consider the cost of your time. Your job as a business owner is to run your business, not to process payroll. Trying to do payroll yourself means taking your time away from other key and important tasks. The old adage is true. Time is money!
Payroll taxes are complex because there are several different types of taxes you must collect and pay, and many complicated forms to fill out. These include federal income tax, state income tax, FICA tax for Social Security and Medicare, and federal and state unemployment tax. You can outsource this process by giving a payroll service the basic information on employees and letting them run payroll, direct deposit wages, do all of the reporting, and send all the payroll tax payments to federal and state agencies.
Outsourcing payroll to a tax preparation service such as L. & L. Accounting and Tax Service can ensure that this critical process is carried out efficiently and that deductions are made accurately. In addition, we keep up with changes in regulations, rules and policies concerning payroll and taxation. This avoids penalties and audits caused by submitting inaccurate information. Adequate data security is an important issue in considering outsourcing payroll as well. Our service uses the utmost secure encryption technology to ensure that your payroll data is protected.
