August 20, 2013
1. Organization is the key – The payroll process has a variety of different aspects such as: employee changes, due dates for payroll forms and tax deposits, quarter and year-end processing (Employer's Quarterly Wage/Tax Report, Employer's Quarterly Federal Tax Return, Michigan Sales, Use and Withholdings report, W-2s, 1099’s etc.) along with the processing tasks such as the allocation of payroll reports. To help stay afloat with your payroll processing, you may want to create reminders in your calendar noting the due dates for forms and payments, payroll changes, pay dates and, etc. Looking at the whole process spread out in front of you from start to finish will help the payroll processor determine how the payroll will come together within each cycle.
2. Keep the process simple – The Payroll process also has to account for things such as paid time off, commissions, salaries, expense reimbursements, child support, garnishment issues and etc. By making the filing process as streamlined as possible try to keep these kinds of items simple and straight forward. It will make life a lot easier for everyone involved when creating the payroll.
3. Technology is the way to go –Timeliness and accuracy are critical! The more automated your payroll system is the better. When it comes to payroll processing there are virtually endless options. You can go with a full-service payroll company such as ADP or Paychex, you can go it alone with a payroll software program such as Quickbooks or you can simply go with us! (follow https://www.morganscpas.com/services/payroll to learn more about our services) By choosing one of the options you will be able to run payroll at a more efficient level and help with keeping on top of your payroll taxes. Thus, finding the right fit for any business is literally a click away.
4. Going paperless – It has been very well documented that paper is time-consuming as much as it is an unnecessary expense. Going down the Digital route is, without a doubt more efficient and cheaper. An example of this would be Digital check stubs. By replacing paper check stubs with digital check stubs not only do you save the company a significant amount of money but you also provide a higher level of security and confidentially to your employees. At Morgan & Morgan CPAs we offer our clients something called a “Client Access Point”. This allows us to upload all reports using a virtual cloud-based server which they can access anywhere any time. (for more information visit: https://www.morganscpas.com/services/boss)
5. Looking Ahead – There are constant changes in State and Federal tax laws and regulations that could impact your payroll processing. These may include but not limited to: the rise of unemployment rates, State and Federal withholdings rate changes, changes in the deduction amounts for withholdings, Social security rate changes, etc. You should do your research in order to make sure you are ahead of the game. By getting familiar with these changes early you can eliminate the consequences that could have occurred and coast through the next year worry free. You can keep current by visiting: www.irs.gov and http://www.michigan.gov/taxes/
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