Do it yourself: If you have more time than money, this might be your only choice. This is the most time consuming option and also most like to result in penalties.
Do it yourself (with help): Most commercial accounting software offers a payroll add-on. The time saved on calculations and tracking and reminders about deadlines should more than offset the fee. You still have to make sure the forms get filed on time, but the software should at least complete them for you.
Outsource: Pay someone else to do it for you. This is the option I recommend (and use myself). It will cost a little more than the other choices, but the time savings and peace of mind is definitely worth it. All you do is submit time or salary information and the payroll company does almost everything else. If you offer direct deposit, you don't even need to pass out checks!
Catch Mistakes Early
Because of the serious and complex nature of small business payroll, you should double check everything on a quarterly basis. This is an example of the spreadsheet
I use: Quarterly Payroll Worksheet.zip (right click to download)It compares the payroll related general ledger balances with the payroll and unemployment tax returns. If your books match the tax returns, then you are probably in good shape. If not, then go back and find the difference. Another nice thing about outsourcing is that you can usually assume the tax returns are accurate and that you are either missing a transaction or need to reclassify something on your books.
- Additional Small Business Payroll Resource
- Be sure to keep these on hand for each of your employees
West Midlands Accountants LTD offers you different accountants services in reasonable package like payroll service, Bookkeeping service, online Personal taxation, Business start ups, Self assessment and more
Best Content ever!!! Keep doing more and update your blog regularly for future reference. Bookkeeping Software
ReplyDelete