Payroll Services
Payroll is an important part of any small business—after all, failing to pay your employees can damage morale and make it hard to keep great employees around. But cutting paychecks is just part of the process. Payroll also includes:
- Verifying and reporting new employees to the IRS
- Classifying workers properly so the correct taxes are taken out (or not taken out)
- Issuing W-2 forms at the end of the year
- Classifying exempt workers correctly
- Calculating overtime wages and complying with overtime laws
- Paying the correct tax rates to employees
- Updating tax rates as the IRS releases new rules
- Running payroll in a timely manner so employees get paid
- Filing required payroll reports with the IRS on time
- Withholding the correct amounts for Social Security, Medicaid, and unemployment insurance (for employee and employer) and paying those on time
If you are a small business owner juggling the responsibilities of running an entire company, payroll is probably not at the top of your mind, but missing even one of the items above can result in serious legal or financial consequences for a business.
That’s where a bookkeeper comes in. A professional bookkeeping service can not only help with your general accounting needs, they can also provide you with payroll services to keep your employees paid, complete payroll reporting, file all the correct forms, and keep you out of trouble with the IRS. A professional bookkeeper who offers payroll services will stay updated on the latest payroll tax changes, new employee reporting requirements, rules on employee classification, and more so you don’t have to worry about those things as a business owner.
If running payroll as an entrepreneur or small business owner has you feeling in over your head, an expert can alleviate the stress and take that work off your plate. For many small businesses, though, it doesn’t make financial sense to hire a team of people to manage the various aspects of payroll. Instead, outsource your payroll to the experienced team at Tolbert Management and get the same level of quality and service you would expect from an in-house team without the need to hire and manage more employees for your business.
Find out more about the payroll services available at Tolbert Management and get help with your small business payroll today.
