Payroll processing, while one of the most important aspects of your business – at least to your employees – takes up tedious amounts of time on a continuing basis. This is time most small-business owners can’t avoid to take away from moving their products or services. Not to mention, accounting includes additional time for setting up new employees in a growing company, while preparing for taxes. Virtual accounting now allows business owners to keep their time and attention with growing the business, not running payroll. A virtual accountant can manage payroll needs and offer you time back in your busy schedule.
The simple days of just writing a check to occasional help and filing it as an expense – those are long gone. Today, payroll involves much more, including calculation of paid and PTO hours, tax withholding and direct deposit. All of these take time and consistency. With virtual accounting, these payroll operations run without the daily distractions of business emergencies. Everyone receives their correctly recorded wages on time, and you continue running your business.
Taxes! Taxes! Taxes!
Preparation and filing of state and federal taxes usually sends accountants into a “do not disturb” state for a while. You don’t have this luxury as a business owner. In addition, state and federal tax laws update rules all the time. Most owners can’t afford time to become tax experts on the side. Tax forms such as W-2s, W-3s and 1099s need to go out on time and without mistakes.
Employee benefits often become a management burden. Whether you offer a 401K, SEPP, or simply health benefits, there’s a lot to keep up with these days. The Patient Protection Act alone brought about new regulations for businesses that makes health benefits much more involved than passing out brochures. With a virtual accountant handling your employee benefit set-ups and deductions, you have one less thing on your plate.
Today’s payroll accounting extends beyond simple wage-for-work transactions. Special circumstances often exist, from child support withholdings to federal tax wage garnishments. With a virtual accountant managing your payroll, set up for these circumstances proves easy, and you’re prepared for any future requests for wage-withholding proof.
Today’s payroll management requires much more time and attention than your busy schedule allows. Talk to one of our trained professional on how a virtual accountant can keep your payroll efficient, organized and off your desk.