In today’s economy, making every dollar count is the challenge to every small business owner. For many small companies, payroll can be a time consuming activity that is extremely frustrating for business owners and bookkeepers alike. Using the services of an electronic payroll processing company like Priority Pay Payroll is one way in which small companies can streamline their accounting processes and divert employee resources into more cost efficient activities.
Payroll Processing
With so many changes in recent years to income tax laws and tax deductions, it is not surprising that bookkeepers and small business owners find completing payroll frustrating. What, years ago, used to take just a few hours, can now take an entire day. And with each change to the tax deduction rates, a new set of instructions and tax rates comes along too. Payroll processing with Priority Pay Payroll not only makes the process easy and simple, but reduces it down into a matter of an hour of processing time.
Once time sheets are submitted to Priority Pay Payroll, within a matter of an hour, the customer receives a report that contains a summary of the entire payroll activity for the pay cycle. The email report is in easy to read Adobe format. The email also contains copies of all employee pay stubs.
Customers have the option of printing employee checks from their own office using check paper stock supplied by Priority Pay Payroll or having Priority Pay Payroll print the checks, sign them with laser signatures and forward them to the customer to be distributed to employees. Priority Pay Payroll also offers envelope stuffing services, where paychecks are placed in sealed envelopes for additional privacy and security.
Tax Deposits and Returns
With each payroll cycle, Priority Pay Payroll accurately calculates payroll tax deductions for each employee and deducts those deductions from employee pay. In addition to making payroll tax deductions, Priority Pay Payroll also calculates corresponding employer payroll taxes. Both of these amounts (employee taxes and employer taxes) are then deposited into customer IRS and state tax accounts.
In addition to making payroll tax deposits, Priority Pay Payroll also takes payroll tax deposit information and uses it to complete and file the appropriate quarterly and annual tax returns for their customers. By utilizing this service from Priority Pay Payroll, customers are assured that their payroll taxes are paid on time and returns are filed accurately and according to regulations.
Workers Compensation
The issue of workers compensation premium costs is an important one for small businesses across the United States. Most workers compensation insurance plans require their customers to pay large upfront annual premiums based on estimated payroll for the entire year. Priority Pay Payroll offers EasyChoice workers compensation insurance, which allows employers to pay premiums with every pay cycle and those premiums are based on actual payroll amounts, not annual estimates. EasyChoice premiums are deducted directly from customer accounts, so there is no need to write an additional check for workers comp insurance. The use of EasyChoice for workers compensation insurance allows small business customers to have more control over their cash flow and avoid unexpected increases in premium due to business growth as they have added employees to their payroll during periods of business growth.