A lot of small business owners try to do everything on their own. They might try to handle their own payroll instead of hiring an accountant to help them, for example, but it's often a good idea to get some outside help with small business payroll. An accountant can assist your small business with handling payroll in these ways and others.
Talking to You About Laws Related to Payroll
For one thing, an experienced small business accountant should be able to talk to you about all of the laws that you need to be aware of in regards to your payroll. For example, your accountant will help you stay on top of things like the current minimum wage and laws about things like paying your employees for overtime.
Handling Taxes and Other Withholdings
Another way that a small business accountant can help you with payroll is by handling taxes and other withholdings. You will need to make sure that the appropriate taxes are taken out of your employee's paychecks each pay period. Additionally, you may need to withhold money from their paychecks for things like health insurance. An accountant will help with these things to make sure that the appropriate amounts are being withheld from each employee's paycheck.
Getting Employees Paid on Time
It's probably very important to your employees to get their paychecks on time. If you have to handle payroll yourself, then you might not always have time to get it done on time. This can cause a lot of problems with the people who work for your company. An accountant will help with having your payroll handled on time and will even help with things like setting up direct deposit so that none of your employees have to worry about not being paid on payday.
Keeping Track of Payroll Expenses
You will need to keep track of how much your business is spending on payroll for tax-related reasons and so that you can keep track of your company's profits. An accountant will help you keep track of these expenses and can help with tracking the other expenses that your company incurs as well.
When it comes to handling your small company's payroll expenses, you may need a little help. Instead of trying to handle your company's payroll on your own, consider enlisting a small business accounting service, like Universal Accounting and Financial Services, Inc, to help you. Your accountant can help you with the above-mentioned things when it comes to managing your payroll and can help you manage your company's money in other ways, too.