Payroll can cost your business significant time and money. It could even lead to lawsuits if you’re not careful. Recording employee hours with traditional methods like pen and paper just doesn’t cut it anymore. Nowadays, employees are used to digital technologies and working from home.
Even so, if you’ve ever made a payroll error, you’re not alone. A recent study by the Internal Revenue Service (IRS) found that 33% of employers make payroll errors each year, resulting in billions of dollars in edits and amendments.
Here are a few steps to avoid making the same costly mistakes:
Invest in automatic tax filing
Filing business taxes is draining and can leave you with little energy for your employees. Instead of spending all day sifting through papers and punching in numbers, hire us to take care of federal, state, and local taxes for you.
Another option is to use software like Turbotax or H&R Block and purchase an add-on specifically for business owners to help make the process painless. If you’re in a toss-up between the two options, we recommend outsourcing to a firm. That way, you have access to real-life humans and will get the most bang for your buck.
Clarify ACA compliance
Did you know that small to medium-sized businesses are 72% less likely to be compliant than larger businesses? Don’t let a lack of strategy and organization impact your employees.
All businesses must be ACA compliant meaning they must conform to the regulations put in place by the Affordable Care Act. If your business does not have the minimum essential healthcare coverage for employees, there are penalty fees. When outsourcing your ACA management, you’ll gain access to top-tier features like availability notifications, time tracking, and reporting.
Advanced reporting
When managing payroll, you must report each worker’s compensation and retirement savings. Instead of negotiating workers’ compensation, pay a premium through your payroll processing each month. After all, no one wants to deal with paper checks anymore.
Retirement reporting is an essential part of any business. Employees are interested in their 401k, especially as they near retirement. Keep your employees educated on their benefits, by streamlining the way you manage employee contributions.
Investing in an outsourced payroll firm gives you access to the latest technology and methods to keep your payroll needs in line. You won’t need to spend any more time worrying or staying up late punching your calculator because we’ve got you covered. To learn more about the services we offer at Payroll Office of America, visit our website, or call (904) 596-2847.