One of the most important things you do as a small business owner is your payroll. It is how you compensate your employees for their hard work, how you support your own family, and how you meet your federal and state tax requirements.
Payroll processing is a critical part of your operations, but it is also complicated and time-consuming. Most people who get into business are not experts in accounting practices and tax laws, which is why completing payroll can easily become an all-consuming task that takes away precious time—time that could be better spent on doing the things that inspired them to start their companies in the first place.
Even if you have a staff member in charge of payroll processing, small businesses frequently run into problems when that staff member moves on from the job. If someone retires, takes maternity leave, or takes a new position, you find yourself back at square one: dealing with the nonstop demands of payroll processing without the knowledge of the processes to get the job done quickly and accurately.
What can a small business do? Hire an outside accounting firm like Starboard Accounting & Consulting to do your payroll processing for you. Our reliable, trustworthy, and fast payroll processing services clears this time-consuming task off your schedule, so you can focus on running your business. With QuickBooks ProAdvisors on staff, we streamline your process and ensure your payroll is always accurate.
How does payroll processing work?
The answer to this question depends partly on how your business works. We frequently work with clients who use QuickBooks for managing their finances, including payroll processing, and we can help you decide if this is the right approach for you.
We can also work with your existing payroll process. Our accountants can help you decide if it is the most efficient system for you and recommend any changes that could support your business. No matter what software we use to process your payroll, we can do so remotely or in person, depending on your needs and preferences.
What are the benefits of having an outside payroll processor?
If you’re like most business owners, you didn’t start your business with a lot of knowledge about payroll. We’re experts. We know how and when your payroll should be processed, what your requirements are for filing paperwork and taxes, and whether you’re meeting the payroll requirements based on your business structure.
For instance, if you have an S-corporation, you have to run your salaries through payroll and a certain percentage of your profits should go to payroll. We know the rules and can help you avoid penalties. If you ever face a penalty for a payroll-related error, we will cover your fines and any related interest—that is how confident we are that we can deliver for our clients.
Let Starboard Accounting & Consulting in Winston-Salem help you with your payroll processing. We support small businesses across the Triad and beyond with remote and in-person accounting services. Contact us today to set up an assessment and to learn more about our work.