Payroll Services
When it comes to running a business, no task can be more arduous and confusing than managing payroll. It’s about more than just writing checks. It’s ensuring every penny is accounted for and each employee is paid accurately and on time. Moreover, with ever-changing regulations, it’s about staying compliant. Our professional payroll processing is tailor-made to simplify and streamline this overwhelming task, letting business owners breathe easy.
What Do Payroll Services Do?
What Do Payroll Services Include?
Payroll Compliance
The world of payroll compliance can be a confusing one.
Payroll compliance is the process by which employers ensure that they are following all federal, state, and local laws when it comes to their employees’ paychecks. It also ensures that as an employer, you are not breaking any labor laws or paying your employees less than what they deserve. When these guidelines are not followed, there can be serious consequences for both you and your business.
If you don’t want to take the risk of facing penalties or hurting your bottom line, then hiring an expert in payroll compliance is a good idea. These experts will make sure that everything about your company’s payroll practices is up-to-date with current regulations so that no employee will have their rights violated while working for your company.
Overseeing Time and Attendance Of Employees
Handing over the task of tracking employee’s attendance and hours to a payroll service provider saves a business owner time that can be better spent elsewhere. There are a variety of ways payroll companies can oversee this. A common way is by setting up an online account that employees use to clock in and out each day. This account can also track lunch hours and break times.
Calculating Taxes
Taxes are a big part of payroll. Most business owners are not well versed in the various taxes that are charged by different cities as well as state requirements. This lack of knowledge leads to inaccurate calculations which results in payroll tax penalties, adding yet another business expense that can be avoided altogether with the help of a payroll specialist.
Benefit Plan Calculations
Another key calculation that payroll service providers are experts in is employee benefits. These typically include retirement accounts such as a 401K, as well as insurance plans.
W-2 And 1099 Differences
Understanding the difference between employees and independent contractors and when to use W-2’s or 1099’s can sometimes be confusing. How your workers are classified will not only affect how they are taxed, but also how you are taxed. A payroll specialist can provide guidance in this area and what will be most beneficial for you and your business.
Setting Up and Managing Direct Deposits
Having payroll services set up and manage direct deposits is important for your business for a couple of reasons. One is that it ensures that your employees always receive their paychecks on time and without the hassle of having to sit in line at the bank.
Another reason is because direct deposits help you manage the cash flow in your business. If you’re still handing out physical paychecks to your employees, you have no idea when they’ll actually cash that check. This makes it difficult to be sure that you’ll always have sufficient funds for it at the time it is cashed.
Payroll Reporting
Proper payroll reporting is vital to a business. These reports are required for employers to inform the IRS and other government agencies of their employment tax liabilities. These reports will also be needed in situations such as a workers compensation claim or an audit by the IRS.
Monitoring Workers Compensation
Payroll service providers will be able to monitor and distinguish what is actual payroll and what is meant to be workers compensation.
Who Can Provide Payroll Services?
Business owners can hire an employee and train them to perform payroll in-house. However, when you outsource to a professional payroll services provider, you can rest assured that your payroll is being performed by someone who has a background and experience in finance, accounting, and business management.
What Is The Average Cost For Payroll Services?
The cost of payroll services will vary depending on the size of the business and the number of employees. Some payroll companies charge per-employee or per-check, and some charge a flat monthly rate. Here at Minton CPAs & Associates, we provide affordable payroll services to businesses in Virginia Beach, Chesapeake, Norfolk, and all throughout the Hampton Roads area
We Offer Payroll Services For Small Business
We pride ourselves on offering personalized support. Have a question? Got a concern? We’re all ears. We ensure that every query you have, no matter how big or small, is addressed promptly and thoroughly. We realize that there are a lot of payroll companies out there. With us, you can be assured that every aspect of your payroll is under expert supervision.
It’s not just about getting the job done; it’s about providing a seamless, stress- free payroll processing experience that leaves you free to focus on what you do best – growing your business.
We are a locally and family-owned accounting firm that’s based here in Virginia Beach, VA. We have 32 years of experience in providing payroll and accounting services to small businesses in a variety of industries.
Our Business Services
Our goal is to make our client’s lives as easy as possible, which is why we offer a full range of business services in addition to payroll such as bookkeeping, tax preparation and filing, and business consulting.