Payroll can be quite time-consuming, which is why larger companies have entire departments dedicated to handling all the tedious duties that come along with this process. If you are a small business owner seeking professional assistance for your payroll needs, Burgos CPA Services, LLC is here to help. Learn more about the payroll process, what it involves, and how a CPA in Orlando can help.
What Does Payroll Entail?
There are several aspects of payroll that require precise attention starting with collecting and protecting the personal details of your employees including their full names, addresses, social security numbers, and pay rate.
After you have collected this personal information, you must also keep track of the hours they have worked and their pay rate to be sure that their wages are correct.
For employees that are on salary rather than hourly, there are certain things you must consider as well as this will determine how their pay will be calculated.
Salary is based on a set annual pay amount that is split into 12 months, whereas hourly wages are often calculated on a weekly basis.
It is important to note that any sick days or paid time off (depending on your company's policies in place) must be logged. You will also need to keep track of any overtime or late timekeeping.
Which Deductions Are Taken Off Employees’ Wages?
Every paycheck must include a calculated and detailed amount for the gross and net pay of each employee. The gross pay is what the employee earns in total, and the net pay is the amount they will receive once payroll taxes have been taken out.
What are the benefits of hiring a CPA in Orlando to help with your payroll?
Whether you are running a large or small business, every business owner knows the pressures of daily operations, let alone prepping, processing, and filing payroll. If you are finding it difficult to carry this extra workload, don't fret. Working with a financial professional can provide the following benefits:
1. A CPA Will Keep You Organized
In order to properly prepare and organize your payroll, you need systems and processes in place for managing your tasks, deadlines, and more. To achieve this, you can utilize detailed filing systems and software tools for managing information.
A skilled accountant will have the experience and tools needed to organize your payroll requirements and keep them that way.
2. A CPA Will Establish and Document Your Process
When running a business, understanding your payroll process is vital. You will need to establish and document every step of your process in the event that any questions arise from employees, stakeholders, or even the IRS.
With an accountant on your side, the guesswork is eliminated, and you can trust that your CPA will develop a tried-and-true process that will work for your business.
3. A CPA Is Detail-Oriented
With payroll, the smallest details can make the biggest difference. If you are not paying close attention to every detail, this could greatly affect your business.
When you work with a CPA, they will keep you penalty-free and in compliance with the local laws. They will also help you minimize liability and maximize your payroll process in an effort to support your company's growth by:
• Properly classifying your employees
• Regulating taxes and exceptions
• Understanding your state's labor laws
4. A CPA Will Manage Accountability and Expectations
Having a business that is error-free and effective is easier said than done. With the help of an accountant, you can establish and adhere to proper payroll preparation and management, while keeping transparency among your employees
5. A CPA Will Adapt to Your Business Growth and Law Changes
No two businesses are alike; therefore, payroll processes must be unique to each business. When you hire a CPA, you need to work with one who has a full understanding of:
• Your business goals
• Your company culture
• Best practices for your industry
Learn More About Your Payroll Options Today
Processing your payroll is a difficult but necessary aspect of running a healthy business. Contact Burgos CPA Services, LLC for more information about processing your payroll. We work with businesses of all sizes and can customize our services based on the individual needs of your business. To learn how we can assist with your payroll needs, click here to schedule a FREE consultation.
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