Learn About Our Payroll Reporting Process
There are several things a business must do in order to operate which are required, but don’t necessarily advance the mission of the business or increase the bottom line. The obligation of reporting payroll to proper federal, state, and local agencies falls into this category, and payroll reporting can be a tedious task.
In order to remain compliant, a company must file the appropriate reports at designated intervals, pay the right amounts of taxes on time and accurately calculate every paycheck for every employee on each payroll period. If it seems like a time consuming and difficult task, it can be without the right help. Many times, companies try to take on the duties of payroll reporting in-house, which can lead to errors, increased liability and can be a big drain on the time and resources of the company.
It’s our company’s mission to take on tasks such as payroll operations, human resource assistance, workers comp, labor poster compliance and more so the business owners and team members can actually focus on doing their work and pursuing the company’s goals. Our local team of experts helps businesses in Livermore, Dublin, Oakland and the entire Bay Area, plus clients around the country.
While we offer an entire payroll solution which can take on your organization’s payroll needs from tracking time and attendance to calculating paycheck amounts and depositing employee wages and more, a large part of this service is our payroll reporting. If you are new to owning a business or you would like to understand more about payroll reporting, this article details our reporting process from start to finish.
The first thing which must be done when performing payroll reporting is the gathering of all appropriate documentation. As with almost any government operation, there is a ton of paperwork involved with payroll tax. To begin, we collectW-4, employee tax withholding form, documentation of employee pay rates or salary, any deductions, benefits and other pertinent information related to payroll.
Once our team performs payroll calculations and we have the correct tax amounts, we then take on reporting to the appropriate agencies. Our team stays current on all federal, state and local, payroll tax laws and we prepare reports to send to the agencies at the required frequency. Some reports must be filed quarterly, others annually, and we take care of all this reporting. For employees, payroll reporting is also what produces their W-2 at year-end.
By allowing our team to handle payroll reporting, our clients enjoy not only the time to pursue their company goals, but a higher level of compliance and peace of mind knowing they won’t be late or subject to tax penalties. In addition, if your company is audited then we are in your corner with hard data to back up the taxes which were paid. Payroll processing also provides employers with useful information they can apply to their business such as the total amount of payroll, overtime information, employee productivity and more.
If you’re tired of allocating time and resources to payroll and want to have the assurance of correct calculations for tax purposes, our team of payroll experts is ready to help. Give us a call today to learn more about our payroll processing services and the other ways we can help your company thrive.
