Outsourcing payroll services has become the normal business model for large and small businesses across the United States. These services not only provide automated time and attendance systems that help to recover lost time by tracking actual time spent working, but by assisting business owners in handling tax agency requirements such as social security, wage garnishments, child support, third party sick pay and other fringe benefits. This removes the responsibility of time and asset management that could be better spent on increasing the productivity of the business itself.
Payroll accounting firms understand the tax laws that more often than not vex businesses. And considering that the average small business owner alone has to file on average, 32 tax deposits and 16 tax returns each and every year, it’s not surprise that by outsourcing the task, fewer errors are made. When looking in to payroll processing with an outside payroll accounting firm, the company you choose to outsource with understands the types of payroll tax that you’ll have to be dealing with.
Payroll accounting firms understand that there are two types of federal taxes involved with processing payroll. The first is employee withholding taxes which are taxes that are withheld and deducted from the employees total payroll. They are usually paid by the employer on behalf of the employee for ease with their taxes. The other type is employer patrol taxes which are the taxes that are not withheld from the employee; though the employee is responsible for their payment come tax time. All payroll taxes are usually paid by the employer. With the use of an outsourced payroll accounting company, these withholdings can be easily tracked and traced through the use of the many applications that are offered by payroll accounting services.
One of the most popular and reliable of the payroll accounting firms, Paychex, offers a mobile app that allows their clients to easily view and update payroll, payroll benefits and other offered services remotely. This allows the clients of payroll accounting firms the freedom and control of keeping a watchful eye on their business and the revenue that goes into managing payroll from any location. If you travel a lot for work and for the good of your business, outsourcing for your payroll accounting needs is a tool that should be in your toolbox.
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