PAYROLL ACCOUNTING SERVICES
Payroll is one of the most important accounting processes in every business. Whether you run a 10-employee or 1000-employee business, it is a necessity that your staff receives the correct pay and benefits. Payroll accounting is a time-consuming and meticulous process that eats up a huge part of the accounting department’s time.
BENEFITS OF OUTSOURCED PAYROLL ACCOUNTING
Small-business owners need to oversee many different aspects of their business: They have to be a marketer and a salesperson and still carve out the time to manage their finances, which often means that the payroll accounting process falls to them, too. Whether you’re managing several offices or a single storefront, you can benefit from using our online payroll accounting services to handle your administrative tasks. This is one aspect of your business that it makes sense to outsource.
What Are Payroll Services?
How to Define Payroll Accounting?
Payroll accounting is the recording and management of employees’ compensation and taxation. This information includes salaries, gross wages, bonuses, commissions, fringe benefits, holiday pay, and other types of paid time off. Payroll accounting also includes withholdings for health insurance premiums, wage garnishment, Social Security taxes, contributions to savings plans, Medicare taxes, and state and federal taxes.
What’s included in Payroll Accounting: Examples of Tasks
Payroll accounting typically includes:
- Regular payroll processing and issuing of pay cheques
- Recording of pay and benefits into the company’s accounting ledger
- Ensuring accurate withholding of payroll taxes
- Making payments to tax authorities
- Managing with holdings for employee benefit contributions
- Keeping the business in compliance with payroll reporting regulations
As you can imagine, the payroll accounting process is a time-consuming one, even if you have a small workforce. One of the benefits of having an accountant for your business is that they can handle these duties quickly and accurately, but having an on-staff accountant isn’t always practical. Outsourcing to an online payroll accounting service like Ignite Spot is a great way to save money and leave these tasks in good hands.
Advantages of Payroll Accounting Services
- Lower Costs: You’ll pay much less when you outsource your payroll accounting rather than hiring a full-time accountant for your business.
- Time Savings:Free up your time to focus on the big picture of growing your business instead of the day-to-day number-crunching of payroll management.
- Peace of Mind:Trust your payroll services to experienced professionals and you shouldn’t have to worry about the IRS knocking on your door.