Comprehensive Payroll Assistance in Lakewood
At N Schaum CPA, our driving goal is to help you understand your financial situation, save money on taxes, and optimize your company's operating procedures and structure. Our accountants have worked alongside the business owners of Toms River, Jackson, and the surrounding communities since 2000. Our skilled team is happy to help, whether you need assistance setting up direct deposit accounts, filing payroll taxes, or mailing checks.
We want to make your accounting experience as simple, streamlined, and efficient as possible. By taking the time to comprehend your business's specific needs and providing tailored payroll services, we free up your valuable time to invest in other aspects of your company. We look forward to working alongside you, so get in touch with our Lakewood payroll accountants today regarding your free initial consultation!
The Importance of an Efficient Payroll System
We know how hard your employees work throughout the year to support your company. When you choose to partner with our CPAs, we strive to ensure your employees are compensated with their correct salaries promptly. Our payroll services encompass the different elements that go into paying your employees, including annual employee wages, financial records, tax withholdings for employees, and paycheck distributions.
Our Lakewood payroll experts use advanced accounting systems to provide you with a streamlined payroll process. With our team's careful oversight, attention to detail, and precise work, your employees' earnings are taken care of throughout the year. We hope that you come to consider our firm your reliable one-stop-shop for all your pressing payroll, accounting, and tax needs. By taking advantage of our broad skillset and experience working across multiple industries, you put your business in a position to succeed.
Our Lakewood Payroll Services
It can be challenging to navigate the different elements of payroll as the owner of a growing business. Whether you require assistance filing your payroll taxes or need to open direct deposit accounts for your employees, our CPAs are to help. We offer payroll services such as:
Processing Payroll: We work with you to make the payroll process as efficient and straightforward as possible. Whether you use physical timesheets or an online portal, we can use your records to smoothly enter employee hours and process payroll. Should you face any issues or have questions about the payroll process, our team is accessible and ready to help.
Establishing Direct Deposit Accounts: When you elect to open direct deposit accounts for your employees, it's easier than ever to pay your team on payday. Your employees have their paychecks deposited directly into their accounts at regularly scheduled intervals, so you don't need to print out stacks of physical checks and worry about them being misplaced. Our Lakewood payroll accountants can open direct deposit accounts for your employees and make sure they can receive electronic paychecks.
Mailing Checks: If your office uses physical checks, we are happy to ensure they're mailed out. Our team can handle the processing and distribution of physical checks as it suits your personal needs.
Filing Tax Returns & Submitting Taxes: It can be tricky to stay on top of the withholdings required to come out of an employee's pay. Our team calculates the proper amount of withholdings, including federal income tax, state income tax, Social Security taxes, court-ordered withholdings, and more. We acquire the forms you need to report payroll taxes and file them on your behalf.
3 Tips to Establish a Working Payroll System
We've been working with small business owners to manage their payroll systems since 2000. We've compiled a list of suggestions to help your company's payroll system function as efficiently as possible.
- Keep payroll records accessible: The Department of Labor advises business owners to keep payroll records for three years or longer. Should an unexpected tax problem arise, these records can prove beneficial. The IRS also recommends keeping employment tax records for your company for a minimum of four years, after filing for the current year's fourth quarter.
- Consider the benefits and implications of hourly & salaried pay: The decisions you make concerning your employees' compensation can impact their earnings and your company's payroll taxes. If your employees have strictly defined, linear tasks that need to be completed, it may be best to pay them on an hourly basis. A fixed salary can be more advantageous for employees who perform multiple functions and have a more fluid work schedule.
- Prioritize paying your company's payroll taxes: It's essential to make sure your payroll taxes are fully paid on time. Failure to pay the correct amount in taxes can lead to harsh IRS penalties. In some cases, you may be held personally liable for unpaid payroll and income taxes that were not withheld from employee earnings or paid to the IRS.
Reliable Lakewood Payroll Services
When it comes to establishing and managing your business's payroll system, you can count on our CPAs to calculate payroll taxes, file reports, and manage paychecks with accuracy and precision. Contact N Schaum CPA in Lakewood today so we can begin working towards your financial success!