The IRS is infamous as a daunting government agency. You’d be forgiven for conjuring some not-so-positive adjectives about their paper forms, confusing acronyms, and complex tax filing processes. But with the new Taxpayer First Act law, the IRS is making moves to change its kafkaesque perception. Signed into law earlier this month, it sets deadlines and some new processes to move the agency into the 21st Century. Let’s take a look at how the new law impacts HR and payroll professionals.
You are probably aware that payroll software can save you many hours a week, but if you’re reading this, you’ve probably decided to ignore your other payroll friends and continue to manually enter employee hours and data. You continually come up with excuses such as “I’m too busy to switch,” “the cost is too high,” or my favorite, “if it ain't broke – don’t fix it!”
Pay periods determine how often you run payroll and how frequently your employees get paid. The balance lies in choosing a pay period that minimizes the cost of running payroll and abiding by state law, while simultaneously giving employees a pay schedule they can rely on. As businesses grow, there are a myriad of reasons to change their payroll frequencies. Regardless of the reason, there are a few things to consider before making the switch.
Outsourcing payroll is a common practice in the modern business world. After all, there is no denying the time and money you can save by bringing in a third party software to assist with the intricacies of payroll. While processing payroll in-house is definitely a viable solution, whether it’s through manual bookkeeping or a variety of payroll apps, even small business owners are starting to see the benefits of outsourcing.
Some sort of payroll process is necessary for nearly any business, regardless of its industry. However, there are some industries that need more than just basic payroll software in order to better run their day-to-day processes. Chief among these is the manufacturing industry. Whether it’s assembly work, machine operation, packaging, shipping, or supervising, organizations in this industry need to have a payroll software that can handle the intricacies of running a manufacturing business.
As a payroll software company, we at Dominion know all too well that processing payroll has a lot of factors that processors have to consider. There are a lot of unnecessary expenses that can really add up if you don’t monitor them closely. Using a payroll software-as-a-service is the best way to avoid these mistakes, but obviously not every company is able to do that. If you’re still manually processing payroll, check out the three most common mistakes that even seasoned payroll professionals make.
There are a number of ways to process payroll, each with their own perks and drawbacks. You can process in-house, use a CPA firm, or use a Software as a Service (SaaS). Using a SaaS has a ton of benefits, from reducing manual tasks to keeping track of all employee data in a centralized location. Payroll software is specifically designed to help make your job easier, so consider these options on how it can benefit you and your company.
If you run payroll, you’re responsible for paying employer payroll tax annually. And while all tax forms need to be filed as accurately as possible, employer payroll tax forms should be completed with the utmost level of accuracy. In order to properly check all the right boxes, let’s answer some common employer payroll tax questions.