Like every business owner, running your company keeps you busy and you thrive on being busy. Focusing on growth goals for 2017, organizing your tax reporting and tax prep meetings with your CPA currently have you going in numerous directions. That said, it’s simply not optional to forego paying your employees or your required tax obligations. Do you find yourself asking if your payroll process could be completed more efficiently every pay period? The following options may seem obvious to some, but each present the opportunity for a change that made early in a new fiscal year, you could potentially eliminate your payroll headaches all year long and make year-end a breeze!
Year-End QuickBooks Payroll Processing Checklist
Now that the major rush of the holiday season is over, it’s time to process year-end payroll. Our QuickBooks customers turn to us to help them with payroll processing because there is already too much to manage in their businesses, especially at year-end. If you are processing your own payroll, you know there are a lot of details, deadlines, special procedures, and new laws and forms to consider. Simply put, payroll is complex, time consuming, and costly if mistakes occur. If you get it wrong, you could be subject to paying a penalty for the most common mistakes like: failure to deposit withholdings like Social Security, unemployment insurance and Medicare, and incorrect filings or missing deadlines. According to the Internal Revenue Service (IRS), last year over 40% of small and medium businesses (SMBs) paid an average of $845 in payroll penalties. This does not take into account the cost of human capital that all SMBs pay when employing internal people to manually process payroll.Read More