Payroll management is a time-consuming, complex, yet essential aspect of running a business. Payroll is all about timely payments – ensuring that employees receive their salaries in good time, while also handling compliance-related concerns. Usually, this task was assigned to HR professionals. However, modern approaches dictate involving accounting experts in the process too! 

Expert payroll management goes beyond paying employees on time; it includes tax filing, payroll reporting, and compliance with ever-changing regulations. Engaging the services of an expert accountant in Mount Laurel, NJ, is the best way to unlock the true power of effective payroll. Here’s how it works…

1. Direct Deposit and Electronic Fund Transfer (EFT)

One of the most efficient ways to manage payroll is through Direct Deposit and Electronic Fund Transfer (EFT). These methods allow businesses to deposit employees’ wages directly into their bank accounts, eliminating the need for paper checks. Accountants can set up and manage this system, ensuring that all payments are processed quickly and accurately. This reduces the risk of lost or stolen checks, ensuring that employees receive their pay on time. 

2. Payroll Checks Printing

For businesses that still prefer to issue paper checks, accountants offer payroll check printing services. This ensures that checks are printed accurately and securely, minimizing the risk of fraud or error. By outsourcing check printing to professional accountants, you can rest assured that your payroll is handled with precision. 

3. Payroll Tax Compliance, E-Filing, and Tax Payments

Keeping up with federal, state, and local tax regulations can be overwhelming for any business, especially with the frequent changes in tax laws. Professional accountants stay updated on these regulations to ensure your business complies with all applicable payroll tax requirements. Additionally, they handle e-filing and tax payments on your behalf, ensuring that payroll taxes are filed accurately and on time. 

4. Payroll Reporting by Employee or Department

Understanding how payroll costs are distributed across different departments or employees is essential for effective business management. Accountants can provide detailed payroll reporting by employee or department, giving you valuable insights into labor costs. These reports allow you to analyze payroll expenses in depth and identify trends, such as overtime patterns or department-specific cost increases. 

5. W-2, W-3, and 1099 Processing

At the end of the year, businesses are required to issue W-2 forms for employees and 1099 forms for independent contractors. Accountants take care of W-2, W-3, and 1099 processing, ensuring all forms are completed correctly and delivered on time. Accurate processing of these forms is critical for both businesses and their workers, as it affects annual tax filings. 

6. User-Friendly Payroll Tax Reports

Navigating payroll tax reports can be overwhelming for business owners. Accountants provide user-friendly, easy-to-understand monthly, quarterly, and annual payroll tax reports. These reports give you a clear overview of all payroll-related taxes, simplifying your tax obligations and giving you peace of mind. Tax reports are especially useful for tracking your tax liabilities and ensuring that all payments are made on time. 

7. Payment of Third-Party Withholdings (Such as Insurance)

Many businesses are responsible for withholding payments for third-party providers, such as health insurance companies or retirement plans. Accountants can manage these withholdings and ensure that payments are made accurately and promptly. Handling third-party withholdings can be a complex task, as mistakes can lead to compliance issues or strained relationships with service providers. 

Effective payroll is absolutely important for your employer brand! Employees greatly value receiving accurate and timely salaries. This manifests itself as a major hygiene benefit, encouraging your workforce to stay loyal to the organization for longer! All you need to do is reach out to a local accounting expert and gain the benefits!