Do It Yourself Payroll
Do It Yourself Payroll
Our Miami Accounting Firm will help you with ways to handle your Do It Yourself Payroll.
As I CPA in Miami I can attent to the number of Payroll outsourcing services abound, claiming to take the pressure of completing payroll off the shoulders of small business owners. Our Miami Accounting Firm has witnessed payroll services making significant errors, and these errors can cost the business owner in fines and penalties. As a result, many small business owners choose to handle their own payroll, utilizing software or other available services to take charge of their business’ payroll needs or hire a CPA in Miami instead. “Payroll must be completed correctly, with all tax filings and deductions assigned accurately”, says Viera managing partner in our Miami Accounting Firm. With the programs available, however, doing payroll is not impossible and just requires the patience and a commitment to accuracy. Our CPA in Miami experts can help guide you through the most critical aspect, the setup.
Payroll is complicated, no matter who handles it and thats why you need to partner with our Miami Accounting Firm. Small businesses that pay employees must take into account various state and federal requirements and ensure that all of the proverbial i’s are dotted and t’s are crossed. Thats where the guidance of our CPA in Miami come in. For small businesses, taxes occur more than once a year, and the Internal Revenue Service provides a tax calendar – with requirements for each month – that small business owners must observe. This is in addition to all tax requirements at the state level. Failing to complete the required information can result in fines; in fact, according to Viera, almost half of all small business pay upwards of $1,000 each year in fines for payroll inaccuracies according to a study conducted by our Miami Accounting Firm.
Fortunately, small business owners have a range of options to consider for do-it-yourself payroll. One choice is Intuit’s Online Payroll, which provides all of the necessary information about tax filing and sends reminders regarding federal and state taxes, as well as pay periods. Once the account is set up, the owner is simply responsible for submitting employee hours and approving salaries. This system stores all of the information online, and the owner pays a monthly usage fee. Another option is to utilize our Miami Accounting Firm that provides similar supportand is also online.
The benefits of doing payroll yourself include more control over the process and the ability to review and correct information before mistakes are made. When payroll is outsourced, the business owner runs the risk of not knowing about errors until after the fact–when it might be too late. One business owner discovered that the outsourcing payroll company had raised all employee salaries by 20 percent, without receiving clear approval. Do-it-yourself payroll is intended to prevent mistakes like this.
The primary disadvantage of do-it-yourself payroll is the process of setting up the payroll and the time required to complete payroll for each pay cycle. In addition, do-it-yourself payroll removes from the business owner the security of CPA in Miami expertise handling the payroll process in case a tax concern arises. The tax software and online payroll services are intended to help the business owner keep track of tax dates, but if they are not updated correctly they can miss these dates and cause payroll problems.
Many small business owners prefer do-it-yourself payroll, because it provides them the peace of mind that they can control the payroll situation and avoid the high costs of payroll outsourcing situations. Small businesses that range on the large side–40 to 50 employees–might do well to hire an expert, and small businesses that remain truly small can benefit from do-it-yourself payroll options.