Payroll Service Questions Business Owners May Benefit After Having Adddressed
Paying your workers is one of the most important tasks that you must do to keep your business running, but this can be an extremely labor intensive task. Fortunately, there are payroll services that can dramatically reduce the work you must do to meet this requirement. Yet, if you have only recently realized that you need to streamline your payment process, understanding the answers for these two questions will help make it easier for you to decide to use these services.
Do Payroll Services Transfer Money From Your Account?
There are some business leaders that may think that these services will only manage the paperwork and tax information that is required with payroll. While these are services that these providers will almost always include, it is important to note that many of these companies will also actively manage the transferring of the money for payroll.
When you desire this type of service, you will need to provide the payroll service with access to your company account. This will allow them to make the appropriate transfers to your employees or to ensure there is enough money in the payroll account to cover any checks and deposits that have been issued.
What Happens If The Payroll Service Makes An Error On Tax Documents?
Incorrectly completing tax forms or withholding the wrong amount from your workers can cause your enterprise to be liable for the fines and other penalties that are associated with these mistakes. Not surprisingly, this can be a major concern for those that are needing to evaluate professional payroll services for their businesses.
Luckily, these professionals will carry insurance that is designed to cover these financial damages to you in the unlikely event that a mistake is made with these forms or withholdings. In fact, the payroll service will likely conduct a variety of audits over the course of the year to ensure that there are no errors being made with the management of your account.
Reducing the amount of labor that you must allocate for payroll can be an important way of keeping your business profitable in a tough economy. Individuals that are just starting to consider using these services (such as those provided by Waggoner Frutiger & Daub CPA's) may not realize that these providers can handle the financial transfers needed to cover your payroll and there are insurance policies that protect you from errors will be better prepared to properly evaluate the use of these services. In addition to reducing your workload, hiring these professionals for your company can drastically reduce the chances of there being a costly and disparity error.