Payroll Mistakes Will Cost Your Company
Have you thought about payroll for your small business? This is an essential part of your business to determine employee status. That may seem like something only large companies do. But, this is important vital if you or your spouse becomes an employee of the company. So, if you are thinking about using a simple software to do it yourself, let me give you some tips before you get started.
What Payroll Software Doesn’t Do.
Payroll software does not include the human element that thinks through the best scenarios for your unique business situation. In addition, software does not do the document submissions and auto-submit payment of taxes without your release. A human still needs to be involved. But, if that human is not an outsourced third party, you run the risk of a) miscalculations due to inexperience or b) intentional/unintentional fraud. I realize that it’s easy to assume you’re doing the right things and you’re entrusting the work to someone who is dedicated to your business. However, the IRS does not have any sympathy for blunders and may leave your company at risk.
If Payroll Tax Fraud Occurs, Who is Liable?
The IRS holds the business liable for all payments, penalties and interest regardless of human errors or intentional/unintentional fraud. So, it’s in your best interest to avoid using any internal personnel for these duties. Opting for a dedicated third party service will give you have peace of mind that it is being done correctly. Thus, keeping your business protected.
Why Use A Third Party?
You’re a business owner. You specialize in your products or services. You’re not a someone who should be gambling with your business success by potentially blundering taxes. For a small monthly fee, you can be sure your payments are going out in the correct amounts and at the correct times. The deductions from your bank account are automatic. Moreover, you don’t have to deal with making sure to meet the deadlines required by IRS.
Paragon Payroll Coordinator
Rachel is the coordinator at our office for payroll. She will take the guesswork out of the process. If you need to get started doing payroll in your business, you should talk to us first. We service payroll needs for local businesses in Canton, Woodstock, Marietta, Alpharetta or Roswell, GA.