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Monthly Archives: November 2014

Tax Payment Made Easy with Payroll Outsourcing

Payroll processing has been rated as being one of the most cumbersome tasks faced by business owners in America. Payroll processing may appear easy for a small business owner with a few employees, having a low straightforward tax burden and simple sale/purchase transactions. However, very few businesses operate that way.

Adding to the complexity of payroll processing is the payroll tax compliance, payroll calculation and disbursement. Apart from paying employees in full and on time, the IRS equally need to be paid in full on a timely basis. Any errors on the amount of tax calculated can result in additional penalties imposed by the IRS.

taxYou can consider outsourcing your payroll to avoid tax penalties. Outsourcing your payroll will help you achieve immediate benefits:

  • Accurate tax calculations
  • Timely tax payments
  • Increased employee satisfaction by timely and accurate salary disbursements.
  • Costs savings that maximize your bottom-line

Cash flow is a huge challenge for businesses. Many business owners often neglect their payroll tax compliance responsibilities because many are constrained with limited resources to pay for a professional employer organization (PEO) to handle their HR, payroll and tax compliance needs.

Payroll outsourcing can serve the following benefits for your business:

  • Easy Filing of Payroll Taxes: Typically, this service is provided free of cost by quality payroll outsourcing All Federal, State and Local taxes are calculated accurately, to the nearest cent. A simple fill-in-the-blanks form is provided for you to fill up for tax return purposes
  • Electronic Transfer of Funds: Rather than signing checks or preparing pay orders, your business can transfer all its taxes to the government treasury through a simple click. Furthermore, your payroll account updates automatically as you pay your taxes, as it is integrated with all your business transactions and bank accounts.
  •  Keeping Up-to-Date with Tax Regulations: there are muddles of changes that occur in employment tax laws each year. Payroll outsourcing saves you the time and hassle of analyzing the impact of each and every change and incorporating them in your HR system accordingly.
  • Timely Tax Payment: All payment outsourcing vendors take full responsibility for paying all payroll taxes on a timely basis. This can help you avoid tax penalties from late payment.
  • Reliable Calculation: Payroll outsourcing systems include best-in-class proprietary technology supported by technical and legal experts. For the purposes of conducting a tax audit, CPA’s do acknowledge that the calculation provided by outsourced payroll vendors are more reliable, detailed and accurate when compared to manually based payroll in-house systems.

There are several other ways through which payroll outsourcing can make payroll tax calculations easy and cost-effective for business owners. To learn more about how you can achieve immediate cost savings on payroll associated costs, feel free to contact us.     

About SimpleX Payroll

SimpleX Payroll is a full-service payroll company that specializes in delivering unparalleled service standards to small-medium sized businesses in all 50 States. SimpleX Payroll is built on providing

a cloud-based all-in-one premier Payroll processing suite that includes Employee Time Management, Unlimited Custom Reporting, Calculating Taxes, Accounting & System Integration features. Fully Integrated Payroll | Employee Time Management Calculating Taxes | Accounting & Enterprise System Integration | Unlimited Custom Reporting | ALL 50 STATES |

3 Biggest Benefits of an All-in-One Payroll System

Majority of business owners often view payroll processing as a task function vs. a strategic management function. From keeping employee time records and managing their Human Resources to calculating payroll taxes, and ensuring compliance with all labor laws, payroll processing is viewed as burdensome – the core reason it is viewed as a task management function.

calculatorNothing is more damaging however, for your business than disgruntled employees. Improper payroll calculations almost always affect employees’ motivation and attitude towards their work.

To effective manage these issues and view payroll processing as a strategic management function, payroll outsourcing using an integrated payroll processing system can be considered. These systems provide the better fit when it comes to ensuring accurate payroll calculations, tax compliance and increased employee satisfaction.

All-in-one Payroll Systems can benefit your business is 3 different ways:

Legal Compliance and Tax Filing

There are complex labor laws and regulations implemented by both Federal and State governments. Keeping up to date with relevant legislation as it pertains to your business can be a daunting task for your company that takes away precious resources from running your business.

Outsourcing your payroll with an all-in-one payroll system vendor can ensure legal compliance as such systems are continually synchronized to capture any on-going changes on all things payroll taxes and compliance. Furthermore, these systems provide accurate Federal, State and Local Taxes calculation, saving your business from bearing IRS penalties for incorrect tax computations, filings and/or payment.

Accurate Calculation of Salaries

For small business owners, manually computing payroll on the basis of employee hours worked can be a draining and time wasting task. Adjusting payroll data to include leave requests, calculation of deductions and other sundry tasks simply add more to their frustration.

All-in-One payroll systems, on the other hand, integrate employee time and attendance records. This ensure payroll calculations accurate to the nearest cent. It not only ensures employee satisfaction with respect to their payroll, but also provides accurate data for audit and payroll processing best practices.

Save Costs

This is one of the primary benefits a small scale business, seeking cost reduction, should consider. Fully integrated payroll systems result in cost savings for your business. The cost-savings of reducing the personnel costs associated with managing a fully-fledged payroll department would be huge, if your organization opts for an all-in-one payroll system.

However, the cost saving perspective has its limitations. Almost all Payroll system vendors often separate the features and charge you separately for each add-on. This might not be a cost-effective strategy.

There are a few vendors that provide a comprehensive payroll system that offers all features with no additional subscription or contract costs. To learn more about such systems and how they can help you achieve cost savings that maximizes your bottom line, click here.

About SimpleX Payroll

SimpleX Payroll is a full-service payroll company that specializes in delivering unparalleled service standards to small-medium sized businesses in all 50 States. SimpleX Payroll is built on providing a cloud-based all-in-one premier Payroll processing suite that includes Employee Time Management, Unlimited Custom Reporting, Calculating Taxes, Accounting & System Integration features. Fully Integrated Payroll | Employee Time Management Calculating Taxes | Accounting & Enterprise System Integration | Unlimited Custom Reporting | ALL 50 STATES |