What Benefits Are There to Using Payroll Services?

Payroll services are third-party agencies that step in to handle the actual payment to your employees. Getting a company to manage these aspects of your business is not easy task. You need to find the right organization to work with and, perhaps most importantly, you need to ensure that these professionals can do the best possible job for you in the long run. You trust them with a great deal of information and that means you need to know the company is trustworthy enough to do a great job.

How You Benefit

Once you find a payroll services provider you can trust, you need to determine if working with these agencies is, in fact, a good move for you. There are often several benefits associated with dealing with these professionals that you should know about before you get started.

• Many times, the use of these services can save you a substantial amount of manpower. You will no longer need a full staff of individuals working in your office to manage the processing of payments. The company does this for a flat fee, too, which means you no longer have to pay into retirement accounts or health savings accounts for individuals who would otherwise do this service for you.

• You will get more comprehensive reporting and better overall management of your current finances. Knowing what is happening and how much you are spending in labor is critical in nearly all competitive businesses today. Yet, many business owners do not realize this information until it is too late to do something about it. With instant reporting and accurate details, you will know what to expect sooner.

• These services can also reduce the overall impact of making mistakes. There is some level of liability on the company doing the work for you so if there is a problem with individuals or a problem with taxing authorities, you do not have to shoulder all of the blame for this yourself. Of course, it also means you have less risk of making these mistakes since professionals are now handling your accounts.

Using payroll services can be one of the best changes you make within your business. Individuals who use these resources often report better overall management of their finances simple because they have more flexibility to manage their business instead of sitting behind a desk all week doing calculations. This can make a big difference in ensuring your employees are happy, too. Do not overlook the benefits of hiring these professionals for any type of need you may have related to your management of payroll for your big or small company.

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Payroll Etcetera will confidentially manage your payroll and bookkeeping services, from preparing payroll, W2's, quarterlies and monthly financial statements. We can help you save time by taking over these tasks so you can focus on what you do best, running your business.

707-426-6394 

The Payroll Card - What it Means to the Employer, Employee and Bank

Traditionally, a payroll covers functions of dispensing monetary benefits through wages, tax withholdings, deductions and rewards. It is a vital financial record for any company's accounts and is subject to the national and state laws. It is also vital to good employee relations, since the timely and accurate remission of their livelihood is naturally dear to employees. Once again, traditionally, these financial transactions are remitted to the employee via paycheck or a pay slip. No longer, though. More and more companies are turning to a more efficient and cost effective solution for both company and employee. Payroll cards are handy little plastic cards similar in nature and manner to be used to a credit or debit card.

For companies, using this system is convenient and beneficial for the following reasons:

• The company saves money printing and issuing checks 
• The company no longer has to buy expensive check stock 
• The company lowers internal costs as result of the above mentioned points 
• The company no longer has to worry about any sort of check fraud, by default - there are no checks issued that could possibly end up lost or stolen. 
• Using the payroll card system ensures a smooth handling of dispensing of the function of the payroll to employees who do not have regular access to a bank, or do not have a bank account for whatever personal or financial reason.

For employees, using this system is convenient and beneficial for the following reasons:

• The employee no longer has to pay interest to cash checks 
• Since the monetary amount due to them is directly loaded or deposited onto a debit card, the employee can directly access their pay on it. 
• The payroll card can be used directly to make purchases at retail stores.
• The payroll card can also be used to directly withdraw cash from automated teller machines (ATMs), thus eliminating the inconvenience of a check casher. 
• The payroll card if debited to an individually owned demand deposit accounts, is highly flexible and can be used directly to pay bills. 
• Some payroll cards, actually a majority of them, are FDIC insured. 
• These cards are on the 'open loop' system and offer a high degree of flexibility as to its usability. This is because they are used on a more universal PIN based network and therefore are accepted and used beyond the user's registered location and its immediate nearabouts.

And lastly, we cover why the banks have offered Payroll Card services at all. Banks do not directly offer or market this service to customers at all. Instead they approach employers to integrate the service into their internal wage dispensing processes, and then offer it to their employees who do not have a direct deposit account. The four main aims of a bank in offering this financial service product to consumers are:

• By reducing payroll processing costs and increasing the direct deposition adoption rate, it serves as a cash management service to commercial customers. 
• It provides a product to employees who want or require the functionality and the advantages of using a debit card but do not or cannot manage a checking account. 
• This obviously plays a role in benefiting the bank. How? Since it draws customers into using and maintaining their payroll card, a transition into more traditional bank account holders becomes more possible and this also encourages them to use other and more of bank products. 
• Achieving all of the above profitably is the main aim of the bank.

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28th Annual Biggest Little Car Show In Downtown Suisun Is Today!

Check out the huge display of cars and trucks, hot rods, T-buckets, Mustangs, and all things Ford at the 28th Annual Biggest Little Car Show going on at Waterfront Plaza in Downtown Suisun City from 10am to 3pm today. See you there!

Outsourcing Payroll Services: Pros and Cons

Whether you own a small business or a multinational corporation, your payroll services costs should be managed and budgeted just the same as any other cost to your business. This is particularly true of a small business where these costs represent a significantly higher proportion of income than for larger businesses.

Even though you may employ very few people, the software system you use to manage your payroll does not cost you significantly less than that for a company of hundreds or even thousands of employees. Your wages bill will be less, certainly, but the payroll software and services will likely be similar priced - and therefore a higher proportion of a small business's gross profit.

The time will come when you have a difficult decision to make: whether to continue managing your payroll yourself or to outsource it. If you believe that you are spending too much time and money managing the paying of your employees and not enough actually managing them, then it is time you did something about it - and cost might not be your only problem!

Your business can sink fast if you mess up your employees' payroll. Nobody likes getting paid late because you were busy making sure this week's shipment got off in time. Do you ever feel you just cannot spare the time to run a payroll program, but know that you must if your employees' wages are going to be banked for them today? What about deductions and insurances and all the other financial aspects involved when your employees' weekly or monthly wage bills are being calculated?

It can all get a bit much, and if yours is a small business that employs a bookkeeper or accountant just to look after your taxes then you are likely trying to do it all yourself. It might be time to stop and consider outsourcing. You could employ a permanent wages clerk, but that's a bit over the top if you are only employing a few people. On average, the cost of outsourcing payroll services is about 50% of looking after it yourself.

Here are some things you should consider when seeking a firm to handle your payroll:

Cost: this is important, because in every business you must assess cost against benefit and decide whether the money you would be paying warrants the benefits gained. If the cost is not going to be a lot less than employing a part-time clerk or bookkeeper then the latter option might be preferred. Whether that is the case or not is a question only you can answer.

Reliability: Is the firm you intend to employ reputable? Do they have a good track record in handling payrolls for other businesses? Before outsourcing your payroll to any company make sure you have some decent references. Ask them for some company names they are dealing with and get on the telephone and ask if they are satisfied.

Services: Do they look after everything: most will offer a full service including wages, salaries, tax, insurances, health, pension and retirement payments and any other deductions from employees' wages. Make sure they will look after overtime payment calculations, pay bonuses to order, commissions and any other payments that are not standard, but can vary weekly or monthly. Check for extra charges for any of these services.

Reports: Most will make check payments where relevant, direct deposits, provide pay-stubs or pay-slips, W2 forms and management reports. Ask to make sure.

Here are some of the benefits to be gained by outsourcing your payroll processing in addition to cost savings:

Convenience: Outsourcing payroll services is more convenient. It's simply a matter of an email or phone call, providing hours for each employee, any deductions and hourly rates or fixed salary amounts. You may also be able to provide details online, or standard payments that you change by exception.

Compliance:Your payroll firm should comply with current tax laws, and comply with all state and federal laws regarding payrolls. With a third party dealing with compliance, you might also save on legal fees and a great deal of legal headache!

Before making your choice, you are advised to get a few quotes: get three at a minimum, and you should check online for reviews of any payroll company you decide to use. If any have given a poor service you might find some negative comments about them on the internet, so use their business name as a search term. Customer service is very important, so check that out as far as you can.

If any third party payroll providers offer free trials, then take them. Free offers are always worthwhile because that's another week or two you don't have to look after your own payroll -and who knows, they may do a great job for you and save you a lot of searching.

Conclusion

Irrespective of the number of employees you hire, even if it is just the one, outsourcing your payroll could save you both time and money, not to mention a great deal of hair-tearing and frustration. By paying your employees accurately and on time, they will be happier and work more effectively. There are many hidden savings in outsourcing payroll services - in addition to the obvious ones.

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Small Business Tax Questions - Do I File My Business Tax Returns Quarterly or Annually?

Have you started a small business and need to know when to file your tax returns? Perhaps you've heard about filing quarterly returns and are wondering if that requirement applies to you? Read on to get answers to these important questions.

Annual Income Tax Returns. All small businesses must file a return annually. Generally speaking, if your business has a calendar year-end, you must file one of the following business income tax forms by the due date listed below:

Sole Proprietorship - Schedule C, as part of your personal return, is due April 15.
Partnership - Form 1065 is due April 15.
C Corporation - Form 1120 is due March 15.
S Corporation - Form 1120S is due March 15.

Limited Liability Companies (LLC) get their own special explanation, for they are a unique business entity. An LLC can be taxed like any of the above-mentioned entities. However your LLC is treated for tax purposes determines the appropriate tax form and the accompanying due date.

Quarterly Tax Returns. Here there are two possibilities. First, if you are a self-employed sole proprietor who files Schedule C as part of your personal return, you may be required to make quarterly estimated income tax payments via Form 1040-ES. This is probably what you have heard about when people talk about "filing quarterly taxes".

These quarterly payments are due April 15 (first quarter), June 15 (second quarter), September 15 (third quarter) and January 15 (fourth quarter). The purpose of these payments is to comply with our federal "pay as you go" tax system. The payments are for both federal income taxes as well as self-employment taxes. Failure to make these payments can result in a penalty for underpayment of estimated tax payments, even if you pay your balance due with your return on April 15. So be sure to determine whether you must make quarterly estimated tax payments.

A second type of quarterly return you may have to file are for payroll taxes. If you have employees, you must issue paychecks and withhold taxes from those paychecks. Those payroll tax withholdings must be paid within a certain timeframe, depending on the amount. And there are also federal payroll tax returns that must be filed. The most common one is Form 941, which must be filed within one month after the end of each calendar quarter (April 30, July 31, October 31, and January 31).

If you have no employees, you don't have to deal with payroll and the small mountain of paperwork that accompanies it. Many sole proprietorships and partnerships fall into that category. But if you are a corporation (or an LLC taxed as a corporation), and you are performing services for your business, you must pay yourself reasonable compensation as an employee of your business, and therefore will be required to issue yourself paychecks and file the resulting quarterly payroll tax forms.


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Small Business Accounting Services: Your Best Option for Managing Your Finances

Small business accounting services offer a cost effective way to keep your company's financial information up to date, track your assets and expenses, and remain tax compliant year after year. While at a glance, the cost for contracting an accounting service seems high, you should take the time to consider the cost of not using one.

A Necessary Service
Unless you are an accountant, you, as a small business owner, do not have the expertise to manage your own financial statements and reports. If you are an accountant, you do not have the time to manage these tasks because it takes you away from your most important responsibilities, which are those that are directly related to generating revenue. However, your accounting is not an administrative task that can safely be swept under a rug; your books, balances, and financial reports must be kept up to date for the sake of the health of your company.

Your Options
With this in mind, you have a few options; you can hire someone, you can do your own accounting, or you can contract with a company that offers small business accounting services. We have already established that doing your own accounting is not a feasible option for the long term, but you may consider bringing in your own permanent accountant. This will be a costly task, from the day you post the ad until the day you write his first pay check, and pay for his benefits and unemployment insurance.

Utilizing small business accounting services puts experienced, knowledgeable professionals at your beck and call, at a flat rate that you only pay when you have a need. This means that if you have a week in which your company really only requires a few ledger entries, you are not paying a full time salary so your accountant can find some work to do.

What They Offer
When you look for small business accounting services, you will want to find a company that offers a wide range of accounting services. These should include income statement generation, tracking payables and receivables, managing the general ledger, and month end, quarter end, and year-end review and reporting. A reputable service will employ qualified accountants who can also provide budgeting and tax recommendations based on your company's revenue and expense activities.

Software
A large part of your cost savings will be the software used. A professional business accounting services company will make use of a state of the art software package, like Quickbooks. By contracting a company like this, you are freeing yourself of the need to purchase the software or train an employee how to use it. A package like this is expensive, and you want to know that your accountant is an expert at using every feature it has to offer. Small business accounting services understand this, and they provide the necessary training and ongoing education to their employees and contractors to ensure that they can use the software to make the most of your company's assets.

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Top 7 Bookkeeping Tips for Small Business Owners

Each business, no matter how big or small, must have some type of bookkeeping system in place. Keeping accurate records will allow the business owner to stay on top of company profits and losses. Businesses have been known to fail because the owner was unaware of how money was being spent, what revenue was coming in and what bills had to be paid.

When there is no accounting or bookkeeping system in place, it is very easy to overlook goals and forget important dates. Here are 7 tips that will help you get your financial records in order.

Stay Organized.

Staying organized is one of the most important bookkeeping tips for small business owners. It is a good idea to keep all of your receipts in one place. Don't worry if you don't have time to sort them just be sure to keep them all bundled together in a plastic container, briefcase or basket. It is recommended that you store all receipts, invoices and paperwork for a minimum of five years.

Keep Your Personal and Business Expenses Separated.

When storing your receipts, it is a good idea to keep at least two separate containers. One container should be for your personal expenses and another for business purchases. This will make the sorting process much easier later down the road.

Use a business credit card for business purchases.

Using a different banking or payment account is a great way to make expense tracking easy for the small business owner. This also cuts down on having to store individual receipt because you can save your monthly statements.

Realistic Budget.

Budgeting is half the battle in running a successful business. Creating a realistic budget will help you better manage your finances and track your marketing efforts.

Prepare for the unexpected.

You should always be putting money away for a rainy day. Unexpected expenses always come with business ownership and having emergency money will make it less painful.

Automate.

Using computer or cloud based bookkeeping software is a great way to simplify your bookkeeping. It also allows you to easily delegate this task to someone else so that you can focus on other projects like managing clients, creating new products or services and prospecting for new business.

Outsource.

Often times, small business owners find themselves focusing on activities that don't directly affect generating revenue. Everyone wants to be a do-it-yourselfer but is it really helping your bottom line. Think about how much time you could save if this project was delegated to a professional.

Remember that keeping good records ensures that you comply with government regulations and helps you keep control over your finances.

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