The Entrepreneur’s Corner



There have been enough changes to payroll processing and reporting over the last few years to make anyone’s head spin.

COBRA Credits, HIRE Act, the reduction of an employee’s share of Social Security from 6.2 percent to 4.2 percent, the elimination of payments at the bank with the 8109 coupons. The list goes on and on.

Fortunately, there are professionals out there who help guide small businesses through this maze of confusion – third party payroll providers.

Engaging a third party payroll provider can help mitigate risk of non-compliance while decreasing a small business’s overall cost in generating pay checks and originating direct deposits for its employees. In addition to calculating and originating payments to employees, third party payroll providers offer the following benefits:

• Ensuring the timely deposit of all payroll-related taxes;

• Ensuring the timely filing of all payroll tax-related returns, including W-2s and 1099s;

• Reporting of new hires to states;

• Processing of wage attachments such as garnishments, tax levies and child support payments;

• Calculating and reporting of paid time off and other benefits for employees;

• Securing and storing valuable employee and financial data.

Choosing a third party payroll provider to best fit your needs can be challenging, as there are numerous providers with reasonable pricing and generous service offerings. Check with the Better Business Bureau to be sure you choose one with a track record of excellent service and a commitment to keeping client interests first. Ask the third party payroll provider if it has an updated SAS-70 Type 2 Audit. This audit ensures that the proper internal controls are in place and tested with regularity.

The penalties for non-compliance in paying employees and their payroll taxes are substantial. Using a third party payroll provider can mitigate these risks and lower the overall cost of paying employees.

Jeff Crook is the vice president of PayTime Inc., a payroll provider founded in 1993 and located in Henrico County. He is a 2001 graduate of the University of Richmond and resides in Henrico County with his wife and daughter. Contact him at .(JavaScript must be enabled to view this email address) or (804) 612-2803.
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Henrico promotional company changes name


Henrico-based brand merchandising company NewClients, Inc. has changed its name to Boost Promotional Branding.

The company is one of the nation's largest in the branded merchandise industry. Founded in 1981, its serves more than 5,000 clients – including many Fortune 500 companies – nationwide. > Read more.

Lidl competition offers shoppers chance to win NYC trip


Three Lidl shoppers will win trips to New York City to receive a first-look at the Esmara by Heidi Klum collection and attend an international runway event debuting the collection. The contest is open to residents of Virginia, North Carolina and South Carolina – the three states in which Lidl currently operates grocery stores. The chain opened two stores in Henrico County last month. > Read more.

Glen Allen advances in 14U Babe Ruth World Series


The Glen Allen Babe Ruth Baseball League 14-year-old all-star team advanced to the single-elimination round of the 14-year-old World Series, which the Glen Allen Youth Athletic Association is hosting at RF&P Stadium in Glen Allen. > Read more.

Earnhardt gives Redskins a ride


Dale Earnhardt Jr., driver of the Hendrick Motorsports No. 88, stopped at Richmond Raceway Aug. 8 in advance of the track’s NASCAR weekend in September. He was joined by five players from the Washington Redskins, who were in town for the team's training camp, which concluded Aug. 14. The day in Richmond gave Earnhardt and the Redskins players an opportunity to see how the athletes compete in their respective sports. > Read more.

READ Center a finalist for $25k grant


The READ Center is a top-200 cause finalist in State Farm’s Neighborhood Assist program, making it eligible to earn a $25,000 grant to support adult literacy in the Richmond region. The 40 organizations from across the nation with the most votes will win grants.

The READ Center, based in Henrico, provides classroom instruction and one-to-one tutoring to adults with very low literacy. > Read more.

Henrico Business Bulletin Board

August 2017
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VCU's Office of Continuing and Professional Education will offer free events during 3rd Wednesdays at Regency Square. Today’s topic is “Top 10 tips for getting organized.” No matter the reason life feels disorganized or cluttered, there are simple things you can start to do right away to help you get on the path to better organization. Instructor Kathy Jenkins, a Certified Professional Organizer, will share tips and tricks for getting organized. Sessions for the 3rd Wednesday series will be held from 5:30 p.m. to 6:30 p.m. in the Garden Room adjacent to the food court. For details and to register, visit http://www.ocpe.vcu.edu/community. Full text

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