The Entrepreneur’s Corner
The Benefits of a Third-Party Payroll Provider
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.
Dr. Even Alexander, a New York Times best-selling author who has been featured on Oprah and Dr. Oz, was in town last week to promote his June 27 talk, "Proof of Heaven," at Glen Allen High School.
Alexander (pictured, at right, while Unity of Bon Air church member Harry Simmons interviews him) has written about what he considers to be his journey through the afterlife.
Tickets to this month's event are $25 and will support the new Bon Secours Hospice House being built later this year. > Read more.
The Innsbrook Rotary Club, which is celebrating its 25th year in 2015, has completed a number of volunteer projects this year and raised thousands of dollars for various organizations through three events.
The club's annual rose sale, benefit for youth live auction and Virginia Fire Games competition, combined with individual and corporate donations, have raised nearly $70,000 – money that the club contributes back to the community.
FeedMore is the beneficiary of the club's 25th anniversary project, which provides refrigerated trailers to be used for the distribution of food throughout Central Virginia. > Read more.
Chef Bryan Voltaggio will host a special three-course dinner event July 21-22 at his Willow Lawn Family Meal restaurant. The menu will consist of his favorite dishes and offer diners the chance to purchase a signed copy of his newly released book, HOME.
Voltaggio will attend and cook at each dinner, as well as share stories that inspired recipes for the book. > Read more.
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