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.
By Sarah Story, Citizen Events Editor 05/16/2013
Shrimp, barbecue and ice cream definitely go together this weekend in Henrico! The kids might even enjoy a tea party with Alice and the Mad Hatter. Other fun events for the family are Imagination Richmond and May Play Day. For all our top picks this weekend, click here! > Read more.
Children perform during the India Spring Fest, held April 27-28 at the Hindu Center in Glen Allen. The event featured traditional Indian food, shopping and entertainment for children and adults. > Read more.
Spirited Art Richmond held a painting class May 5 for Hanover Habitat for Humanity families to paint their own artwork as a final touch for their new homes. Among first-time homeowners painting The Klimt Circle tree (which doubles as a ‘family tree’) were (left to right) Janet Payne, Gwen Stockman of Hanover Habitat and Payne’s daughter, Ashley Payne. Spirited Art is located in Short Pump at West Broad Village. > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
Popular Short Pump spot offers upscale comfort, flavors
The Wine Loft opened in West Broad Village in January 2010, offering a full bar with wine, beer, spirits and a kitchen with tapas-style snacks. It offers a seasonal patio area along Whittall Way. Its walk-in wine “humidor” in plain view from the bar offers more than 85 wines by the glass ($6-$65) and about 250 by the bottle ($28 and up), with some emphasis on Italian wines. Culinary trained chefs plus partnership with Culinard (Culinary program of Virginia College). > Read more.
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