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.
The threat of bad weather didn’t keep visitors away from Lewis Ginter Botanical Garden July 10 for the facility’s weekly Flowers After 5 event (which pairs music and food with a chance to stroll the garden) and its monthly Fidos After 5 (which allows dog owners to bring their pets with them to enjoy the evening). > Read more.
Thanks in part to a $10,000 gift from the Western Henrico Rotary Club, another bright pink Jeep modified to travel extremely rough terrain has been delivered to Midwives For Haiti so that more pregnant women in the quake-ravaged country will have access to prenatal care and a greater chance of surviving childbirth.
The funds were raised at the annual casino night held in February, club president Adam Cherry said. The Rotary Club also helped purchase the Virginia-based charity’s first pink jeep three years ago. > Read more.
Canoeing and kayaking enthusiasts soon will have a new access point to the Chickahominy River. VDOT, the James River Association and Henrico County Parks and Recreation are teaming up to establish a new site in Eastern Henrico.
The James River Association negotiated the deal with VDOT to procure official access to the area located just east of I-295 on North Airport Road in Sandston. The site includes a park-and-ride commuter lot bordering the Chickahominy River and has been an unofficial launch site used by paddlers for years. > Read more.
An eclectic array of events are taking place this weekend throughout the county. In the West End, we have the Richmond Wedding Expo, the Under the Stars Family Film Series and Henrico Theatre Company’s production of “Pump Boys and Dinettes.” In the eastern part of the county, we have a blood drive at the Eastern Henrico Recreation Center, Gallmeyer Farm’s annual Sweet Corn Festival and an origami workshop at Fairfield Library. For all our top picks this weekend, click here! > Read more.
Charlottesville's Bella’s Restaurant recently opened a location in Short Pump Village, at 11408 West Broad Street. The restaurant is owned by Valeria Biesnti, a native of Rome who arrived in the U.S. at age 21 and later became a U.S. citizen. With her restaurants, Bisenti has sought to create an ambiance that welcomes diners in a casual setting, like her favorites from her hometown. > Read more.
A Henrico native will appear on the third episode of the Travel Channel's new grilling competition series “American Grilled.”
The episode, filmed in Charlottesville, will premier July 16 at 9 p.m. and feature Glen Allen-native Rex Holmes, a patent lawyer who operates http://SavoryReviews.com a blo,g centered around tasty recipes and BBQ.
The show features hardcore grilling enthusiasts from across the country going head-to-head for a chance to compete for a $10,000 cash prize and bragging rights when they are crowned the ultimate “grill master.” > Read more.
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CalendarLewis Ginter Botanical Garden, 1800 Lakeside Ave., will present Flowers After 5 on Thursday evenings through August. Stroll through the gardens and enjoy wine, music and dining al fresco. There… Full text