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 Richmond West Breakfast Lions Club (based in western Henrico) recently donated 59 backpacks to the Westover Hills Elementary School on Jahnke Road.
Above, club members display some of the backpacks prior to their distribution. > Read more.
Thanks to a first-place win in The American Protege International Vocal Competition 2014, Glen Allen High School student Matija Tomas will travel to New York City to perform at Carnegie Hall in December.
At the first-place winners recital in Weill Hall, Matija will perform Giacomo Puccini’s opera aria, “Chi il bel sogna di doretta.” She will perform with other vocalists from around the world and have the opportunity to win other awards and scholarships.
Locally, Thomas has performed with Richmond’s renowned Glorious Christmas Nights, Christian Youth Theatre, and WEAG’s Urban Gospel Youth Choir. > Read more.
The John Rolfe YMCA and Gayton Baptist Church have partnered in an effort to bring greater health and wellness opportunities to the community.
Through this partnership, the John Rolfe Y will run Youth Winter Sports programs, including basketball and indoor soccer, in Gayton’s newly renovated $5.5 million outreach center that features a new gymnasium, youth and teen space, social space with café, meeting space and full service commercial kitchen. > Read more.
The Community College Workforce Alliance (CCWA), in partnership with the Virginia Film Office, will offer "Get Your Start in the Film Industry," a two-day seminar designed to prepare workers for film, television and commercial projects in Virginia. The course will be held Oct. 4-5 at the Workforce Development and Conference Center, 1651 Parham Road in Henrico, on the campus of J. Sargeant Reynolds Community College.
The training will be taught by Gary Romolo Fiorelli, an accomplished assistant director for film and television projects, which include the television series Sons of Anarchy and ABC’s current drama Mistresses. > Read more.
The Boathouse restaurant will open at Short Pump Town Center in the spring, its third location in the region.
“People have asked us to come to the West End for years,” said owner Kevin Healy. “When the opportunity arose, we knew had to jump on it.”
The new restaurant will be located in a 5,800-square-foot space under the Hyatt House Hotel at the town center and will include a large outdoor patio. > Read more.
Boka Kantina exceeds its strong food truck reputation
Already a fan of Boka fare from outdoor events with the Tako Truck, I was delighted to learn of the new restaurant, and eager to see if its reputation held up after putting down brick-and-mortar roots.
Would the food lose its zest if I wasn’t enjoying it in the great outdoors? Would it seem pedestrian served from an ordinary kitchen instead of a truck?
Would the tacos be less satisfying as an antidote to normal lunch hunger – instead of being ingested to stave off desperate hunger after a long afternoon of crowds, sun, and tedious lines? > Read more.
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CalendarNAMI of Central Virginia will sponsor a free Peer-to-Peer Education Program specifically for adults with mental illness. The 10-week series of classes will start Friday, Oct. 3 from 1 p.m.… Full text