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.
Lewis Ginter Botanical Garden’s admission has increased by $1 across all categories. Admission is now $12 for adults; $11 for seniors ages 55 and older; and $8 for children ages 3–12. Admission remains free for children ages 3 and younger and for members.
The last price increase was in 2011, before the Garden consistently hosted Butterflies LIVE! (which is included with admission). > Read more.
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.
A finalist in the Bravo television show Top Chef is bringing one of his four restaurant chains to Henrico County.
Bryan Voltaggio, who was the runner-up of the sixth season of Top Chef, (finishing second to his brother, Michael) and his business partner, Hilda Staples, will open their third Family Meal restaurant, at Henrico's Willow Lawn shopping center. The restaurant is expected to open early next year. > Read more.
The United States Army Field Band will present a free public performance at Deep Run Park in Henrico on Sunday, Aug 3 at 3 p.m.
Members of the band are soldiers who also serve as “musical ambassadors of the Army” and perform for schools and communities nationwide.
The Concert Band will be performing along with the Soldiers’ Chorus. > Read more.
Get up and dance – square dance, that is – with the Tuckahoe Square Dance Club tonight! More musical events this weekend include family-friendly karaoke at Aunt Sarah’s Pancake House, the United States Army Field Band and Soldiers’ Chorus Concert and the Henrico Teen Theatre Company’s production of “The Boy Who Cried Wolf.” For all our top picks this weekend, click here! > Read more.
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CalendarThe Jammin’ on the James concert series at Wilton House Museum, 215 S. Wilton Rd., will feature Susan Greenbaum from 6 p.m. to 8 p.m. Bring a picnic dinner and… Full text