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.
Citizen Staff Reports 12/16/2013
Virginia Blood Services (VBS), the sole supplier of blood for more than 20 hospitals throughout the state of Virginia, is in need of blood donors to help replenish the local blood supply over the holidays.
A decline in blood donations is typical during the winter months as people become busy with holiday activities and travel. Patient needs remain steady, however, making it important for people to visit a VBS donor site or mobile drive to give blood. > Read more.
In Varina, one of the most anticipated events of the season is approaching. The 19th Annual Big Toy Parade will return on Dec 14, offering a “homey,” small-town feel that helps elicit holiday spirit among participants and spectators alike.
The parade, which begins at 3 p.m., is sponsored by the Battlefield Ruritans and Henrico County Parks and Recreation and is held in conjunction with the James River Boat Parade. It is led by a grand marshal along Old Osborne Turnpike and ends at the Osborne Boat Landing, where hundreds of community members gather to await nightfall and the arrival of lighted boats, concluding a festive holiday celebration. > Read more.
Citizen Staff Reports 12/03/2013
The region's two premier youth soccer organizations – the Richmond Kickers and Richmond Strikers – have partnered to create Richmond United, a cost-free U.S. Soccer Development Academy program designed to serve the most talented players in the region. The arrangement marks the first time in U.S. Soccer Development Academy history that two member clubs have united their respective Academy programs.
Slated to begin play in the fall of 2014, Richmond United will field U13/14, U15/16 and U17/18 U.S. Soccer Development Academy teams. The teams will train and play home games at two of the top soccer specific complexes in the nation, Ukrop Park and Striker Park. > Read more.
Eastern Henrico’s annual “Holiday on Parade” event is back tomorrow. Family-friendly activities will take place at various locations in the east end. The festivities will culminate with the 21st annual James River Parade of Lights. Also, several churches throughout the county are hosting holiday celebrations including West End Assembly of God, St. Andrew’s United Methodist Church and The Gayton Kirk Presbyterian Church. For all our top picks this weekend, click here! > Read more.
Estilo charms, with a stylish twist, in Henrico’s Near West End
If you're looking for something a little different from the standard, ho-hum restaurant experience, look no further than The Village shopping center. Among the recent success stories to put down roots in The Village is Estilo, created by the owners of the gastropub Toast (featured in a Feb. 21 review in the Citizen), only a few steps away.
Estilo – which translates to style – offers a taste of Peru, Chile and Bolivia, among other countries, and a menu that rotates regularly through the rest of Central and South America. > Read more.
Disney’s Frozen shines as an instant classic
Disney has spent the past few years in search of that certain something; that ‘Disney Magic.’ It’s been a slow process. From The Princess and the Frog to Tangled to Wreck-it Ralph, the studio took slow steps, welcoming its princesses and fairy tales and musical numbers back into the fold. Every film was an improvement on the last, but none of them had anywhere near the charm or lasting appeal of the early ‘90s highs of the “Disney Renaissance.”
Frozen, by far, is the House of Mouse’s best attempt at a new Little Mermaid. > Read more.
- More Henrico News
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