The downturn in the economy has made running a small business even more convoluted and vexing when it comes to making every dollar stretch as far as possible. One of the ways in which small employers can make managing their payroll responsibilities easier is through the use of Priority Pay Payroll services.
Payroll Processing
When customers sign up with Priority Pay Payroll, they initially set up employee profiles in order to make payroll processing easier. The employee profile contains employee information including pay rate (hourly or salaried), tax filing status information, rate of vacation/paid time off accrual, sick time accrual, and any other deductions like health insurance, retirement fund deductions and anything else applicable to employee information.
With each pay period, customers submit time sheets to Priority Pay Payroll and their pay cycle is completed within a short period of time. Customers can either print paychecks in their own office using paper stock supplied for checks from Priority Pay Payroll or they can have paychecks printed and laser signed by Priority Pay Payroll and those checks forwarded to the customer for distribution to individual employees. For extra security, Priority Pay Payroll also offers envelope stuffing services where paychecks are placed in sealed individual envelopes for privacy. Another service is direct deposit, which allows pay to be deposited into employee bank accounts so they need not be concerned about needing to run to the bank to deposit their paycheck
Reports
Priority Pay Payroll sends customers several different General Ledger reports. With each payroll cycle, a summary report is emailed to the customer, along with copies of each pay stub. Detailed General Ledger reports are also sent to customers, and these reports contain information about GL accounts and totals for each payroll cycle and monthly totals. This information can be used to enter monthly or payroll cycle GL transactions or can be exported directly into existing customer accounting software, including QuickBooks.
Tax Deposits and Return Filing
With each payroll cycle, Priority Pay Payroll calculates correct and accurate payroll tax amounts from employee payroll. These amounts are deducted from employee paychecks and those amounts, along with appropriately correct and accurate corresponding payroll taxes are deposited into IRS and state tax agency accounts.
Both the IRS and state agencies require quarterly and monthly payroll tax returns be filed. Priority Pay Payroll not only makes sure that payroll taxes are accurately calculated, but also uses that information to complete and file quarterly and annual tax returns on behalf of their customers. Use of Priority Pay Payroll means that small businesses will have their payroll taxes paid and returns filed in a timely manner, but that they would be correct.
Summary
Priority Pay Payroll services allow small business owners to not only save money because they are able to focus their attention on building their business and engaging in their own expertise. Additionally, since all of Priority Pay Payroll services are electronic, businesses are able to maintain payroll records on their computer systems or request a CDROM containing all of their payroll history information. This frees up expensive and valuable office space for other uses.