Many small businesses think that since they don’t have very many employees that they can just handle the payroll on their own, but there are many benefits to having a CPA or bookkeeper do your payroll for you. Payroll is so much more than calculating wages and cutting checks. Here are some reasons you should have a CPA do your payroll:
– Proper hiring documentation forms like the I-9 or W-2.
– Help with direct deposit set up.
– Maintain PTO accrual and administration
– Proper administration for benefits, insurance, and retirement.
– Integrate payroll data into your business’s accounting and financial reporting.
– Proper payroll and income tax withholding for federal and state.
– Proper and timely reporting for payroll and tax submissions, quarterly and annual tax and wage reports, and year-end reporting to Social Security Administration.
– Many times, a CPA or bookkeeper is a cost effective alternative to payroll services.