A Beginner’s Guide To Payroll
Payroll can have a significant impact on your budget and can affect employee motivation if not kept under control. Therefore, wages, bonuses, and taxes are just some of the administrative duties that the accounts department must organize well.
If your company does not have an accounts department, an experienced accountant can set up an adequate payroll system for you. However, payroll is a process unfamiliar to many business owners.
So, to ensure business owners know what to include when planning employee remuneration effectively, Juan Esquibel CPA, LLC has put together a beginner’s guide to payroll. Through this guide, you will feel confident about the ins and outs of payroll.
Getting Started
Do Research: You must be familiar with the IRS payroll requirements, so do a little online research to learn the basics or speak to a professional for advice.
Make a decision: You will have to decide whether you have the time and manpower to handle a large part of the payroll in-house. The role includes maintaining timesheets, calculating salaries, and arranging paychecks.
2nd option: If you decide to outsource part or the whole thing to a professional, they will help you distinguish who does and does not need to be on the payroll. The CPA will also know the cost of payroll taxes, when it’s required to get paid and how to deal with remittance.
Next Steps
Search for a CPA: Reading online reviews and testimonials is essential to find a CPA that can help you save time and money. Besides, the professional will be handling sensitive information, so it’s vital that you choose someone you can trust and work with long term.
Hire a professional: Once you start working with a CPA, make sure that you ask lots of questions. Also, be proactive, and don’t take it for granted that they are handling everything.
Advice From The Pros
Speak to a CPA: Talk to a licensed professional before you begin your payroll process. Even if you decide to do it yourself, you will imbibe a new perspective.
Need advice? If you’re looking to create an effective payroll system, call us to arrange a FREE consultation.
At Juan Esquibel CPA, LLC, our goal is to exceed your expectations. As the go-to experts in Albuquerque for all your accounting needs, you can feel confident about solving your payroll challenges with us.
We also specialize in tax return preparation, bookkeeping, and business consulting. Visit our website to learn more or contact Juan Esquibel CPA, LLC today.