If there are employees, there is payroll. Business owners know better than anyone that this is a responsibility that can’t be avoided. The task of processing payroll requires continuous deadlines to meet, filings to submit, accurate calculations to complete, and laws to keep up with.
Employees depend on their payroll to be completed accurately and entrust in businesses to deliver it on time. Part of showing an employee that you appreciate their work and are loyal to your commitment is to deliver their check to them as you have agreed. If this trust is broken it could affect their morale, work performance and trust in the business. Successfully maintaining payroll affects your company and your employees as a whole product.
While payroll is a task that flows in a cycle, it is crucial that each step in the cycle is completed correctly, on time and reviewed thoroughly to make sure the business submissions are accurate. If a calculation is off, a reduction is incorrect or a form is completed late, the business can be penalized and suffer a much larger headache than they care to deal with.
At Vanguard Business Solutions we offer a full cycle payroll service that completes the task from start to finish and back again. We pay attention to detail, calculate and recalculate, set deadlines for submission, review each form and track each employee’s payroll hours. We use our knowledge of the state and federal law, our dedication to business owners and their employees and strategic planning to make sure that each and every aspect of the payroll cycle is completed accurately and on time.
Our cycle consists of:
- Gathering the hours worked by each employee and calculating the earnings,
- Calculating and accounting for the correct deductions per employee such as local, state, federal and voluntary deductions like IRA contributions or 401K policies,
- Printing payroll checks or submitting direct deposit payments to ensure that each employee receives their funds appropriately and on time,
- Submitting tax payments to local, state and federal entities based on a semi-monthly, quarterly or annual plan, as agreed upon by the business owner,
- The filing of all required tax forms to the local, state and federal entities involved, and;
- Issuing W-2’s to each employee in January of each year.