Business owners often find themselves with intimidating and sometimes tedious accounting tasks like payroll tax withholdings. Fortunately it is not too difficult to find payroll withholding information on the Internet or to locate a payroll withholding provider to help your business avoid costly filing and calculation errors.
Your payroll withholding requirements and calculation complexities will depend on the size of your business and the number of employees on your payroll. Consider the following when searching a payroll withholding directory of service providers or putting together a payroll withholding list of requirements.
1. Would purchasing payroll tax withholdings computer software be beneficial for your company?
2. Would a payroll service be best suited to meet your payroll withholding needs?
3. What level of service would your company require from a payroll withholding provider.
Evaluate the benefits of payroll tax withholdings computer softwareDepending on your payroll size and the competence of any employees you have on staff that perform accounting functions, it may be worth considering the purchase of payroll tax withholding software for you or your staff to use to file taxes.
Evaluate the benefits of hiring a payroll withholding providerPayroll services are one-stop shops for taking care of payroll administration and payroll tax compliance so you don't have to. These payroll service providers often offer additional services such as human resource expertise and even field tax agency inquiries on your behalf.
Decide what level of payroll withholding service your business would requireDepending on the number of employees on your payroll, you may be able to save money on a payroll service by selecting a plan tailored for companies similar in size to yours. Some providers offer a less expensive service specifically for smaller-sized companies that will calculate payroll tax withholdings, but will not file them on your behalf. Services targeting larger companies include human resource support in addition to comprehensive payroll services.
- If you don't need a year-round service and don't feel like anyone in your company can handle available computer payroll software programs, consider hiring a bookkeeper. Many bookkeepers have experience with payroll withholdings and filings. Most will work flexibly for your business on a part-time or as-needed basis.