Payroll Services
We offer payroll solutions to fit your needs!
With everything it takes to run a small business, there’s no need to make your employee payroll another weight on your shoulders. Our payroll services cater to businesses of all sizes and complexities. We offer one-on-one advising, dedicated to making sure you understand your accounting process. Hiring us will allow you to concentrate on what you do best for your business.
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Cost Effective | Time Saving | Enhanced Security | Government Compliant
Time Savings
No matter how many employees a business has, processing payroll demands a lot of time and attention to detail. There is a large amount of data involved in processing payroll. Your time is valuable, and the time you spend on your business should be devoted to generating revenue, not dealing with payroll and other administrative tasks.
Here are a few tasks payroll processing requires:
Step 1 – Employee Information Gathering
Business owners start by collecting some or all of the following employee information:
W-4
Applicable state withholding certificates (many states require a form in addition to the federal W-4)
W-9 (if hiring independent contractors)
Form I-9
Complete job application
Bank information (if direct deposit is an option)
Medical insurance forms
Retirement plan documents
Step 2 – Employee Timekeeping
Employees are then informed about their paycheck schedule and how the company expects work hours recorded.
Step 3 – Approvals for Payroll
At the end of the pay period, the payroll administrator verifies hours worked and secures approval for payment, including any supplemental income from bonuses or overtime.
Step 4 – Taxes and Withholding
Net pay is calculated based on gross earnings minus the total amount of deductions and withholdings (federal, state, and local taxes, retirement contributions, medical insurance, additional deductions such as child support, etc). When the person responsible calculates wages, they need to know which deductions to take before or after taxes have been assessed.
Step 5 – Submitting Payments
Paychecks are delivered to employees and the amounts withheld submitted to the appropriate entity. Employers are responsible for a share of payroll taxes. Calculating and submitting to taxing authorities on time avoids hefty fines and penalties.
Step 6 – Payroll Recording and Reporting
Federal and state payroll reports are generated and sent as often as quarterly. Payroll requires a lot of data and paperwork, much of which is sensitive in nature. It can be challenging to develop an adequate filing system where all that data and employee information can be maintained and accessed whenever necessary
Our client’s success is what matters most
Cost Effective
Reduce your overhead by eliminating the need for specialized employees. Ainsworth Accounting is your trusted advisor dedicated to the success of your business.
Enhanced Security
Even with trusted employees, there is always a risk of identity theft, embezzlement, or tampering with company records for personal gain. Hiring a professional helps to minimize risk. Ainsworth Accounting can provide you the peace of mind and security you need when operating a business.
Government Compliant
We are experts in the complicated world of government tax regulations. Government rules and regulations are always changing, and small business owners can't be expected to stay on top of these changes. We, on the other hand, must stay current with rules, regulations, and changes in tax rates.