Professional Payroll Services for Philadelphia Businesses
Do your employees frequently question the accuracy of their pay stubs? If so, this might be an indication that your payroll process can benefit from the help of a professional payroll service. At Brennan and Company CPA, PC, we offer reliable payroll and bookkeeping services to businesses across Philadelphia, PA, and the surrounding areas.
Typically, payroll is an automated/computerized process. But as experience has taught us, technology can be helpful, but it is not always perfect. When it comes to providing payroll services, accuracy is key, and the cost of even a small mistake can be disastrous.
When it comes to producing accurate payroll, merely having a software package is not enough. While payroll software can be helpful, there many factors that must be considered when producing accurate payroll, such as:
- Are you able to utilize direct deposit?
- Does your payroll interface with your QuickBooks or other accounting software GL?
- When an employee needs a copy of a past pay stub can you readily access it?
- Are Local and State taxes accurately captured? (In Pa. this issue is big!)
- How do you–or do you?–account for PTO (paid time off) accruals?
- ACA considerations
The answers to these simple payroll services questions are often indicative of a company’s payroll effectiveness and accuracy. If any of these questions seem hard to answer, then it may be time to consider how professional payroll services can benefit your business.
Why is Payroll Accuracy so Important?
As we mentioned before, inaccurate state and local tax calculations are a big issue for Philadelphia businesses. If your payroll software makes a mistake when calculating your employee’s tax withholdings, the tax penalties can be up to 100% of the tax due. For example, if the tax due for a particular tax quarter is $1,000 and the filing is delayed after the first “penalty exception” is used, the penalty applied to this scenario could be as high as $1,000—thus doubling the amount due.
Furthermore, since payroll taxes are considered a “trust fund” tax, the failure to properly settle these taxes can lead to the responsibility of paying to fall on the shoulders of an unsuspecting employee, as they could be held liable for the full amount of the tax due!
After spending so many years in the financial services industry, we have witnessed many businesses collapse due to incurring too many payroll tax penalties. Don’t let your business’s success be compromised due to poor payroll management. Let our team help your business stay on top by streamlining your payroll process.
How Can Brennan and Company CPA, PC Help?
Brennan and Company CPA, PC has been helping businesses in Philadelphia succeed for over two decades. In fact, we were recently named “Best Accounting Firm in Philadelphia”, by WPHL17’s in their Top Spots competition. We offer a wide variety of professional payroll services and outsourced accounting services that not only help to improve a business’s reputation in the marketplace, but also helps them control their audit risk. What this means is, while we cannot prevent an audit from happening, we have successfully prepared companies for audits by dissuading them against making risky financial maneuvers and encouraging them to make smarter decisions when it comes to financial matters.
Our goal is to help your business operate safely by improving your payroll process. We offer business consulting services that can help you develop a successful payroll strategy that fits your business’s needs. Don’t let your business suffer from payroll tax penalties, contact us today and we’ll help you get your payroll process on the right track!