From employees to taxes to benefits, payroll is normally the biggest expenditure for any independent business owner. It's also the aspect of their business where the most mistakes are made. We take your financial statements and tax returns to get an accurate measure of your cash flow and create a timely payroll plan that makes sure you aren't overpaying for Social Security, Medicare, or other federal programs while also keeping an eye towards the future.
The average small business owner spends eight hours a week on payroll. Get that time back.
Reduce your overhead by having a professional manage payroll rather than an employee.
We take care of all the financial reports, so your taxes are ready to be filed accurately.
of all Americans are considered wage earners.
of annual payroll revenue goes to the US Treasury.
of an average business's expenses come from payroll.
of employers say they can improve payroll practices.
Payroll involves five different tax agencies, each with different tax rates, different methods of calculating, and different timeframes of tax payments that do not align with the filing requirement for payroll tax reporting for the same taxing agencies. If this first sentence was not clear and concise — it has answered the question as to why payroll is so difficult. There are volumes of tax code specifically around payroll. We wouldn’t recommend them as your light reading — trust us, we know them all too well.
The ability to just send hours to Farmer CPA and have everything completed accurately, timely, and efficiently will be one of the best decisions you make as a small business. Payroll taxes and their respective interest and penalties are not to be handled lightly. Competence is key for payroll.
PPP forgiveness is done through the bank you originally used to apply for the funds. Your payroll provider should be helping you every step of the way to ensure that the maximum amount is forgiven, and the proper amounts are reported on the application for forgiveness. If you are not receiving timely, accurate information throughout the process for PPP from your accountant — it’s time to get a good accountant.
There are many factors that go into this — all of which can be controlled and optimized by a good accountant. Much of the benefit of using your accountant for payroll processing is that they can have control of the wages to owners so the least amount in unnecessary taxes is paid, the most tax is deferred, and your income taxes are managed throughout the year.
Payroll processing at Farmer CPA covers everything from the moment that the hours of each employee are reported: direct deposit, tax deposits, tax filings, unemployment reporting, worker's compensation reporting, state tax filings and reporting, annual reports and filing, W-2 processing, 1099 processing. What should be even more important than compliance for the business owner are the synergies between finance, payroll, taxes, and future. Having payroll processed by your accountant keeps you in the most optimal financial situation according to your financial plan and goals.
Explore the other services Farmer has to offer to see how each piece fits within the strategy of your financial success.
We’re not your typical CPA. That’s OK, you’re probably not a typical business. Let us help you craft some financial goals tailored to your business. Relax, we’ve got this!