If you haven’t considered full service payroll outsourcing, it’s time to start. Payroll processing takes a lot of time, energy, and resources, so it’s easy for businesses to spend substantial time on payroll processing instead of expanding their business. What’s more, businesses can easily spread themselves too thin, and make vital mistakes that can cause short and long-term issues within and outside the business. Business both big and small have made the positive switch to outsource their payroll over to companies that can take over their payroll processing for them, leaving them much more time to dedicate to their business. Why not make the switch to a company who can take your payroll burden off your hands?
Community Tax LLC is the preferred source for companies looking to outsource their payroll operations. We offer the best payroll service that has been proven to help businesses maintain and manage their finances. Our team of professional CPAs, accountants, and bookkeepers have years of experience helping businesses manage their payroll so that they can focus on improving their own sales and growing business to become successful. At Community Tax, we’ve worked in all industries with businesses of all sizes, and we can guarantee you that there is not a case we haven’t seen. Whether you’re a small business of just a few individuals, or you’re a large business with many employees, we have worked in many capacities on the local and national level to keep businesses running smoothly. Our accounting team is proud to help you save money and time so that you can continue to work on growing your business without worrying about the tedium of payroll processing.
What is the Function of Payroll?
The payroll department of a business or institution is a group of people that handles a wide variety of business matters. However, the fundamental duty of the payroll department is to pay employees accurately and on time. They keep time, process checks, keep records, manage benefits, and whether you own a small business or a large nonprofit, having one or a team of payroll specialists takes a load of work off your plate.
Generally, the payroll department is made up of members who each serve a specific purpose. It’s more than just sending out paychecks or sending out direct deposit with a click of the mouse. Payroll practitioners hold businesses accountable to tax regulations, can provide expert tax advice, process financial reports, and increase overall productivity if done with the right people.
At Community Tax, our services aren’t just limited to filing taxes. We provide bookkeeping, accounting, and tax resolution services to keep your finances secure. Our team of tax advocates, Certified Public Accountants, enrolled agents, and tax attorneys can help you in any given tax scenario, no matter how simple or complex.
Whether you have a mound of messy financial paperwork to organize, or you just need simple bookkeeping, we’re here to take the work off your hands so you can focus on growing your business.
What do Payroll Specialists Do?
As mentioned, payroll specialists perform a myriad of tasks to keep a business running. They are part of the lifeblood of the company that keeps finances in order, get employees paid accurately and on time, and keeps precise records for accountants. Without a proper payroll department, employees go unpaid, bookkeeping goes undone, basic accounting and tax filing can go awry. If these problems are left unchecked, employees may become disgruntled and quit—not to mention you can run into huge trouble with the IRS.
Most people mistake employee benefits as a task that belongs to human resources. In reality, the payroll and human resources department usually work together to manage and keep a record of wage calculations, sick time, vacation time, disability leave, and more. Both departments will communicate any issues regarding any insurance, 401(k) accounts, business expenditures, and worker’s compensation. Depending on the business, employees can talk to a human resources or payroll representative about any questions or concerns regarding their benefits.
Human resources isn’t the only department that keeps track of employee records and manages conflicts. The payroll department is available to speak to any employee about any internal payroll inquiries. Payroll specialists can also communicate with the IRS regarding payroll and tax questions. Some businesses consider their payroll department as a subset of accounting, so the two departments can interact with each other to manage and maintain the most accurate information.
Usually, there’s just one or a select few employees in charge of processing payroll keeps an accurate record of payment data for every employee in the business. They may use a special software to log salary, hourly payment rates, and hours worked. Payroll specialists are in charge of keeping track of all tax matters like state taxes, local taxes, garnishments, income tax, social security tax, Medicare tax, union dues, health insurance, and retirement contributions. They also log every type of pay like back pay, bonuses, commissions, expense reimbursements, piece rate, and severance. As hours accumulate, payroll specialists will also compensate for vacation, sick time, holiday pay, personal time off, and bereavement pay. Without a stellar payroll processing team, it’s easy to make mistakes and get a lot of frustrated employees on your tail about their taxes
Accountants can work in payroll too. In this capacity, accountants play a major role in processing W-2s, but also branch into other areas that payroll requires. They’ll track changes in payroll data and files so they can explain trends to anyone who inquires. They also ensure wages paid, keep a detailed record of any and all deductions from paychecks, and any business expenses. If something goes awry, they have the sole responsibility of reconciling any mistakes in payroll data and issue stop payments if necessary.
Record-keeping is another name for bookkeeping in the payroll department. By law, all businesses must keep an accurate file of all payroll data for at least three years. Bookkeepers maintain records of wages, time cards, deductions, piece rate tickets, and time schedules. Moreover, they prevent panic and anxiety by ensuring no information is missing and any audit performed goes smoothly. By keeping track of these vital records, they also have the ability and authority to hold the business accountable for their taxes and provide any necessary information to avoid penalties from the IRS with your business.
The timekeeper has the specific task of keeping track of all time data. Before each pay period, they gather all of the information including any overtime for each employee. It’s their job to detect any inconsistencies in data regarding time cards and verifies it before paychecks go out.
Why You Should Outsource Your Payroll Functions
Some businesses are hesitant to outsource their payroll service because they are worried about the short-term cost. Many forego the option to outsource their payroll department because they think they’ll save money if they do it themselves, or they just feel more comfortable with an in-house payroll staff. But outsourcing payroll operations can provide a big opportunity for company growth. Don’t spend valuable time trying to assemble the right team of experienced accountants, bookkeepers, and staff. Instead, use the advanced payroll services from Community Tax and our highly-trained and experienced accountants and CPAs will work directly with you to keep your payroll operations running without a hitch.
Accountability for Taxes
Keeping track of your own accounts is tough, and tax regulations only make it harder. National, state, and local tax regulations are always changing, making it even easier to make errors. At Community Tax, our dedicated team of Certified Public Accountants make your job simple. Your designated accountants simply gather your financial information through you and the IRS, organize it, analyze it for errors, and recommend ways to file. They’ll also notice any inconsistencies to help you avoid penalties and interest from the IRS, as well as avoiding any liabilities from your employees.
Accountants and CPAs from Community Tax have extensive knowledge of all tax-related issues. With decades of combined experience, they can keep track of your finances so you don’t have to. Think beyond payroll and discover new methods of financial responsibility that will help your company grow and reach its goals. More importantly, our accountants will sit with you during tax time or audits to walk you through your current status, protect your assets, and find ethical solutions to any potential problem that may arise.
Better Financial Reporting
With a team of accountants and CPAs from Community Tax by your side, you are guaranteed to have better financial reporting. Our team of trained experts have decades of combined experience filing taxes, organizing financial information, creating summaries of earning statements, dividing payroll information by department, balance expenses, keep an accurate record of time sheets, and so much more.
Boosted Productivity in the Workplace
If you want to spend less time worrying about hiring a team of payroll staff, then outsourcing payroll services to our professionals at Community Tax is what’s best for you. By using our services, your staff can focus on more important priorities that will increase sales and expand your business, not to mention relieving the anxiety you can face by handling it on your own. Free up time by ridding your business of unnecessary in-house staff. After all, why risk hiring inexperienced staff when you can work with a team who already has decades of combined experience?
When you outsource your payroll operations, don’t just hand the task over to just anyone. An independent company like Community Tax has in-depth knowledge of all tax matters, from filing simple returns to organizing finances, to representing your business on your behalf before the IRS, to negotiating payback agreements, and so much more. We don’t just provide payroll services; we aspire to give you payroll services, accounting services, and tax tips to keep your business on track to achieve your financial goals.
Payroll vs. Accounting: the Bottom Line
As mentioned before, the accounting and payroll departments may work in tandem with each other, but they both have entirely different tasks. Both departments may overlap in some respects and communicate with each other about certain financial matters, but they serve two different functions and both are needed to keep a business running.
The payroll department maintains basic information and makes sure paychecks get out on time. Lest it sound oversimplified, the payroll department handles a lot of complex financial matters and maintains an accurate record of all important financial information for employees and tax purposes to make sure the business is above board and the employees are happy. With a payroll department, the menial tasks of managing and maintaining accurate data are in the hands of professionals whose sole job it is to keep accurate, detailed records of the financial happenings in and outside the office.
Accountants take on larger financial tasks. Their main job is to gather information already recorded within the payroll department and create financial reports that they can represent to their superiors. Unlike payroll specialists, accountants surmise educated guesses based on the information accrued and use their problem solving abilities to design strategies to grow the company. They interpret financial data to solve hard-hitting issues and project into a business’s financial future. Accountants are forward thinkers that help bring ideas to life.
Certified Public Accountants, or CPAs, hold the highest prestige among accountants and have greater freedom to perform other financial measures. They pass a rigorous four-part exam to gain accreditation and recognition from the government as highly educated and capable CPAs. Unlike other accountants, CPAs can prepare audited or reviewed financial statements, and represent clients on their behalf before the IRS. This is a critical difference and allows these accountants to work with a broader spectrum of finances.
With Community Tax, you can expect both our accountants and CPAs to go beyond the tasks of payroll administration so that you get more bang out of your buck. Our team does it all, from filing back taxes and handling benefits to negotiating debt payments and representing you before the IRS. Call and ask us about our payroll services today and we’ll answer any questions you may have about what we provide.
How Community Tax can help
At Community Tax, we do more than just send out checks. We set the standard to go above and beyond other outsourcing businesses to provide services that truly help businesses grow beyond what they are now. Our diverse team of CPAs, accountants, and bookkeepers will assist you in all payroll matters, from organizing direct deposit to keeping your taxes on track. The tax advocates, accountants, and CPAs have experience in a variety of backgrounds to get you where you need to go. You will save more money and valuable time when you choose us. Let us take on the hard work for you so you can work on making your business thrive.
Never worry about making a mistake again with a team from Community Tax. We understand that the payroll process is a hassle, and we want to take it off your hands. Our dedicated tax practitioners will monitor all transactions and make sure checks go out on time. Never worry about delayed check disbursements, incorrect credit transactions, and other pesky mistakes. At Community Tax, we work tirelessly to make sure every task is completed seamlessly with no hassle to you. Need more tax help? You’re welcome to contact us at any time with questions regarding the payroll process and inquire about expanding your relationship with us to include more tax help. We’ll take your accounting needs off your plate and handle the accounting, payroll tax returns, tax planning, W-2 preparations, quarterly payroll returns, annual returns, and adjustments. You’ll be hard pressed to find another outsourced payroll processor that provides all of these services at a fixed and reasonable monthly rate.
The Proof is in the Results
We let our results speak for themselves. Over the years, we have resolved over $250 million in client tax debt and continue to lift wage garnishments, negotiate offer in compromise agreements, save thousands in penalties, and assign hardship resolutions. Our clients have been thrilled with our results and continue to refer other clients to us so that they too can achieve their financial desires.
Community Tax is headquartered in downtown Chicago, but we’ve managed to help clients across the nation with their payroll and accounting needs. We’ve represented individuals and businesses prepare taxes, discrepancies with the IRS, fix any tax or accounting mistakes, negotiate payment agreements, and much more to choose from. Consider Community Tax as your one stop shop for all your financial wants. Contact us today and ask us about our services and see what we can do for you to ensure the financial success of your business.