Comprehensive Payroll Services in Southaven
Whether your small business has twenty employees or just two, having a solid payroll system is essential to your success. At F.O. Givens and Company, we provide effective payroll services that ensure your operations are completed smoothly and on time. Our team of CPAs is committed to helping small businesses in Northwest Mississippi achieve success through reliable service and proactive strategies.
From our Southaven and Senatobia offices, we take on your payroll and accounting challenges with dedication and a drive for excellence. From calculating and delivering wages to submitting payroll taxes, you can count on our team to handle it all. Contact our office today to learn more about how we can help.
Why Outsource Your Payroll?
Payroll is an essential task, but it can also be an incredibly frustrating one to manage, especially if you're involved in the many other roles it takes to run a business. Unfortunately, most small business owners can't afford to bring on a full-time accountant for payroll and think their only option is to shoulder it alone. This can lead to lost time and potentially costly mistakes.
Outsourcing offers all the best qualities of a seasoned accountant at a fraction of the cost. You receive the help of an expert who has experience working with dozens of companies. Here's what you can expect when you choose to outsource your payroll:
Affordability - With outsourcing, you won't have to dedicate a full-time position, complete with benefits and tax implications, that you otherwise would to see your payroll done right.
Efficiency - An experienced CPA can handle all your payroll needs in a timely manner, since we know the best way to organize and complete tasks. This leaves you with more time to focus on the most critical aspects of your business.
Peace of Mind - With an expert hand at the payroll, you have a much lower risk of possible errors in your filing, which could otherwise lead to considerable fines. It also means one less drain on your attention and energy, so you can spend your time growing your business and following your passions.
Clarity - Having a skilled CPA on hand means that you have a clear window into your payroll situation. You'll receive regular reports on its status and a breakdown of what the numbers mean, as well as how payroll operations can be improved for greater efficiency and accuracy.
What Does Outsourced Payroll Do?
As your payroll accountants in Southaven, we're equipped to handle your various payroll needs. Our CPAs are familiar with the ins and outs of a solid payroll system and use that knowledge to help you meet your obligations quickly and thoroughly. Whether your company's employees are hourly, salaried, contracted, or some combination, we know the right way to file to keep things accurate and compliant.
Our payroll services can handle any of the following needs:
- Payroll management
- Reviewing and updating with federal, state, and local tax regulations
- Direct deposit and electronic fund transfers (EFT)
- Payroll check printing
- Monthly, quarterly, and annual payroll tax reports
- Payment of third-party withholdings
- W-2, W-3, and 1099 processing
Payroll Tax Filing to Ensure Compliance
Payroll taxes are one of the most sensitive areas of business accounting. There are numerous regulations that govern how payroll taxes must be handled, and even well-intentioned businesses can make mistakes that result in expensive fines. Moreover, most business owners don't realize that the IRS can initiate a payroll audit at any time, regardless of how well you've maintained payment. Even an effective business can't allow itself to be caught off-guard.
To give your company the best chance of successfully passing an audit or avoiding one altogether, let our CPAs at F.O. Givens and Company take care of your payroll taxes for you. We're familiar with all angles of payroll tax regulations and strive to stay up-to-date with any changes that could apply to you. As we manage your payroll, we ensure that all withholdings are accurately measured and sent directly where they need to go, so you're never behind in your payroll taxes.
Whether you're a family-owned small business or you're just getting off the ground, it's common to have questions about how to run your payroll well. Here are a few of the questions our clients often ask.
How Long Should We Keep Payroll Records?
The Department of Labor recommends that companies keep payroll records on hand for at least three full calendar years. The IRS also encourages businesses to retain employment tax records for at least four years after the fourth quarter filing. Having these records accessible will make audit or review processes go much more smoothly, and with today's digital options, keeping records is now easier than ever.
What If My Company's Low on Cash and I Can't Pay Payroll Taxes?
You may be tempted to put off payroll taxes in favor of more immediate expenses, but the consequences of this are severe. The IRS takes nonpayment of payroll taxes very seriously and can charge heavy fines for failure to pay. Furthermore, depending on the structure of your company, you could be held personally responsible for any unpaid taxes or failure to withhold from employee earnings. Instead, think of paying off your tax obligations quickly as cashing a check for your future.
Your Southaven CPA for Reliable Payroll Service
Payroll may be just one part of your accounting, but it's vital to get it right. Our team at F.O. Givens and Company is passionate about supporting your business, and quality, communication, and efficiency is the core of every service we provide. Contact our Southaven office today to put your payroll in capable hands!