While entrepreneurship has its myriad benefits, establishing an efficient and stress-free system of compensating your employees is probably not one of them.
Payroll is a pain, plain and simple. Filing errors can cause any number of payroll compliance aggravations, from fines and fees to significant legal entanglement.
Outsourcing can be the cure for what ails you. It can be an economic alternative to doing things in-house, while saving time and tension as well as them from legal burden.
The following factors that could potentially yield payroll compliance nightmares…think about the time you could save by outsourcing:
- Cost: At the very least, your in-house payroll department will require the routine purchase of up-to-date accounting software. Add to those startup dollars the inherent learning curve required to master such software, the personnel required to operate it on a daily basis – and the resources expunged in the interest of saving a dime quickly outpace the minimal costs associated with outsourcing.
- Snafus: The room for error is incredibly vast when it comes to sensitive financial information. Consider the number of associated tasks in which forgetting to carry a one could have serious consequences.
- Calculating payroll as well as state, or city taxes
- Printing and issuing checks on a regular basis
- Management reports
- Direct deposit services
- 401k preparation
- W-2 filing
And not only do your employees expect to be compensated in a timely manner – but an assortment of federal, state, and local government agencies are lining up, as well. In fact, your employees are likely to be far more understanding if something falls through the cracks. Which leads us to…
- The IRS: Tax laws are a moving target. With each passing year, adjustments and amendments are made, and if your in-house bookkeeper does not stay abreast of such changes – you could be looking at some severe penalties.
As an Employer of Record, Maslow Media Group can help your company navigate payroll compliance aggravations, while handling all related expenses, plus insurance. We can customize paychecks cycles to be weekly, monthly, or in between, and there is no minimum requirement for accessing our services.
Additional offerings include:
- Nationwide payrolling
- State/city mandated sick leave tracking
- ACA compliance
- Benefits (Medical, Dental, Vision, Short-term Disability, etc)
- Retirement Plan
- General liability insurance
- Direct Deposit
- Credit card and Electronic Fund Transfers
- Expense, equipment, and per diem payments
- End of Year reporting
- Customized billing and accounting reports
- And more!
Additionally, MMG adheres to all IRS guidelines regarding W2 and 1099 labor, providing a misclassification safety net to our clients. We are well-versed in all new compliance laws and regulations, including ACA, mandated sick leave, and more.
Most importantly, we accept responsibility for any and all penalties resulting from late or incomplete payments. (But with MMG, that won’t be an issue.)
Intrigued? Request a quote today or speak to one of our in-house experts. Find out how our team can help calm your payroll compliance concerns.