Payroll, Payroll Dundee il
Are you a small business owner who is overwhelmed by payroll tasks? If so, you are not alone. Payroll can be complicated and time-consuming, especially for business owners who are already busy enough. There are still those that like a challenge and prefer to process payroll themselves, but fortunately, there are solutions available for those that would like a process that is a little bit easier. We have highlighted some of the options available to small business owners when it comes to payroll and provided tips for making the process as smooth and stress-free as possible. So, if you’re ready to learn more about payroll for small businesses, keep reading!
Process Payroll Yourself
For the tax savvy business owner, the DIY approach to paying your employees may be the right method for you. But given all the payroll mistakes you can make and fines that will result, don’t dive in unless you are completely comfortable with everything- from what taxes should look like as well as how much money is owed per employee.
Follow these steps:
1. All employees complete a W-4 form
When you hire a new employee, it’s important to file Form W-4 with their wages. This form documents the filing status and personal allowances of your workers so that taxes can be assessed accordingly.
2. Employer Identification Numbers
The IRS requires that every business have an Employer Identification Number (EIN), which is used by the agency to identify any person or company paying employees.
3. Payroll Schedule
Once you have your EIN you need to add three important dates to your calendar: employee pay dates, tax payment due dates, and tax filing deadlines.
4. Calculate and Withhold Income Taxes
Use the IRS Withholding Calculator and your state’s resource to determine which federal and state taxes to withhold from your employees’ pay. You must also keep track of both the employee and employer portion of taxes as you go.
5. Pay Payroll Taxes
When it’s time to pay taxes, you need to submit your federal, state, and local tax deposits according to your schedule.
6. File Tax Forms & Employee W-2s
Send in your employer’s federal tax return quarterly and state or local returns as applicable. Prepare your annual filings and W-2s at year-end.
Takeaway : The DIY approach to doing your company’s payroll is less expensive, but you open your business up to risky mistakes and costly fines.
Use a Payroll Service
Payroll services are the answer for any small business owner who has found themselves bogged down by payroll paperwork. These professionals take care of everything from paying employees to processing taxes – allowing you to get back to focusing on things that make your business money.
Like the DIY approach, all employees must complete a Form W-4 and your business must have an Employer Identification Number (EIN).
1. Choose a Payroll Provider
Payroll providers automatically process payroll calculations, payroll tax statements, year-end taxes and more for your company. There are multiple factors to consider when choosing a payroll service, such as features, ease of use, cost and support.
2. Add Your Employees
Add your employee’s information – name, address, Social Security number and tax withholding information.
3. Track & Import Hours Worked
Employers are required by The U.S. Department of Labor to keep track of wage records for up to two years.
4. Process Payroll
Run payroll with the click of a button
5. Track Tax Payments and Filings
The IRS requires tax forms to be kept for three years. All required information is kept and available through your payroll provider.
Takeaway: Although a payroll service is more expensive than handling payroll on your own, payroll services perform a variety of payroll-related tasks for you, greatly reducing risk and the time it takes to run your payroll.
Hire an Accountant
For those that are not interested in taking on the burden of doing their own taxes or using a payroll service, hiring an accountant may be the right fit for you and your business.
1. Choose an Accountant
This is not a decision to be taken lightly. Your accountant will become deeply involved in the operation of your business. Do your research and find someone you trust.
2. They do the rest!
Takeaway: Hiring an accountant is the most expensive option, but it eliminates risk and ensures you are compliant with federal, state and local payroll, wage and tax laws.
If you’re a small business owner, it’s important to understand that there are different methods available to process your payroll. Finding the right fit for your business is imperative. Take the time to research your options, so you can ensure that your business will have a smooth and easy experience when it comes to paying its employees.
No matter your size, we can custom tailor a payroll solution for you. Contact us TODAY for an initial payroll services strategy session.
Accountant, Accounting, Bookkeeper Dundee, Bookkeeping, CPA, Payroll, Payroll Dundee il, Payroll Elgin IL, Small Business, Taxes, taxes dundee IL
Growing as a business is certainly of importance to most business owners. After all, you will want your company to flourish and continue to experience growth for many years to come. However, in order for your business to head in a positive direction, it helps to utilize proper financial planning and analyzing…that’s where an accountant comes into play!
Are you aware of how accountants can benefit your own business? Many might believe an accountant just helps with the crunching of numbers, but you’ll be surprised that great accounting practices actually help businesses grow and generate more profits in the process.
We understand just how beneficial an accountant can be for a business! We have helped several businesses in the Chicagoland area and provided them with great information that’s helped their businesses. That’s why we have gathered five ways in which accountants can help a business grow by working with an accountant like Motl Accounting in Dundee, Illinois. If you would like to discover what these ways are, be sure to continue reading:
- Creates Budgets & Forecasts Reporting. It’s important that every business has a plan for their future. Therefore, you will want to set up goals to achieve over the next year, as well as create charts and graphs to keep yourself on track and complete them. By working with an accountant, you can have reports created which will showcase how your fixed and variable costs compare with your sales volume throughout the year, providing you with knowledge of the market conditions that you will need for profitable growth.
- Discovers Key Performance Indicators. Every business has key performance indicators. If you are in retail, you might use inventory turnover for construction or it might be job costing. Your accountant should assist you with discovering yours, as well as advise on methods to set up reports, allowing you to see how they perform over time so that you can make the best decisions for your business for its future growth.
- Maintains Cash Flow Projections. If there is one thing you want to understand as a business, it’s your cash flow! After all, without cash your business wouldn’t be able to operate at the level you’d want it to. An accountant will create financial reports right out of your accounting software which will assist you with planning your key performance indicators and properly maintaining your cash flow. It’s important to know how to expand your product lines, increase direct costs and add employees in a way that keeps your cash flowing just as it should.
- Determines Your Businesses Value. It’s important that you know the value of your business so that you can plan for your future. Seeing as opportunities or life events can present themselves at any time, you will want to know how much your business is worth, given the current market conditions. An accountant can assist you with getting to determine your businesses value, so that you can maximize it and your tax liability. We have professionals we partner with at Molt Accounting that help our clients with business valuations.
- Creates Advisory Boards. For your business to remain fiscally strong and healthy, you will want to be advised and know what to expect for the years to come. An accountant will work with you to develop a system so that you can forecast budgets, cash flow management and an overall financial analysis for your business. This way you can monitor your goals and business growth through a dashboard and ensure that it is always headed in a positive direction.
These are just a few ways in which an accountant like us can assist your own business with growing.
Are you ready to work with an accountant in the Northwest Suburbs of Chicago to grow your own business and provide your peace of mind in the process? If so, please get in touch with us one of our accounting therapists at Motl Accounting, as we would be pleased with the opportunity to assist you with doing so!
Accountant, Accounting, Bookkeeping, CPA, Payroll, Payroll Dundee il, Payroll Elgin IL
The Professional Association of Small Business Accountants Holds 12th Annual Awards Ceremony and Honors Six Members
Sunny Isles Beach, FL, May 9, 2018 — The Professional Association of Small Business Accountants held its 12th annual awards ceremony at the 2018 Spring Marketing Conference in Sunny Isles Beach this week. Six well-deserving members were honored with awards during the conference dinner party, located at Trump International Beach Resort. The winners were chosen in four award categories, including PASBA Accounting Firm of the Year.
The Motl Family were chosen as the 2018 large practice recipient of the Association’s Accounting Firm of the Year for their firm, Motl Accounting. The Motl’s were nominated by the members of the association to receive this outstanding award that honors a member who has consistently demonstrated the beliefs of the association’s motto, Teach~Share~Learn. The Motl’s have been members of the Professional Association of Small Business Accountants for 18 years and have served on the Board of Directors, Website Committee, National Conference Planning Committee, Payroll University, Future of PASBA Committee and presented at multiple conferences.
The Professional Association of Small Business Accountants represents Certified Public Accountants, Public Accountants, and Enrolled Agents who provide accounting services to small businesses throughout the United States. Members of the Association have built a nationwide network of accountants to benefit small business clients across the country. Using the collective resources of this network, Association members offer their clients a level of service and expertise that individual practices are unable to rival.
For more information, visit www.smallbizaccountants.com.
4919 Lamar Ave.
Mission, KS 66202
Accountant, Accounting, Payroll, Payroll Dundee il, Payroll Elgin IL, Small Business
Every new business owner begins with a vision of how things will be a few years down the line. What you probably never imagined were piles of paperwork and payroll headaches! It makes sense to handle payroll processing by yourself when you only have a few employees – there isn’t too much to keep track of, and you can easily resolve problems quickly. As your company scales up, what was once a small task can quickly become something that’s not as manageable. You might even have a run in with the IRS if you make a mistake. Feeling helpless? An outside payroll service like Payroll Vault may be just what you need to get back on track.
Our payroll service, overseen by Blair Motl, provides unmatched client service and powerful scalable solutions that meet the needs of all types of businesses. The benefits of outsourcing your payroll can make a significant difference in the success of your business and your work-life balance. Here are some of the benefits of outsourcing your payroll:
You’ll Save Time
A few hours spent on payroll every week can really add up throughout the year. Whether you’re processing the paperwork yourself or hiring internal staff to do it, you’re in a fight against the clock. There aren’t enough hours in the day for one person to handle the responsibilities of several full-time employees. Payroll tasks are a lot like the backstage of a theatrical production — important, but what really matters is what happens on the main stage. For businesses, your sales and other revenue generating activities should be front and center.
You’ll Save Money
As the saying goes, time is money, and that is especially true for business owners. It’s typically more costly to hire an internal accountant or payroll specialist than to outsource the job. When you choose Motl Accounting, you get all the benefits of an in-house accountant, without the added expenses. What that means for your business is that you can call our Motl Accounting office in Dundee, IL at any time and speak to a member of our accounting bookkeeping and payroll team. Someone that is familiar with your account will be available to answer your payroll concerns. It’s a fast, reliable and easy way to handle tasks that could otherwise cause financial headaches. Our Payroll Vault team assists by ensuring you have the right tools in place to save you money.
Our systems are used by an amusement park in the Dundee area and Payroll Vault helps them ensure employees are correctly logging in. This, in turn, helps the business save money since payroll is done digitally and not through physical time sheets which are prone to more errors.
You will Stress Less
We all know the feeling of spending extra hours in the office to get things done. Sometimes workplace responsibilities mean that business owners can’t give their friends and family the attention they’d like to give. When this goes on for too long, it can take a toll on a person’s mental wellbeing. Payroll should never get in the way of your personal life. When you start to dread going to work because you know payroll responsibilities are coming up, it’s time to look into outside options. Our co-owner and EA Brent Motl always stresses the fact that we at Motl Accounting and Payroll Vault are in the business of providing peace of mind to our clients.
You Will Get Payroll Experts
Payroll is a meticulous process with small details you may not have the expertise to handle on your own. Tax tables, regulatory changes, new government forms and withholdings are important pieces of the payroll puzzle. In the past, only large corporations were able to stay on top of every payroll detail. Small and medium sized businesses were often left to fend for themselves and many relied on a costly accountant on staff. Outsourcing your payroll to the Motl Accounting team makes sense — both from a business and common sense perspective. Our team is highly experienced and trained on the ins and outs of payroll processing.
Running a business has its perks, but taking care of payroll isn’t one of them. There’s nothing glamorous about devoting your attention to pay stubs, direct deposit or tax forms. So when you feel like your head’s about to explode, allow yourself the luxury of calling Payroll Vault to check all the payroll boxes for you. You will be able to devote more attention to growing your business and the more you grow your business, the more employees there are to handle payroll for. We understand that you don’t take business decisions lightly, so contact Blair Motl and the Payroll team to see how we can help with your payroll. Start growing without unnecessary stress today! We work with businesses all throughout the Chicago area.
Accountant, Bookkeeping, Payroll Dundee il
Business owners are typically jacks-of-all-trades, and in a competitive market, a versatile skillset is a key ingredient of success. Unfortunately, this means that some entrepreneurs end up stretching themselves too thin with responsibilities.
When one person is in charge of bookkeeping, marketing, and business growth, something’s got to give to ensure quality production and error-free work. Bookkeeping is an important responsibility no matter what industry you’re in, and it should always be a priority to complete it accurately and efficiently. Motl Accounting in East Dundee has a team of bookkeeping specialists to help Chicagoland’s small business community improve their company’s daily operations.
401K, Accountant, Bookkeeping, Payroll, Payroll Dundee il, Taxes
You might not know everything about employee 401(k) plan contributions, but if you’re an employer, it is your responsibility to understand the basics when you offer this benefit to your workforce. A 401(k) is one of the most common retirement investment options because it is a flexible way to build capital over the course of a career and the funds mostly get withdrawn from your paycheck. We have a Payroll Vault team that oversees the accurate disbursement of these funds from paychecks to 401(k) or retirement accounts. Here’s what makes this type of plan unique and what sets it apart from other retirement options.