What You Need to Know About Employee 401(k) Plan Contributions

What You Need to Know About Employee 401(k) Plan Contributions

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investment options because it is a flexible way to build capital over the course of a career and the funds mostly get withdrawn from your paycheck.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.

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3 Questions to Ask Your Payroll Provider

3 Questions to Ask Your Payroll Provider

If you’re a small business owner in Chicago or the northwest suburbs that have been considering using outsourced payroll services for your company, you’re sure to have plenty of questions that the Payroll Vault team at Motl Accounting in Dundee can answer. After all, payroll is an essential responsibility for every company, so it’s important to know that yours is in good hands. Still, the benefits of enlisting an external payroll provider often outweigh this uncertainty for small and medium-sized businesses. When it’s time to dedicate more time to grow your business and less on number crunching, here are three questions you should always ask when evaluating payroll providers.

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Benefits of Outsourcing Payroll

Benefits of Outsourcing Payroll

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.
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How to Choose a Payroll Service That Best Suits Your Business

How to Choose a Payroll Service That Best Suits Your Business

Regardless of the size of your business, whether you’re a three-person operation, a thirty-employee small business, a company of 200 strong, or even larger, there are certain things you must consider about how you pay your employees.

For small businesses especially, the conundrum may lie between paying your employees yourself and utilizing an outsourced payroll service. If you happen to be well versed in payroll tax laws, and have an in-depth understanding of accounting, dealing with your business’s payroll may not be such a big deal – but for those of us who are not up-to-speed on the ever-changing myriad of tax policies, a payroll service might be the better option.

Now that you’ve determined that you should outsource your payroll services, it’s time to delve into choosing the right payroll service for your specific business. (more…)