Bookkeeping Red Flags and What To Do About Them
Bookkeeping is strategically important for every business because financials form the foundation for daily operations and future planning....
There is more to paying your employees than simply issuing checks on time. Myriad federal laws and regulations govern payroll, and when it comes to withholding and other specifics, the rules may vary from state to state.
Accountants usually see two distinct concerns when it comes to handling payroll properly. Some companies think they are doing everything right when, in fact, they are not. And then there are the CEOs and finance executives who readily admit that they don’t know if their payroll and reporting are correct in every detail. It can be worrisome, but it doesn’t need to be.
Clearly, you want to avoid these common payroll compliance risks. Ask yourself if any of the below red flags sound familiar. If so, it might be time to get professional help to protect your company and regain your confidence.
Any of the issues noted above are signs that you need help with your payroll. You can likely solve these problems with outsourced payroll processing—but you’ll get the best results and greatest peace of mind if you choose the right payroll partner. For example, a knowledgeable advisor can ensure thoroughness and accuracy of payroll on your behalf or can serve as an expert liaison between your team and your payroll provider if you’re using a third party.
Relying on your CPA firm eliminates worry. You can avoid costly repercussions of mistakes, better leverage your payroll system, and improve your relationship with your payroll provider, if you have one. And while outside experts take care of payroll details, you and your personnel can stay focused on core work to build your business.
Bookkeeping is strategically important for every business because financials form the foundation for daily operations and future planning....
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