THE BASICS OF PAYROLL ACCOUNTING

Your business depends on the work your employees do. Keeping them satisfied with their compensation while maintaining your records enables your long-term success. Payroll accounting requires knowledgeable and skilled professionals.  

 

An essential yet complicated part of owning a business, payroll accounting requires time and resources. Bookkeeping and basic payroll accounting are undervalued tools to your financial success. It doesn’t matter whether you’re an owner, an executive or a high net-worth individual; don’t spend your valuable time maintaining payroll accounts in-house when you can outsource this work to us. Successful people need exemplary payroll accounting records maintenance for tax purposes.

 

How Payroll Accounting Works

Basic payroll accounting maintains the records of your employees’ compensation. This includes, but isn’t limited to:

• Gross wages, salaries, bonuses and commissions

• Overtime pay

• Payroll accounting taxes and withholding:

• Social Security

• Medicare

• Federal/state income tax

• Federal/state unemployment tax

• Worker compensation insurance

• Employer paid benefits and other compensation

• Holidays

• Sick days

• Vacations

• Insurance

• Retirement plans

 

 

Employee compensation is subject to state and federal laws, as well as company policies. These policies can change over time. We provide a team of experienced and efficient accountants that keeps up with these laws to make sure you get every benefit. Payroll accounting isn’t simple bookkeeping. It also entails many other services that make managing your business easier.

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OUTSOURCE YOUR PAYROLL ACCOUNTING

Tax laws and restrictions are constantly evolving. The time it takes to keep up with the constantly changing financial landscape detracts from the time you could be spending on expanding your wealth. If that isn’t frustrating enough, you don’t need to be worrying about whether you missed an update that could benefit you or a loophole that could end up costing you.

 

Spending resources for a specialized, in-house employee especially in the New York metropolitan area might outweigh its benefits. When you hire Edofalltrades payroll accountants to handle your payroll accounting, it allows you to make more efficient use of your employees. The diligent team at Edofalltrades offers the added advantage of a big-picture view that benefits you in ways you wouldn’t expect.

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SOLUTIONS THAT FIT YOUR SPECIFIC NEEDS

Every business has unique needs and resources. We provide only those services you need to keep your finances error-proof. We can provide attendance tracking or a full range of payroll services. For example, to streamline your payroll, you may select accounting services such as:

• Payroll processing

• Time and attendance tracking

• Overtime, holiday, and vacation tracking

• Tax and benefits withholding

• Free direct deposits

• IRS/state tax filing and reporting, including EFTPS tax deposits

• Detailed reports:

  • Monthly, quarterly, and annual payroll tax reports

  • Employee accruals (sick days, vacation days, personal days)

  • Tax forms (W-2, W-3, 1099)

• New Hire Reports:

  • Creation

  • Filing

• Reporting to government on your behalf

• Maintenance of journal entries for payroll:

  • Initial recording

  • Accrued wages

  • Manual payments

 

Working with us who see past the numbers on the page provide a platform for efficiency and profit. Payroll processing done right includes your personal and your company’s complete financial history. We can undo existing deficiencies or implement new and creative practices that lead to untapped financial success. It’s payroll accounting, but so much more:

 

• Business consulting

• Cash flow management

• Payroll tax problems

 

Take advantage of the vast wealth of information from us to ensure that you have the right staff doing the right job for the appropriate compensation. When it comes to salary, overpaying your employees can have as dire consequences as underpaying them.

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MORE THAN PAYROLL ACCOUNTING

Internal controls and regular certified audits are part of an Edofalltrades consultation. We    can provide a strong foundation for that elusive business loan or to establish sound financial footing. Audits demonstrate that your finances are completely and properly represented and within the scope of the generally accepted accounting principles (GAAP). They give outside organizations confidence to consider you or your business for expansion or investment.

 

We provide a big picture financial accounting with the least amount of frustration. our solutions-oriented accounting team asks the right questions to give you clear and creative answers to your financial challenges. There is no problem too big for us.

 

 

GET THE ANSWERS YOU NEED

Hiring the right payroll accountant can improve your financial future. Your personal wealth and your company’s finances require individual and personal attention, as well as the touch of a mindful accountant who’s had success with numerous wealthy business owners. The smart business people understand the value of personalized and professional attention to their finances.

 

Creative, relentless and working for you. That’s what you get when you hire us!

 

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