Learn how to get set up, pay your team, find HRsupport and benefits, and sync with accounting soyou can manage everything in one place. Set payroll to a schedule, so your team gets paid on time, every time. It includes everything from pen-and-paper records to using an Excel spreadsheet template . When setting up payroll for your small business, you’ll find a lot of details come down to whatever payroll system you’ve chosen to implement. We’ll get more into those in a minute, but first, here are a few general steps for setting up payroll. We understand what is posting in accounting the burden and stress of paying your people accurately and on-time.
Our team will also keep your business up-to-date with the complex tax filing requirements as they inevitably change and complicate your payroll processes. GMS’ online payroll software, GMS Connect, makes running payroll simple. Our online technology streamlines the payroll process to create less paperwork and give users access from anywhere with an internet connection.
Time is money—get more of both
Most payroll software and payroll services will calculate, file and pay federal and state payroll taxes on your company’s behalf. If you are making federal tax deposits on your own, you must use the free Electronic Federal Tax Payment System. How often you deposit federal taxes is based on the total tax liability you report for your quarterly federal tax return. If you manage benefits such as health insurance or retirement plans through a payroll service, it might also be able to make payments to those providers for your business. Or, if you’re managing benefits in-house, you’ll have to make benefit payments on behalf of your employees.
Full-service payroll typically implies an all-in-one solution, meaning everything you need is included. Depending on the product, users might enjoy features like automatic payroll tax deductions, automated tax filing, digital pay stubs, and same-day direct deposit. If you’re tracking time electronically, you may be able to connect that software to your payroll, eliminating the need to transcribe employee time cards. First, schedule a call to learn more about our payroll platform and Managed Payroll services. Next, we’ll hold your hand through implementation using our proven best practices and managed payroll support. Finally, rest easy knowing your people will be paid correctly and on time‑backed by our accuracy guarantee.
Enhanced Services
Most, but not all, small business owners need to get an EIN before they can apply for licenses, file payroll taxes or even open a bank account. Depending on where your business is based, you may need to get a state-level EIN on top of your federal EIN. The next step is to abc company balance sheet calculate net pay by taking the gross pay amount and subtracting deductions. For small business owners, managing payroll and tax filings can be one of the most time-consuming and challenging tasks there is. GMS can save you time and give you peace of mind through expert payroll management services. Whether you decide to pay your employee biweekly, semimonthly, or on a completely different cadence, you’ll need to set up a pay schedule.
- Depending on the product, users might enjoy features like automatic payroll tax deductions, automated tax filing, digital pay stubs, and same-day direct deposit.
- Before you can start putting employees on payroll, you will need an Employer Identification Number (EIN).
- Note that employees are typically paid several days after a pay period ends to allow time to calculate hours and withholdings.
- Attract and retain your people with recruiting, performance management, goals, and recognition.
- Our online technology streamlines the payroll process to create less paperwork and give users access from anywhere with an internet connection.
Running payroll for your small business
Just like your Social Security number (SSN) is to you as an individual, your EIN is a way to identify your small business for tax purposes. While employee information is typically collected during the onboarding process, employees also need to let you know when their information changes. Our partners cannot pay us to guarantee favorable reviews of their products or services.
It’s important to have a time-tracking system that’s both easy to use but difficult to manipulate. There are many different time sheet solutions, including systems that integrate right into your payroll system for even more accurate information across the board. Reconciling payroll essentially means checking your work and making sure your expected payroll matches your actual payroll. Comparing the current payroll to the prior period can also help you spot anything out of the ordinary. Reconciling is a good practice to do every pay period, before filing quarterly taxes and before sending out W-2s to employees. Professional payroll assistance can be a rescue boat for small businesses trying to navigate the legal seas of payroll.
Personalization and scalability are at the core of our services and platform. Simply enter payroll online, import hours and wages, or utilize our integrated time keeping system. Whether it’s direct deposits, deductions, or PTO tracking, managing these day-to-day tasks becomes streamlined using our online portal and employee onboarding. Plus, we store all necessary documentation electronically, so you never have to worry about storing or retrieving paperwork.
You’ll also need information from them related to employee health insurance and retirement savings if applicable. If you plan to offer direct deposit, collect your employee’s banking information as well. Before running your first payroll, it’s important to establish a standard payroll policy. Contributions to Social Security and Medicare taxes (known as Federal Insurance Contributions Act, or FICA, taxes) are paid by both the employee and the employer. That means you’ll also need to pay the employer portion of FICA payroll taxes to match your employees’ contributions. If you’ve received court orders for wage garnishments, consider using payroll software with a guide to accounting for a nonprofit organization garnishment management services to stay in compliance and avoid penalties.