Bookkeeping Can Be Laborious And Dreary
Often, entrepreneurs don’t realize some of the tasks with running a company can be tedious. Undoubtedly, some of these tasks are repetitive and time-consuming. Calculating payroll, computing taxes, and other bookkeeping responsibilities often fall into this category.
One of these duties, payment of employment taxes, can involve steep penalties if done incorrectly. In fact, the IRS assessed companies over 5 billion dollars in civil penalties for the year 2020. These civil penalties arose from a failure to comply with the U.S. tax code.
Moreover, manually calculating payroll is time-consuming. Some experts estimate business owners spend almost 5 hours per pay period computing, filing, and paying employee taxes.
How To Keep Track Of Employee Hours – You Have Several Options
Generally, most businesses offer their employees a salaried or hourly rate of employment. Salaried workers earn a preset amount of pay regardless of how many hours they work. Whereas employers base hourly workers’ pay on the number of hours worked. In the U.S., the majority of employers pay their workers an hourly rate.
Certainly, when paying an hourly rate, you must choose a method of how to keep track of employee hours. An accurate record of time worked is essential for a correct payroll. Essentially, you can choose from several options:
- Paper timesheet
- Time clock
- Mobile App
- Payroll management system
Regrettably, many businesses still rely on paper timesheets. This is unfortunate because paper records tend to be less accurate due to human error and deliberate misreporting.
Certainly, using time clocks improves the accuracy of record-keeping and payroll. Your time clock will automatically generate a record of employees’ regular and overtime hours.
However, dishonest employees can “game” the system by having another employee clock in or out for them. Some companies rely on a biometric clock to eliminate cheating employees. These particular time clocks use unique body data like a fingerprint, to keep track of employees’ hours.
Another option is to use a mobile app time clock. One appealing aspect of using a mobile app is the number of free options available.
While all these options can adequately keep track of your employees’ hours, you still must calculate payroll. Additionally, you won’t have any options for revenue tracking, inventory management, or tax compliance.
The Perfect Solution: A Payroll Management System
Alternatively, a payroll management system can keep track of employees’ hours and streamline your bookkeeping. Moreover, the right payroll solution can provide you with much more. Moxy Payroll delivers a customized system specific to the needs of your company at competitive pricing:
- Employee hours
- Overtime
- Tips
- Vacation time
- Federal and state tax liabilities
- 401k
- ACA reporting
- POS integration
- Personalized legal alerts
- Security of all data
Plus, we also offer a cloud-based point-of-sale system to accept payments anywhere – kiosk, website, or even your customer’s home. Additionally, we provide engagement tools to build customer loyalty. Likewise, we can help with all your capital needs with secure loan terms and rates. Finally, we offer a free demonstration so you can see firsthand the full capabilities of our system. Call us at 803-739-1190 and one of our friendly staff will set up an appointment at your convenience.
FAQS To Help You Sort Through Payroll Companies
Finding the ideal payroll company to fit your business involves asking many questions. To help you, we’ve compiled a few of our most commonly asked ones.
Can Your Payroll Management System Meet The Unique Needs Of My Business?
Your employees are your most valuable asset reflecting the character and appearance of your company. Correctly calculating payroll is a crucial part of keeping your employees happy. Thus, finding the ideal solution to your payroll headache is paramount to the success of your business.
Certainly, tipping can present some unique payroll challenges. Other concerns may be different scales of pay, type of employment, or overtime.
Sometimes, businesses may have full-time, part-time, temporary, or freelance contract employees. Moxy Payroll can easily calculate pay for all the types of employees in your workforce. Additionally, we make calculating overtime, benefits, and ACA reporting requirements straightforward and uncomplicated.
Do You Offer Restaurant Payroll Software?
Yes! Restaurant workers, like other service industries, rely on tips for their wages. Typically, the U.S. Department of Labor will allow service industry business owners to pay less than minimum wage. However, one important provision is that the employee’s wage combined with tips equals the federal minimum wage. If it does not, the employer must make up the difference.
With our partner, Heartland, we offer integrated POS and payroll systems. When customers add a tip, our system can automatically sync the information to your payroll management system.
What Type Of Support Can I Expect?
Primarily, the best payroll management system is only as good as its support. That’s why Moxy Payroll is pleased to be a proud partner with Heartland, a company with stellar customer service.
When you choose Heartland, you get a dedicated representative to assist you with questions or issues. This includes on-demand access to human resource professionals to guide you on labor laws.
Yet, even before you become a customer, we want to help you succeed. Discover practical tips for payroll management by following us on Facebook. Or, just give us a call at 803-739-1190!
Moxy Payroll offers customized solutions with competitive pricing to manage your payroll. We partner with Heartland, offering flexible, scalable plans. Plus, Business News Daily rates Heartlands as one of the top 10 POS systems. With an easy-to-use interface, we offer complete payroll solutions for many different size businesses.
Some Of The Benefits Of A Payroll Management System
Although you may have thought running a business would be hard, you didn’t anticipate the seemingly endless number of regulations. In particular, the Fair Labor Standards Act (FLFA) requires employers to keep certain information for each worker.
Using a payroll management system helps keep you compliant with all federal and state laws Plus, you can keep track of employees’ wages and time worked while calculating taxes and deductions.
Best of all, using accounting software will free up your time to manage other important tasks. Undoubtedly, manually computing payroll is extremely time-consuming and leaves plenty of room for mistakes. The comprehensive oversight of an accounting management product helps ensure accurate payroll.
Accuracy In Managing Payroll Is Essential
Certainly, accuracy in calculating payroll ensures you’re compliant with tax policies. Equally important, correctly computing your employees’ wages builds employee confidence. Imagine working for a company that always made payroll mistakes. Or had insufficient funds so the checks bounced.
Accordingly, payroll begins with keeping track of all your employees’ hours. Not only are tracking employee hours important for generating accurate payroll, it’s also crucial to ensure compliance with labor laws. For example, state laws regulate the number of hours and time minors may work.
Moreover, you must calculate their gross wages according to each employee’s pay rate. Often, you’ll have employees at different pay rates. Additionally, if your employees receive tips, you have multiple obligations as to record-keeping and responsibilities.
Next, you must deduct taxes for each employee’s pay based on their withholding specifications. In addition to collecting taxes, you must submit these funds to the IRS on time. Failure to do so may result in a penalty of up to 15 percent.
Besides all these mathematical calculations, you need to file the correct forms. Plus, as an employer, you are responsible for both federal and state unemployment tax.
FAQs About Hiring A Payroll Processing Company
Certainly, you can find many payroll processing companies offering different types of software. To help you sort through all the options, we’ve compiled a list of our most frequently asked questions. If you have any others, please call us at 803-739-1190 and one of our friendly staff members will assist you.
Can Your System Keep My Business Compliant With ACA Reporting?
Undoubtedly, government rules and regulations change all the time. For a business, it can be a nightmare trying to keep compliant.
For instance, President Obama signed the Affordable Care Act into law in 2010. Although you may not think healthcare affects payroll, the law contains benefits and responsibilities for employers. You may need to provide health insurance for your employees resulting in reporting requirements and payroll deductions.
Moxy Payroll can help you remain compliant with ACA reporting. We can help you prepare and file all the necessary reports required under ACA. Plus, our system will help you stay abreast of other new federal or state requirements like minimum wage requirements.
Do You Offer A Free Demonstration?
Absolutely! We love to show how easy and simple our system is to use. Moreover, we can customize your payroll solutions to fit the specific needs of your company. Businesses are unique. Your payroll software should be too!
For example, restaurant payroll software must calculate wages differently than a retail store. Whereas retail workers must receive minimum wage, generally, restaurant workers often receive lower wages due to tipping.
Plus, when you use our system, you’ll have a dedicated U.S.-based specialist to handle your account. You’ll receive one-on-one assistance to guide you through employee issues and labor laws.
Moreover, our technology secures all your information for safe transactions. Securing all your data is just as important to us as it is to you. Furthermore, we’ll be with you as your business grows, providing solutions as your needs evolve.
Why struggle with completing your payroll when we can help? Get your free demo by calling 803-739-1190.
Can Your Payroll Software Work With A Restaurant POS System?
Certainly, running any company is stressful. However, running a restaurant has its unique challenges. Keeping track of marketing trends, controlling food costs, and menu pricing are just some of the responsibilities owners face. Yet, incorporating a POS system with your payroll can streamline your operations.
One of the biggest reasons why restaurants fail is a lack of proper accounting. However, with integrated data, you can easily automate reports to make business decisions using relevant information. For example, using historical data, you can forecast sales to optimize your labor force. Additionally, you’ll have useful insights and a clear representation of your financial situation.
Are you handling your payroll correctly? Join us on Facebook to find out more about accounting solutions perfect for your company. When searching for complete payroll solutions, you need Moxy Payroll!