Tag: union payroll in minnesota

Outsourcing Payroll is a good idea for your business

payroll services minnesota

Payroll is one area of your business that you need to function effectively and efficiently. In the case of a poor performance, fines and penalties may result for your organization. Paying employees incorrectly can lead to disputes and even lawsuits.

Paying staff on time and accurately is part of good payroll practice. Business owners, however, often find it difficult to balance priorities, and payroll is often overlooked in favor of profit-generating activities. The most efficient solution is therefore to always outsource your payroll to a qualified payroll service provider.

What is payroll outsourcing and how does it work?

A payroll outsourcing company essentially provides you with outsourced payroll  services. Payroll companies can handle all your payroll-related obligations, including creating new records, processing terminations, and calculating budget to actual.

This can only be done if you provide the payroll provider with employee and employer information. Usually, that is all you need to do, so you can concentrate on your strengths.

Why use a payroll service?

In order to grow your business, you want to focus your efforts on revenue-generating activities. Nevertheless, you have a responsibility to your employees as an employer. Outsourcing can be useful in this situation.

In any business, payroll is an essential function, but it can also be extremely complex and  time-consuming. Paying incorrectly may also have a domino effect. The result of an incorrectly calculated employee pay may result in a dispute that you must then resolve. In addition to this being a waste of your time, it can also negatively impact employee morale and productivity at work.

Moreover, missing payroll deadlines will result in fines and penalties, which will adversely affect your profit margins and cash flow. You can spend more time concentrating on your core services and lead generation by outsourcing your payroll.

The benefits of outsourcing your payroll function

Payroll operations need to be handled by an employee if you will not be doing them yourself. Your company will have to pay more salaries and benefits by hiring an employee.

It is necessary to purchase payroll software to facilitate payroll activities and deliver them efficiently. An additional cost could be avoided.

In addition, you should always use the latest version of software that  incorporates the new tax rates for the year. You will have to pay advancement costs in addition to your current costs.

Outsourced payroll providers usually offer much more cost-efficient service package fees.

Time saving

Payroll processing can be a huge administrative burden, as you need to consistently devote time to it each pay period, keep track of every payroll change and component, monitor all payroll submission deadlines to ensure timely submission, validate all payroll inputs to ensure an accurate result, and complete all legal paperwork.

These tasks can all be handled by an outsourced payroll company. Payroll outsourcing services require only that you provide the payroll data and approve the pay calculation results for each pay period.

It is unlikely that you’ll have the experience or expertise to run your payroll effectively unless you were a payroll provider previously. That means either you have to spend a significant amount of time learning the basics yourself or you have to train your employee to do so. In-house payroll employees will need regular training as government regulations change.

Outsourced payroll services provide expert advice and service. Eliminate staffing issues

The payroll process needs to be conducted regularly, whether weekly or monthly. You must have an in-house payroll team available every time payroll is due.

In the event that a payroll manager is ill or on annual leave, you’ll need to pick up the task or risk failing to meet payroll deadlines.

You will not only have to pay the costs of recruiting a replacement employee if the employee leaves, but all that knowledge is also lost.

This wouldn’t happen with a payroll service provider. You can be confident that your payroll will always be conducted on time by an expert, regardless of employee movements.

Overall, it may feel like a big decision to outsource your payroll department. However, it is the most cost-efficient and risk free option to ensure your payroll is conducted error free every time.

 

Union Payroll can be tricky. Let us handle it for you.

Quickbooks Training

We specialize in managing payroll for union shops. Using our experience, we provide comprehensive payroll solutions that are affordable for businesses that need to manage complex payroll systems.

Our internal processes and procedures enabled us to manage the complexities and rapid-fire changes unique to union payroll management.

Since union payroll in the Twin Cities is so unique, we are able to help businesses by being able to assist immediately. UptoDate Bookkeeping is dedicated to making the payroll processes seamless whenever management’s in-house person goes out on medical, maternity or disability leave or for an unexpected work influx that necessitates the hiring of new employees.

Employee net wages and payroll taxes are held in escrow separately by a national bank – ensuring you have peace of mind.

Clients can report hours easily by fax, email, text or online.

A Complete Union Payroll Solution

We provide union contractors with accurate, reliable and efficient services. By relying on our expertise, we eliminate the mistakes that cause workers to complain that their paychecks are wrong.

When your payroll is handled by just one person, and that person goes on sick leave, we will make sure payroll and tax payments go out on time.

The transition to our services is easy because we have a process in place. Our services include:

  • Payroll administration; setting all rates, differentials, overtime, assessments, and payroll taxes.
  • Management of fringe benefits.
  • Ensuring readiness for union audits
  • Worker’s compensation audits complete
  • Adjusted premiums verification of accuracy
  • Baseline reports and other payroll reports.

  Fringe benefits for union members

Employee fringe benefits can be tricky to manage since different unions and job classifications have different benefits.

We make sure these items are properly set up into the system so they will be correctly calculated.

Contact UptoDate Bookkeeping in Blaine MN for help with calculating holiday, paid time off, health benefits, training and pension deductions.

The Benefits of Outsourcing Payroll Services

It’s economical

Reduce overhead by removing the need to hire specialized employees by letting us handle payroll and the legal details related to it.

It helps you save time

We take care of payroll preparation, system updating, monitoring and maintenance, so you don’t have to enter data, research new laws, or worry about compliance.

Payroll Tax Filing is Worry Free

Don’t put yourself at risk by calculating and filing your payroll taxes on your own. Have professionals handle it for you. Payroll tax laws in the U.S., state, and local jurisdictions are changing frequently and becoming more complex.  Can you spare the time to learn how to keep up to date with all the rules?

The ability to focus on core competencies

Our team of experts lets you focus on your business’ core competencies.

Detailed Reports

With us, you get a wide variety of convenient and accurate payroll reports. You will get union reports, certified payrolls, workers’ comp reports, and much more for a nominal fee.

Our payroll solutions are designed to meet your needs.

When it comes to payroll service – there isn’t one size fits all.

 

Company Payroll Outsourcing Benefits

payroll services minnesota

Just like marketing campaigns, customer service, and sales; payroll plays an important role in a business. Payroll is not a bookkeeping task or a twice a month annoyance; it dictates how you will retain employees, reward them, or/and compensate them for the work completed. Remember, any miscalculations or errors may affect your business output and have dissatisfied and unmotivated employees.

Calculation errors are not the only concern one has to look at; there are others such as payroll regulations, tax codes, and others. for this reason, when a payroll calculation has errors, other areas will be affected and most likely going to be expensive for your business like the classification of employee and contractor W-2 forms Tax deposit, and its deadlines.

Outsourcing payroll does help small businesses eliminate problems such as mentioned above. Outsourcing offers a lot of benefits to a business and is considered a wise move to shift your business’s payroll task to a knowledgeable and reputable payroll professional.

1. It Saves Time

Handling payroll in-house demands time and attention to details. The demand for time increases when your company’s staff grows. Every pay date becomes a series full of checks and balances filled with sensitive data that demands full attention and varies from one employee to the next; while at the same time ensuring there are no errors. The time needed to handle this task is the time taken away from other important tasks that will help your business grow.

2. Reduces Overhead Costs

All successful business often looks for ways to minimize overhead costs with the aim of increasing profits. As a business owner, your time has a dollar value, which is linked to the revenue generated at any given time. Therefore, the time you are able to save every day, the money you will earn. With this in mind, think of all the time you will be able to save when you delegate payrolls to a third-party company. Doing this will eliminate calculating employee hours, paid time, deductions, sick leave, sign, tax prints, and much more.

3. Increase In Data Security

The truth is that there is a risk that comes with in-house payroll. A good example is identity theft. Employee records viewed by those who handle payroll may lead to identity theft or tamper with records for personal gains. Also, you have to consider the risk of payroll software.

4. Government Compliance Guarantee

A small mistake may leave you open to costly penalties and audits. On the other hand, because these regulations change constantly, the chances of staying up-to-date are low, especially when you are focused on growing the business.

5. Access Various Types Of Services

The truth is that even the most experienced accountants have a limited skill set. However, with outsourced payroll services, a business gets an opportunity to access different types of services and benefits that will help grow a business. For example, apart from tax calculation and standard payroll calculation, you get access to other types of services such as labor laws, contractor services, contract generation, access to health benefits, bookkeeping services, and workers’ compensation payments.

Conclusion

Professional payroll provider companies employ people who are knowledgeable in payroll processing, can handle complex regulations, taxes, government compliance, and more. This is why they are trained to do and the pillar to the service. For this reason, a majority of service providers offer a service guarantee, which leaves business owners worry-free when it comes to payrolls. Therefore, as a business owner, it is wise to save your time, and efforts by outsourcing your payroll. This will give you time to allow your business to grow.

Payroll Services Provide the Necessary Administrative Help to Company Managements

payroll services minnesota

payroll services minnesotaWhen any business is set up that does have many employees, these persons will all need to be paid at fixed intervals that are normally weekly or monthly. For making these payments payrolls must be made detailing the number of days worked, the payments due based on agreed salaries, and deductions made for taxes or any other dues.

The preparation of payrolls requires a fair amount of work that must be accurate, based on attendance and other records. Businesses find that this requires deputing personnel to the required work, for a few days in a month. Keeping personnel specifically for this job may not keep them fully occupied, and if they are diverted from other work, those jobs may suffer. This is where payroll services that are outside companies can undertake, for a fee, all the work that is required.

In a basic payroll service, the outside company that has been given the work will collect all wage information including days worked and wages agreed on and will make all the necessary calculations, including required tax deductions, and any other deductions, and prepare the payroll. Their services can also include printing and delivering checks, or paying directly into bank accounts, and paying any required taxes to government bodies.

Taxes are often calculated based on the number of dependents a person has, and this requires the payroll services provider to be given the personal information about each employee. These can be federal, state, local, social security and any taxes for medical care. Some of the deductions require a matching contribution from the employer, and it can be the responsibility of the payroll service provider to maintain the records for each employee and make the required contributions to the designated authorities. Many people set up retirement funds as per any rules that a company may have in place and maintaining the records for this and making the needed payments may also be part of the services that they offer.

Payroll services can also offer to take over responsibilities that are normally handled by human resources staff, like administrating leave records and any benefits or retirement programs. While earlier, all the required information needed to be prepared in companies and sent to the payroll services company, the internet has allowed all this to be sent directly through web-based payroll accounts, where the details are constantly being updated by the company and are simultaneously available to the payroll service provider. The introduction of payroll software has made the entire process even simpler.

Differences Between The Duties Of A Bookkeeper And An Accountant

BOOKKEEPING SERVICES

PAYROLL SERVICESBookkeeper vs Accountant

A bookkeeper is an individual who doesn’t have an accountancy college degree but deals with data entry tasks such as processing payroll data, ensuring statements are mailed to the customer, making ready the sales invoice, ensuring payment of bills, and entering bills made by vendors. On the other hand, an accountant has acquired a professional accounting degree and will carry on with the operations done by the bookkeeper. A few examples include:

– Preparing the company’s financial statement such as cash flow statement, balance sheet, and income statement.
– Adjusting entries in order to record the expenses that the bookkeeper failed to enter. These could include employees’ earned wages that require to be processed the following week and bank loans’ interests since the previous bank payment.
– They also help the management to comprehend the financial impact made by its past and future choices.

Bookkeeper vs Accountant: Key Differences

This list contains the detailed differences between the two careers:

1. Bookkeepers are needed for evaluating, quantifying, recording and later classification of financial transactions. Accountants, on the other hand, are needed to summarize, explain and convey the latest financial transactions as filed in the ledger account.

2. Bookkeepers are never tasked to come up with financial statements. However, accountants are paid to come up with financial statements.

3. When it comes down to the exclusiveness of financial decisions, it is usually impossible to rely on book-keeping records but considered with accountant records.

4. Bookkeepers mostly use tools like Ledgers and Journals while that of accountants are Income statements, Balance Sheet, Cash Flow Statement, etc.

5. Generally, the senior management doesn’t get involved with the bookkeepers, but when it comes to accountants, they could be interested in their functioning since they need the information so as to make better future management decisions.

6. With bookkeepers, no special skills are required since a lot of the activities are usually mechanical in nature. Accountants, on the other hand, need specialized analytical skills since there’s a high complexity level involved in keeping the books of accounts safe. To be an accountant, you’ll need a professional accounting degree as well as some past work experience in accounting.

Making sure the financial records are properly organized and the finances correctly balanced out by the bookkeeper, together with smart financial planning and timely tax filing by the accountant, directly accounts to the long-term success that each business needs.

The 3 Signs You Need Help With Your Payroll

payroll services minnesota

payroll services minnesotaWhen you first start a business, processing payroll seems to be the easiest task that you will have to perform. If you are currently reading this, then you have probably come to the conclusion that payroll is a process that involves more than simply paying employees. Trying to do payroll on your own can take up a lot of mental bandwidth. So, if you feel as though you are ready to outsource your payroll, the following are some signs that now may be the time to hire a bookkeeping company to manage it for you.

Late Payroll

It probably goes without saying that most of your employees do not have a lot of breathing room when it comes to their finances. In fact, reports from the Federal Reserve estimate that over 40% of households in the United States do not have the funds available to cover an unexpected $500 expense.

This means that if you are late running payroll, this can not only mess up their lives, but it can also destroy any credibility and trust you have established as an employer. So, if a bank holiday will throw you off from processing payroll on time, or it slips your mind, consider outsourcing the job to a payroll service.

Missing Tax Deadlines

In the majority of states, small businesses have to make at least eight separate payroll filings annually. These filings include state filings and quarterly filings of the IRS Form 941. Making sure these filings are processed on time is another task that can be forgotten by small business owners. Filing late and/or making late deposits can become costly over time.

Cash Flow Issues

Even small businesses that are successful can occasionally experience cash flow problems. If your business goes through seasonal cycles of ebbs and flows, or you have a major one-time expense, your budget may be destroyed. Whatever your specific problem is, a bookkeeping or payroll service can help you manage your cash flow in several ways such as:

Withholding the taxes for payroll so you do not have to come up with the money at once
Paying your employees through direct deposit
Providing you with accurate payroll data so you are able to make better projections for cash flow

This is list is by no means complete, but it should provide you with a few red flags that you should be on the lookout for. Simply put, an experienced and professional bookkeeping service will give you more time to focus on other areas of your business while minimizing risks that could occur from you doing payroll on your own.

Thinking about hiring an outside company to do your Payroll?

payroll services minnesotaThere are many benefits that you can expect from hiring an payroll service company. It allows you to make savings and free up time to use in other aspects of your business. Outsourcing tasks that are not the core services of the business can be a good idea, both for small and big businesses. Having an internal department to deal with these services can be more expensive than outsourcing to a third party. Additional costs like training also adds to the cost of an internal payroll department. Payroll presents challenges to businesses regardless of the size.

What can a payroll company do for you?

Payroll companies specialize in payroll service. We will make sure that employees are paid on time and all the legal obligations are met. Our focus is on payroll and human resource tasks, and this ensures that we will take the worry out of the payroll processes. You will now have the chance to focus on your business instead of having to worry about how and when your employees will get paid.

Payroll is more than just writing checks and making payments through direct deposit. Payroll companies are tasked with handling a wide range of duties such as;

• Monitoring employee time and attendance
• Ensuring overtime pay is paid
• Setting up and making adjustments to direct deposit accounts
• Calculating payroll taxes and ensuring correct deductions
• Integrating third-party 401 (k) and benefit plans
• Compliance with federal and state payroll laws
• Electronic payroll records to both employers and employees

We provide systems that ensure all necessary information has been captured. Employees are also able to log in and view, print and save pay stubs.

We will give you peace of mind.