Handling the accounts pertaining to the growth and running of the organization is one side of the financial picture. The other side, which is just as important, is the processing of payrolls. Payroll processing is one of most tedious tasks undertaken in bookkeeping. Every aspect of it is extremely crucial since payments related to payrolls and their respective taxes are combined with various benefits given to employees and overhead costs. This significantly affects the net capital of the company.
With extremely low margin for error in processing payrolls, outsourcing these functions to a third-party bookkeeping service provider becomes a viable and intelligent option. Washington offers a comprehensive package of payroll services that are widely opted by various international organizations along with the usual bookkeeping.
Payroll processing does not follow a linear priority curve as compared to other bookkeeping tasks. Minimal engagement is required throughout the year which then escalates quickly into a big role at the peak of the financial year end, exactly when tax filing and annual report preparations are on the line, too. Rather than burdening the in-house accounting department, opting for bookkeeping service providers whose core competencies lie in payroll processing is helpful and provides higher flexibility. These services and tasks are integrated with various HR processes of the organization as well. Washington builds on its experience of more than 15 years and handles a variety of tasks related to pay types such as salaries, hourly wages, multiple pay rates, pay check tips, allowances, holidays, and many more. Furthermore, any other financial transactions that affect the payroll processing such as voluntary deductions, taxable or pre-tax premiums for medical care, retirement plans, loan repayments, and many others are also handled by the bookkeeping services.
Outsourcing payroll processing to bookkeeping companies provides a significant number of advantages apart from saving on infrastructure and staffing costs. All finance related records and tasks are handled by employees of the service provider who are experts in that particular domain. Error-free tax calculations, compliance with tax rules and IRS regulations, reporting of 941s and 940s for federal tax returns and unemployment taxes, W2 and W4 reporting, and various other statutory payments are completely taken care of by the bookkeeping services. The employees of the company enjoy the ease and comfort of direct account deposits without having to worry about time consuming bank work. Since the bookkeeping service providers make use of professional payroll accounting software like QuickBooks and ADP, the processing is specialized, fast, and accurate without the hassle of supervising their working and allowing companies to focus on their core vision.
Adopting payroll services from bookkeeping providers is a choice of combining expertise with convenience. Have a dedicated team of professionals handle the bookkeeping and payroll requirements, allowing the organization to take care of more productive activities.