4 THINGS TO CONSIDER WHEN CHOOSING PAYROLL SERVICES FOR YOUR SMALL BUSINESS

If you search for the best payroll service provider online, you’ll find a plethora of companies claiming themselves the best payroll company. That’s the reason it’s super overwhelming to figure out which company to go with.

If you are choosing payroll service for small business for the first time, you may be wondering where to start and what to look for. Beyond looking at the options and features, what else makes a payroll service stand out?

While you may not be an expert in payroll, here are 4 things to consider when choosing a payroll service for your small business.

What is the experience of the company?

From web-based and advanced software to traditional payroll processing and employee screening & background checks, an experienced payroll company will be able to fulfill all your business requirements. A good payroll provider takes time to understand your business’ unique needs and use its experience to provide you the best payroll service. In addition, go for a payroll provider who has worked with your type of businesses before. This will help you be confident that the company you choose is ready for the specific challenge for your industry.

How much does payroll service cost?

Cost is one of the most important factors for small business when making an investment. You want services that are affordable and get the job done. Every payroll company has its own pricing structures; most providers charge a flat monthly fee, plus an additional fee for each employee. This is something that should be taken into consideration; otherwise, you can ruin your budget.

Also, some companies don’t or forget to mention hidden fees, make sure to ask a detailed view of the bill. You may also want to ask if the charges and fees you were quoted are subject to change and if so, do they increase frequently?

What are the security concerns of my payroll software?

These days most of the payroll providers use advanced software to get the work done easily and efficiently. Let’s face it – a company has gained access to all your employees’ Social Security Number, and other confidential data. This situation can give you really a migraine.

Security must be your first priority when choosing a payroll company for your small business. It’s a good idea to ask your payroll provider that how they secure employee and other information.

What is the level of customer support?

Last but not the least – customer support is another important factor to consider when choosing payroll service for small business. A good payroll company is committed to providing exceptional customer service when you have any query or question. When determining the quality of customer support, some questions to ask include:

• What professional payroll certifications do the support staff have?

• Is the support staff available via phone, chat or email?

• Will you provide me with an experienced manager and team?

• How long it will take to resolve my problem?

Choosing a payroll service provider for small business can be challenging and time-consuming. These above tips will help you when deciding on a payroll provider for your small business. If you’re looking for a reliable, experienced and dedicated payroll and tax preparation services Salisbury MD, you can count on Balance Expert. Ask for a FREE quote today.

Bookkeeping Basics – Understanding Assets, Liabilities & Equity

Prior you opt for taking up services for bookkeeping in Salisbury, MD, it is mandatory that you understand the basic accounts of the company – assets, liabilities, and equity.

Ø  Assets – These are the things that the firm owns like its inventory and accounts receivables.

Ø  Liabilities – These are the things that the firm owes like what they owe to its mortgages, business loans and banks, suppliers (accounts payable), and any additional debt on the books.

Ø  Equity – It is the ownership that the firm owner and any shareholders have in the company.

Balancing the Books

With the intention of balancing the books, you can rely on Affordable Bookkeeping services that can ensure careful tracking of such items and be certain the transactions that handle equity, liabilities, and assets are recorded appropriately and in the correct place. “Assets = Liabilities + Equity” is an equation for accounting, which is a promising formula that the experts count on to ensure the books always balance.

This equation signifies that every asset of the firm is balanced against claims against the firm (equity and liabilities). Liabilities are claimed depending on what you owe lenders and vendors. Company owners have claims against the remaining assets (equity).

Initial Bookkeeping Terms Associated With Accounting Equation

When you hire an expert for Tax Preparation Services in Salisbury MD, one will make you aware of equity, liabilities, and assets so you’ll have a thorough understanding of what comprises each one.

Ø  Liabilities – Both long-term and current liabilities are incorporated in the liability accounts on a balance sheet. Current liabilities are typically accruals and payable accounts. Accruals will be composed of taxes owed such as Medicare tax on the employees that are usually paid quarterly, and sales tax owed and federal, state, social security. Accounts payable are typically what the business owes to its bank loans, credit cards, and suppliers.

Ø  Assets – If you take a look at the format of a balance sheet, you’ll notice the equity, liability, and asset accounts. Asset accounts typically begin with the cash account and the marketable securities account. Then, inventory accounts receivable, and fixed assets like buildings, land, and equipment and plant are listed. These are substantial assets that you can really touch. Firms even have insubstantial assets like goodwill of customers.

Ø  Equity – The equity accounts consist of the entire claims the owners have against the firm. Evidently, the owner of the firm has an investment, and it may be the sole investment in the company. If the company has taken on additional investment, which is considered here also.

So, hiring a veteran for bookkeeping in Salisbury MD will help you understand the entire basics!

Significance Of Payroll Accounting Services For Small Business

Small business owners manage the majority of aspects of their business. They have to be a salesperson, a marketer, and still get time to administer the finances. Whether you’re administering more than a few offices, or simply have a single storefront, you can definitely benefit from using a professional Payroll service for small business. It’s one of the services that certainly make sense to have outsourced.

What You May Possibly Necessitate Online Payroll Services For

Small business owners usually take for granted that payroll only entails offering regular paychecks to staff and believe that it is certainly something they could keep in-house. In addition to bookkeeping in Salisbury, MD, the following are a few things a seasoned professional would help you to perform:

Ø  Keep track of tax information of the staff.

Ø  Send any essential periodical reports or key data sets to the right groups.

Ø  Manage and gather a variety of human resources forms.

Ø  Track information for PTO (paid time off) and attendance.

Ø  Deal with unique payment conditions lawfully and properly, including family leave, employment, and disability.

Ø  Facilitate the staff to view and update insurance information, retirement, or benefits.

If you’re simply starting a business, you may possibly be speculating precisely what’s payroll service for small business and how it is dissimilar from other bookkeeping requirements. A specialist accountant will facilitate you to process the payroll for the staff every month. One will offer you the most promising Tax Preparation Services in Salisbury MD in order to ensure that you’re paying the payroll taxes without any errors, as well as work out how much every worker has earned.

Advantages of Hiring a Payroll Expert for Small Business

Even though a small business owner may be capable of paying a group of individuals consistently, however, it is usually trickier to even keep track of the accurate paperwork, pull reports, or deal with unusual conditions. For small businesses, it is still very time-consuming, and owners often struggle to carry on. Irrespective of what they’re utilizing payroll services for, they can even have the benefit of the following as a result:

Ø  Save a significant amount of money by lessening data entry mistakes and at times evading big errors.

Ø  Make sure that tax information is precise and consistent and have the information at hand instead of requiring to compute depending on lists.

Ø  Cut the requirement to educate or keep payroll-related staff, lessening expenditures further and letting HR professionals lay emphasis on other significant duties.

Ø  Save time, letting you use the energy on core competencies and overlook the complicated business of performing duties for bookkeeping in Salisbury, MD on your own.

Get a specialized Payroll service for small business today and take your venture to the next level!

TOP TIPS TO MAXIMIZE YOUR TAX REFUND THIS YEAR - BALANCE EXPERTS

Finally, it’s 2019 and you all might have planned New Year resolutions and other important things that you would like to do in the future. But what about Business Tax Return?

The tax filing deadline is just a few months away and IRS soon be open for business and start accepting 2016 tax returns. This is a great time to make some smart tips to lower your tax bill and increase your tax refund when you file.

Whether you’re filing your tax return for the first time or a regular taxpayer, here are some tips to help you maximize your tax refund this year.

The Earlier the Better

Though you will have to wait for several days to receive your W-2 form for the 2018 tax year, that doesn’t mean you have to wait until April 15 to file your taxes, the date of filing your tax return. Once you have all your tax forms together, it’s a great idea to consult an accountant to get your taxes done. The sooner you file, the sooner you will receive your tax refund. An early and better tax refund is a wonderful opportunity to buy your favorite gadget, pay down any debt or pay school fees for your children.

Review Your Filing Status

Your filing status can greatly influence the amount of money you receive in your refund. If you divorce or lose a spouse to death or are recently married couple, you may expect a larger tax refund. Besides that, a married couple filing jointly can also get various tax benefits and breaks unavailable to those filing separately. So, it’s a great idea to consult your filing status with a professional CPA before filing your tax return.

Deduct Health Care Expenses

If your expenses are more than 7.5% of your adjusted gross income in 2018, you may be able to deduct those expenses. Take a look at the total healthcare expenses that you have spent on various health-related issues such as health insurance, Medicare premium, medicine costs, and other out-of-pocket expenses to see if the total health care costs exceed the medical expense threshold. But if you’re opting for the standard deduction, you can’t take this benefit – it only applies if you itemize all of your deductions.

Postpone Your Bonus

Getting a year-end bonus at work can help boost your tax refund this year. If your employer gave you a bonus in January, consult a CPA or a tax expert today. The best thing about these year-end bonuses that you won’t have to pay taxes on them when you file your 2018 business tax return.

Start a Home Business

Last but not the least – home-based business can help you boost your refund this year. You can deduct several costs that could add to your business expenses such as office, telephone, internet, and office supplies. When you start a business, the initial deductions may offer tax refunds, and when you starting earning, the continuing deductions provide a financial decision. A home-based business can save you around $2500-$3000 in tax savings.

If you’re going to file your 2018 tax return on April 15th, these are some of the many tips to boost your refund. If you’re a resident of Salisbury and looking for an experienced CPA to help you maximize your tax refund, Balance Experts can help. Whether you’re looking for tax preparation or payroll or Bookkeeping in Annapolis MD, our wide range of services have got you covered.