You chose to not become a CPA or a bookkeeper because you had other dreams and passions. You are building a thriving business around those dreams and passions. Unfortunately, the mundane details like taxes, accounting, and payroll are a necessary evil. Payroll and tax administration are time consuming and sometimes unpleasant endeavors to small business.
There are so many regulations and agencies that need to be accounted for in the payroll process: SUTA rates, FUTA rates, Federal taxes, Social Security, and FICA are just the beginning. However, this is not an area of business that you want to neglect! Withholding taxes is one area in which the law will allow the Internal Revenue Service to pursue the business owner personally for any unpaid liabilities.
Focusing on these items takes valuable time away from your passion — your guests and their experience in your establishment. What if there was a simple and easy way to avoid these tasks? You could then re-invest that saved time back into building the business you love! Maybe more importantly, what if there was a way to know your business and your family were safe from tax penalties and levies by knowing that all returns were filed and taxes paid accurately and on time? How do you keep “employee business” from getting in the way of your real business?
The answer is a qualified payroll service. It will not only free you up to spend time on your core business, but they will also ensure that returns are filed promptly and payments made when due. Because the payroll service will take the necessary taxes when taking the funds to pay employees, you know the funds have been set aside without having to plan for it yourself. It feels almost “automatic” to you as this myriad of details is happening “behind the scenes” in what feels to you like one easy transaction each payroll period. Then, there is the security that, in the event of an error, a qualified payroll service is responsible for correcting any issues with the agency involved.
There are two types of payroll service platforms. Both the Professional Employer Organization (PEO) model and the Administrative Services Organization (ASO) offer comprehensive administrative payroll services. However, they differ in level of service and in level of responsibilities for the employer. They can also have different pricing structures. How to choose? A qualified expert with years of experience can evaluate your unique business, situation, and experience and guide you to the right service model. Like everything in business, it comes down to an informed cost-benefit analysis.
At CapRock Services, we can decrease your workload and your worry by handling your payroll and tax administration with our nation-wide payroll platform. Whether you are brand new to the industry, or a seasoned professional, we have payroll and workers’ compensation solutions that allow you focus more time on your business. Our service even allows you to greatly minimize the impact on your business from future unemployment and workers’ compensation claims. Plus, you will have access to support 24 hours a day, 7 days a week with our comprehensive Human Resource hotline.
If you would like a quote or more information on Payroll Services provided by Caprock, please feel free to call us at (866) 962-4922, or email CRPayroll@caprockservices.com.