If you have employees, you are aware of your responsibility to file payroll taxes on time and accurately. These days, your business has several options on how to file those taxes. Here are the four major ways available for employers to file their employer taxes.
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Manually produce and file tax forms.
Whether you are keeping track of information in a spreadsheet style format or on paper, you have the option of taking that information and manually typing it onto tax forms. You purchase the forms, and must type your tax information onto the form with a typewriter. This option is used less and less because of newer and more convenient options. However it may be the only option for those who are unfamiliar with computers.
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Outsource tax form generation and filing.
Some companies are more confident knowing there is an outside service, many of which offer a guarantee their taxes will be filed accurately and on time. While there may be added expense associated with this method, some companies find the added expense is worthwhile because of reduced worries. To outsource your payroll taxes, you can choose to have your accountant do it or use a payroll service.
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Print and send forms with information generated from your payroll software.
This is more convenient than the manual method of producing tax forms because you pull information that has been entered into each pay run along the way. Not only do you have the information available at your fingertips, but you can populate a form within the system and print it on plain paper, saving you the time and expense of purchasing forms. Once the information is generated and placed on the electronic form within your system, you just print and send.
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Generate and file forms electronically.
This is by far the fastest and most convenient option! Information for tax forms is pulled in directly from the information entered from pay runs along the way. That information is then seamlessly placed onto the form on your computer, where forms can be saved, and can then be filed electronically via the internet. With this method, there are no stamps, forms or envelopes to be purchased. Also, filing happens instantly so there is no time delay for the mail.
Do you have a Web site? Take advantage of it! Draw people to your site, so they can learn more about your company, and then you have a chance of earning a new customer. There are so many ways to get people to your Web site, in a huge variety of price ranges. A great place to start is by taking advantage of the free ways of drawing Web traffic. Here are two great ways to do that!
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Submit Articles.
What do you know that your potential customers might find useful? Write helpful, useful articles about subjects related to your industry, and those who read them will take notice! For instance, if you are an insurance agent, you could write about real-life ways to keep premium costs down, etc. Once articles are written, submit them to popular online article submission sites like www.ezinearticles.com and www.ideamarketers.com. Put links within the articles that lead back to your Web site (within the site’s editorial guidelines) and you will create a stream of free traffic to your site. It’s typically free to submit your articles, and you also get a spot to put your own custom promotional text.
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Answer Questions.
You probably have a lot of information about your industry -- useful information that people could benefit from. Go out and answer questions about your industry that people are asking on answer sites like answers.yahoo.com and answers.business.com. You can browse through the questions that might apply to the product you sell, so that you are only answering relevant questions. Then, you can add a note within your answer, to let the question-asking party know that you are available if they need any more advice or help. Some answer sites also allow you to include a link back to your own Web site, where you can direct them to find more information. This can improve your SEO efforts, which is an added benefit!
Submitting articles and answering questions is a great way to show what you know, position yourself as an expert in your industry, and draw more traffic to your Web site, all for FREE!
Searching for accounting and payroll software for your business is not always a fun or easy experience. There are simply so many products out there; it can be hard to know where to even begin. The nice thing is though, we are in the digital age, and some really smart people have come up with Web sites to help you find the right product. Here are some of the Web sites I find most useful for narrowing down your software search, so you take a huge step in the right direction and save considerable hours of frustration!
This is an excellent Web site for finding all varieties of business software! First, you select the type of software you are seeking, and then you narrow down your search by checking criteria specific to that software. You can also narrow your search by location, revenue, number of employees and your budget. Capterra has put great care into making their site user-friendly and practical for any business software search, including accounting and payroll software.
Here’s another great Web site for your accounting and payroll software search. You can go in and browse software by application (general ledger, accounts receivable, etc.) or by industry. You can also fill in a quick, three-step questionnaire and/or call to speak with a software specialist to have vendors receive your information and contact you. This service is free to software searchers. They do a fabulous job of asking the right questions and finding you appropriate products that fit your budget and requirements.
This web site is very useful if you are trying to find reviews about a software company you are researching. User reviews are verified, and you can get some additional information about the products you are interested in as well You can search for products by feature(s).
Of course, this is the Red Wing Software blog, so we want you to know that WE have excellent accounting and payroll software for growing businesses. We do like to talk to each potential customer to be sure we have a fit for their organization, before selling them our software. To talk with a Red Wing Software product expert, call 800-732-9464.
So you’ve done your research and now you have narrowed down your search for payroll software to a few products. When it’s time to run the free payroll demonstration you’ve downloaded, how do you best spend your valuable time? After all, trying out several different payroll downloads can be time consuming. Use these tips for using your time wisely, and you will get the most out of your payroll software download.
Perform daily tasks.
Let’s face it: marketers like to promote all of the coolest bells and whistles available. However, the point of downloading the payroll demo is to understand how the program functions and whether it can handle the unique payroll needs of your business. So instead of clicking around trying to find the ‘cool stuff’ you may have seen in a brochure or online, focus on the basics. Set up a few new employees and his/her earnings and deductions. Generate a pay run in all the methods you use, hourly and salaried, etc. If you use a time clock, check out the import function. Then test print your pay checks or generate the test pay advice for your direct deposit. Have a look at the tax filing process and see how that works. Go in and run a report or two, and see how easy it is to get the information you need. If there are payroll software deal breakers for your company, such as minimum wage tip calculations for a restaurant, be sure to find out how they operate in relation to what your company needs.
See proof of critical functions.
Remember those bells and whistles? Well, what might be a luxury to one company is a critical function for another. Before you start your testing, write down which of these critical payroll software functions are necessary for your business. If you are unable to find and use them during your testing process, be sure to have your sales rep show you first-hand how they work in relation to your business. This will require you to explain how your company needs them to work, which is not only a surprisingly good way of organizing your own thoughts, but also ensures you see first-hand that they will work specifically for your company.
Keep track of questions.
During your payroll software testing, you will most surely have questions along the way. Instead of letting them become frustrations, simply write them down with the goal of sending them to the sales representative to do their job and answer them. A good sales rep will answer your questions in a timely manner, so you can get on with your testing process.
Remember, once you get to the payroll software download, the hardest part of your payroll software search is over. Use these tips to perform more efficient testing, and you will save time and be confident in your payroll purchasing decision.
Tracking by Funding Source
Fund accounting software allows you to track funding sources in a way that is useful to you, by department, program, grant, profit center, and more. Since information is tracked this way, reports can be pulled and viewed for each source, and the data is easily understood.
Advanced Budgeting
Fund accounting software provides budgeting tools so you are more accurate in your budget projections and reporting. You have the ability to budget by fund and by department, giving department heads or managers the information they need to quickly compare their actual spending to the budget.
Customized Reporting
Because non-profits have different reporting requirements than other organizations or businesses, it’s important to have a customized reporting tool that allows you to edit and save reports tailored to your specific needs.