Answering Common Payroll Reporting Questions
Local Payroll Pros Provide Reporting Insight
Payroll processing goes beyond just calculating paychecks and distributing them to employees. Reporting is a major part of the payroll process, and for an inexperienced administrative professional, it can be a tedious and time consuming task. Luckily, when you partner with a payroll services company, this task becomes simple and it’s easy to remain in compliance.
Based right here in the Bay Area, we are a team of payroll experts who offer services to companies locally and across the nation. Over the years, we have partnered with companies representing many industries, and we are proud to help them reach their goals through professional payroll assistance.
Reporting is an important part of the payroll process, and in this article we will provide expert insight into reporting by answering some common questions about payroll reporting. Read on to learn about the reporting process and how our team can help.
What is Payroll Reporting?
Payroll reporting is a necessary step for any company. Local, state, and federal revenue services have requirements for information which must be provided on employees and their work status. Depending on your municipality and state, payroll reporting can look different, and payroll reporting guidelines do change from time to time.
Why is Payroll Reporting Necessary?
While this might seem like a tedious task, it’s necessary for a few key reasons. Payroll reporting helps revenue services determine the right tax amounts for people and companies to pay. It’s also in place to ensure wage garnishments can be put in place when they are necessary, and it helps ensure workers are legally eligible to work in the country.
Can I Do My Own Payroll Reporting?
Some companies choose to do their own payroll reporting, and you certainly can report your own payroll data. However, the payroll reporting process is time consuming and it’s easy to make an error if you aren’t experienced. This means a business usually has to dedicate an employee to payroll, which keeps them from hiring an employee to focus on their business-related tasks. In addition, this person must be well-trained in order to avoid errors, and if a mistake is made then the company has no assistance in correcting it or decreased liability. By outsourcing, our team minimizes errors and can help correct them if they do occur. For this reason, many companies choose to outsource and remove the task of reporting from their responsibilities.
Are There Internal Payroll Reports?
While payroll reporting typically refers to the type of necessary, external reporting we have discussed in previous sections, it can also refer to internal payroll reports. Since payroll is usually one of or the largest expense on a business’s books, having data on your payroll can be important when making big decisions. We provide detailed reports on your payroll expense, and we can also build reports to show the data you need for your business.
We would be happy to provide additional information about reporting and/or the payroll process in general. Please feel free to check us out online or contact us today to learn more about our services.
