Payroll tax preparation and payroll accounting paperwork can be very tricky, especially for those small business owners that may not have a ton of experience with financial record keeping. By outsourcing payroll processing to a company with years of experience, small business owners could find themselves experiencing one of the best ways to prevent payroll fraud from occurring in house.
Every single year, small business owners are required to file at least 32 tax deposits, and an astonishing 16 tax returns every single year. That kind of payroll tax preparation is rife with the potential for errors. A single payroll tax mistake could wind up getting noticed by the IRS, which could then assess someone a penalty.
An incredibly 48 percent of business owners that were assessed payroll tax penalties from the IRS later had to admit that they were valid. By outsourcing to a qualified payroll services provider, the risk of errors and fines can be reduced to almost nothing. In addition to all of that, the ideal payroll outsourcing experts could also give their clients a mobile app for their smart phones that could allow employees to quickly view and update their benefits, payroll and other services. This service from a qualified payroll tax company could be made to work with Android, iOS and Blackberry devices.