As many companies are getting ready to close out the fiscal year, payroll needs and tax deadlines may keep bubbling to the top. While payroll is top of mind, let’s take a few minutes to talk about some of the top questions and concerns we’re hearing from our customers.
We chatted with CPU’s payroll expert, Mike Unverferth, to learn more.
What should I be doing now to prepare for the fiscal year-end? We have an extensive list of items we can review with you, but a couple of things to be sure of are filing your tax documents and payments and completing any items for the IRS or Social Security.
With the economy being so tough, is there a way to help my employees that doesn’t include raising wages? One benefit that can help workers right now is pay on demand. This allows them to have access to their earned wages before payday, and it’s easy for you to set up and roll out.
What areas might I be overlooking when it comes to payroll? Particularly now that we’re approaching the end of the year, it’s so important to ensure that you’ve been accurately calculating compensation, deductions and taxes on employee paychecks. No one likes surprises come tax season.
What’s one of the biggest mistakes made when it comes to payroll? It’s not uncommon for organizations to have small teams or people handling a few different roles. When this occurs, though, it’s easy to make minor errors or accidentally miss a deadline. But what seems like a little slip-up can cost you – big time. If you don’t have experts who know what they’re doing, business tasks like payroll can easily end up costing you more time and money than you thought possible.
If you’re feeling overwhelmed with payroll and need an expert to help out, talk to CPU today. We can take away the stress and any headaches that come from payroll, compliance and taxes.