Keeping track of a large amount of employees can be challenging as a new business owner. One of the main things that you must do is keep track of payroll records, which is best done with the help of a qualified accountant, like the ones at Waggoner Frutiger & Daub CPA's. In this article, learn about a few of the ways that an accountant can be helpful when it comes to keeping payroll records for your business.
Why Should a Business Owner Hire an Accountant for Payroll Records?
Dealing with the Internal Revenue Service (IRS) is one of the problems that you might face if your payroll records are in accurate. You must make sure that all money that is paid to your employees is well documented, as the IRS must have the information during tax season. Neglecting to have accurate payroll records can lead to it appearing as though you are committing tax fraud when your business taxes are filed. For instance, if one of your employees files personal taxes and claims getting paid less money than you reported, you might get accused of tax fraud. An accountant will make sure that you have accurate records to avoid accidentally reporting the wrong amounts, as well for evidence in case your business is audited by the IRS.
You should also leave payroll record keeping to an accountant to prevent falling into a financial crisis in the event that you are unfairly sued. All it takes is for your one your employees to file a lawsuit claiming that you have been underpaying them for your business to fall into a financial crisis. However, you will have nothing to worry about if you know that an accountant has kept accurate payroll records. He or she can simply pull the records as evidence for your defense if you happen to get sued. The accountant will also be helpful when it comes to helping you avoid overpaying employees, which can also affect the finances of your business.
Does An Accountant Charge a Lot to Assist with Payroll Records?
An accountant can be hired on a full-time or occasional basis, so what you are charged will depend on how often help is needed. If you want a full-time accountant, expect to be charge by the hour at a rate of $150 or more. Occasional work from an accountant can cost as little as $30 or more. Hire an accountant for help with your payroll records as soon as you start your business!