Bookkeeping is a crucial part of accounting which basically takes care of all the records regarding every financial transaction. These records will then be classified and organized and will, moving forward, be used as a point of reference for other business processes and decisions. Bookkeeping consists of several time-demanding and detail-oriented processes including payroll management and processing.
Payroll, at its core, refers to the process of paying employees as well as managing all records that the process generates. Payroll is an essential process involved in bookkeeping which in turn is a crucial part of accounting. Bottom line is that every process involving a company’s financial records and transactions is essential in running a stable and successful business. It is, therefore, of great importance to have someone competent and reliable to do all these things for you. We, at Bookkeeping Portland, OR, are in business precisely for such things. We could competently handle your bookkeeping and payroll services while you focus on other equally important aspects of running your business.
Outsource Your Bookkeeping Payroll Services Business Needs
While it is true that bookkeeping and payroll management could be done in-house, outsourcing it to a dependable company like Bookkeeping Portland, OR is a wise move that any business owner must seriously consider. Here are some of the reasons why.
- We have highly-qualified bookkeepers trained to do efficient work and come up with only accurate results.
- We have an orderly process and streamlined system in place that guarantee great results.
- We keep a neat and accurate record of all financial transactions of your business which you could access anytime.
- We are committed to meeting all your bookkeeping and payroll requirements and providing you with anything within our means to ensure your financial stability and business success.
Payroll is certainly more than just hourly rates and paydays. It is extremely important to be done accurately for a number of reasons.
- Payroll processing is subject to several laws. It is one of the things that should be done by any business owner as dictated by law.
- Payroll must be done accurately to avoid any mishaps such as paying large amounts in legal fines.
- An efficient payroll service would generate neat records that would reflect your company’s financial status. These records could then be used for any business moves and decisions you would make.
- Payroll, when managed efficiently and accurately, translates to employee salaries paid accurately and on time; consequently, this would boost the employees’ morale and inspire them to be continuously efficient and productive in their jobs.
What does a payroll service entail?
Processing payroll is both straightforward and complex. It is straightforward in the sense that it is basically Gross Income – Gross Deductions = Net Income, a simple computation, or so it seems. The complexity is due to the many facets of the seemingly simple equation. Gross income would include hourly wage, overtime pay, bonus pays, and the like. Gross deduction comprises both mandatory and voluntary ones. Then there are the tax and other laws that usually vary from state to state. These are among the reasons why payroll management is so complex and is best left to our expert hands.
Processing payroll may be broken down into pre-payroll tasks, the actual payroll process, then the post-payroll activities. It involves gathering data, computations, records, and so much more. In general, here are the things that Bookkeeping Portland, OR could do for you.
Efficient Data Gathering and Entry
We are efficient and very professional in handling any data we gather and compile for payroll management. It is important to have the right information on each employee including the basics such as name, age, position, and the like. We also carefully gather and discreetly record data such as social security numbers, insurance account information, and even bank account information.
Of course, we will be gathering each employee’s work hours or the number of hours that each employee worked for a specific pay period. Then, there are other things to be considered such as overtime pay, the pay rate for holidays, and any bonus an employee is entitled to. All such data are entered into a neat record or system then checked for validity and accuracy.
Of course, there is also the matter of ensuring that every employee is included in the payroll and that no retired, terminated or non-employee made it to the list.
After every necessary data is entered and validated, it is time for the actual computation. We have a streamlined and highly-efficient system in place for this. This is to ensure accuracy as well as to avoid any complaints from employees.
Pay Right and On-Time
Keeping clear records and validating every data is crucial in being able to pay employees right and on time. All mandatory deductions must be clear and carefully recorded. The same goes for any voluntary deduction that each employee has against their paycheck. We adhere to an efficient system that allows us to arrive at the right salary amount as well as the ability to pay employees on time.
Keep Orderly Records
As mentioned, payroll is more than just paying an employee’s salary. We keep an orderly and accurate record of every employee’s earnings record. This is crucial since employee salary is a significant operating cost incurred by every company or business.
A payroll process for every pay period ends with making reports that are required or may be requested by the accountant or the finance department head or even by the boss.
Payroll processing is a crucial part of running a business; a process that is subject to different laws, Federal and State laws. It is important to keep a careful record of every stage of the payroll process both for legal and business purposes.
Efficiency, dependability, and accuracy are among the things that Bookkeeping Portland, OR could bring to the table. Allow us to handle your bookkeeping and payroll services and we guarantee only accurate and timely output. Get in touch with us today and have access to a streamlined bookkeeping process that would help in your company’s success.