The use of our payroll escrow account enables us to provide our clients a complete comprehensive payroll service including payroll administrative tax reporting.
- Employee days, wage & withholding information is entered into our system as provided by you or your staff. Employee personnel files are retained by you, the client.
- Weekly, bi-weekly, semi-monthly, or monthly payroll cycles are established with appropriate input deadlines, payroll check dates and distribution of checks and reports.
- An input form or format is designed for you by us (by fax or phone) with the information needed to process each payroll. (hours worked, pay rate changes, new employee data, withholding instructions, etc.)
- Your payroll is entered and processed utilizing our state-of-the-art payroll accounting systems.
- Your employees' checks are printed on laser checks providing full details of their earnings and withholdings.
- You, the employer, receive concise and complete information and details regarding the payroll including:
- Payroll check register
- Employer expense summary reflecting all applicable taxes, worker's compensation accruals and other costs
- Detailed listing of all voluntary deductions, loans, insurance, garnishments, etc.
- The total cash required to cover each payroll and all applicable taxes is determined and you are informed of this amount as soon as we have completed processing your payroll. You are asked to send or otherwise provide us with one single check to cover the cash requirement of the payroll. You write one check for each payroll cycle which covers all costs.
- Your employees' checks and appropriate reports can be delivered or mailed to you in a timely and efficient manner.
- Given the funds to cover your payroll and applicable taxes, we will insure that all required tax deposits and tax remittances are made and that all required payroll tax reporting is properly completed and filed.
- We complete and process all required monthly and quarterly payroll tax reporting.
- We provide all year-end payroll tax reporting, including printed W-2s for each employee, with appropriate reconciliations and copies to state and federal agencies as required.
- We provide the required analysis, details and consultation to facilitate worker's compensation premium audits to minimize and control this cost of doing business.
In summary, through utilization of our services and the Escrow Payroll Account, we can provide our clients with payroll administration with assurance of meeting deadlines to avoid penalties and interest related to payroll tax deposits, remittances and reporting.