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Honest Accounting Group

Payroll

Contact Us (866) 364-2228

Reliable Sherman Oaks Payroll Services

top view of business people analyzing finance documentsAt Honest Accounting Group, you can trust that our skilled CPAs are always focused on meeting your company's goals, managing your needs, and answering your financial questions. Whether you're looking to implement a new payroll system or need help filing payroll taxes, we're here to help. Our team takes the time to understand your situation and tailors our approach accordingly to suit your short- and long-term goals.

We've helped companies in Sherman Oaks and the greater Los Angeles Metropolitan area manage their payroll systems since 2008. By taking advantage of our team's experience, efficient communication, and accounting technology, you put your business on track for financial success. We can't wait to learn more about you and your company, so get in touch with our friendly experts at Honest Accounting Group today!

Call Us: (866) 364-2228 Book a Consultation

Making Payroll Work for You

Payroll covers how your company regularly pays its employees. Your payroll system calculates and tracks the distribution of money to your team. Effective payroll involves your business's paycheck distribution, annual employee wages, financial records of employees, and tax withholdings.

With modern accounting systems, our team can easily manage your payroll in Sherman Oaks. We'll make sure your employees are paid correctly and on time so that they're fairly compensated for the hard work they invest in your company. By taking advantage of our firm's efficient oversight and careful attention to detail, you can trust that your team is taken care of throughout the year.

Using TSheets to Manage Your Company's Payroll

close up of man using laptop and calculatorTo most efficiently run your business's payroll, our company uses TSheets by QuickBooks®. TSheets allows us to provide your company's management and employees with a simple, effective, and streamlined payroll process. Your employees simply download the TSheets app, which allows you to clock in and out throughout your workday.

Your company's managers check the completed timecards for any errors before they're approved. Our firm receives the data and processes it, paying your employees via direct deposit accounts. By using direct deposit payments instead of traditional paper checks, your team receives their money conveniently and in a timely fashion. There's also no risk of checks being misplaced, stolen, or delivered late through the mail.

Our Additional Payroll Services

In addition to running your company's payroll in Sherman Oaks and providing troubleshooting if any problems arise, we can provide several essential services. Our CPAs can help you by:

  • Managing Withholdings: As an employer, you're responsible for withholding the correct amount of payroll taxes from the bonuses, salaries, and wages of your employees. Our team can help by calculating the correct tax exemptions and withholdings for each employee.
  • Filing Reports: It can be challenging to decipher what paperwork you need to file for payroll taxes. Our experts identify the necessary forms and can file reports on withholdings from employee paychecks and the taxes your company contributed.
  • Handling Federal & State Payroll Taxes: Our team is happy to help you manage your payments for both state and federal payroll taxes. Using convenient online payments, we keep your company in compliance with government rules and regulations by ensuring that your payroll taxes are paid in full.

Payroll FAQ

We know that payroll can be tricky to dive into. Here are a few of the common questions we've helped clients understand over the years.

Should I pay employees a salary or an hourly wage?

Depending on your situation, there are benefits to paying employees via an hourly wage or at a fixed salary. If you have employees that spend a certain amount of time on a regular basis performing tasks with clear objectives, an hourly salary may benefit you and the employee. For employees that perform a range of tasks and have a fluid work schedule, a fixed salary can be ideal. While considering your options, it's also essential to accurately classify your employees as exempt or non-exempt so that payroll taxes are calculated correctly.

Non-exempt employees must be paid overtime wages, in addition to the federal minimum wage. An employee that is exempt from these requirements must meet the following criteria, as defined by the Fair Labor Standards Act:

  1. The employee must receive a salary.
  2. They must meet or exceed a certain minimum annual salary threshold.
  3. They must perform a function that falls into the exempt category, including administrators, executives, and professionals.

According to a Department of Labor recommendation, you ought to keep payroll records accessible for at least three calendar years. Should any tax issues or questions arise, you'll be grateful to have your payroll information on hand. The IRS also suggests maintaining your company's employment tax records for at least four years after you've filed for the fourth quarter of the year.

You can potentially face harsh IRS penalties for failing to file payroll taxes. In extreme cases, you can be held personally liable for all unpaid income and payroll taxes that you were unable to pay the IRS or failed to withhold from employee earnings.

Trustworthy Sherman Oaks Payroll Services

When it comes to your business's payroll system, you can count on Honest Accounting Group to manage employee paychecks, calculate payroll taxes, and file accurate reports. We're here to guide you through every step of the payroll process, from setting up your system to managing payments. Contact our friendly Sherman Oaks CPAs today so we can begin working towards your financial success!

Call Us: (866) 364-2228 Book a Consultation