Wednesday, February 4, 2009

Change your payday, save money on preparation costs!

If you use a professional service to generate your business payroll, you might consider an alternative payday in an effort to save money!

Friday is the #1 day used as payday. I'd say that is followed by #2 Wednesday. If the service you use to prepare payroll offers lower fees for having your payday on an alternative day such as Tuesday or Thursday, you should consider switching paydays! Some payroll preparation services are extremely over run with payrolls due on these busier days and offer lower or discounted rates for companies who's payroll can be prepared for an alternative, less congested payday.

Another option is if you currently pay weekly, you might consider moving to a bi-weekly or semi-monthly pay period. This would automatically lessen the frequency of your preparation and drop your costs in half.

Of course there will be a period of adjustment on both the employee side and the administrative side but in the end, it could prove beneficial in more ways than you'd think.

If you are unsure if your payroll service offers these types of discounts, it never hurts to check into it. It could potentially save you hundreds of dollars or more each year!

Monday, February 2, 2009

February 2, 2009 - W-2 & 1099 Postmark Deadline

If you haven't already, make sure you complete and mail the recipient copies of the forms W-2 & 1099 with today's date.

You will also be required to file and/or pay other 4th Quarter 2008 payroll forms. If you are not sure about the specific filing requirements for your business, please consult your accounting and tax professional.