Restaurant owners who manage their own restaurant payroll in house are tasked with responsibilities such as totaling hours, performing gross to net calculations for each employee, calculating and depositing payroll taxes, and preparing and filing tax returns accurately and on time. Outsourcing provides business owners with an opportunity to save time and money and ensure compliance.
Payroll programs have several advantages no matter what size business you are running. If you have not yet considered payroll management, you may want to consider it. Owners of small and medium sized businesses need a payroll provider that offers employee access tools such as a Web portal and automated telephone system.
If you know how to do payroll, you are very aware of what a time consuming process it can be. Implementing a time and labor management system for restaurant payroll results in greater regulatory compliance, great accuracy, higher efficiency levels, and cost control improvement.
Payroll and payroll accounting are not only time consuming, but something that is important to get right. Did you know that Restaurant establishments with tipped employees may be eligible for a FICA tax credit? The credit allows restaurant employers to reduce the income tax they pay at the end of the year. The Paychex FICA Tip Credit Report contains the information employers need to determine the FICA tax credit.
Most business owners do not have time to keep up on changes in policies in things such as restaurant payroll tax, as they have a business to focus on. Outsourcing your payroll programs to payroll providers gives you piece of mind that they are as up to date with payroll rules and regulations as possible.
Whether you want to save time, money, or avoid making restaurant payroll processing errors, outsourcing your payroll to payroll restaurant companies may be the option you are looking for.