What You Need to Know Before Outsourcing Your Payroll

shutterstock_281932805Signing up with new outsourced payroll processors can be a scary prospect for many businesses. Chances are you’ve been using the same payroll services for years, whether you rely on an internal H.R. team to complete the work alone or on a third party to prepare all documents accurately. But what happens when the “same old” just isn’t enough?

A wise person once said, “The most dangerous phrase in the language is, ‘We’ve always done it this way.’” Is it time for your company to upgrade its payroll tax services? If you’re asking that question, the answer is probably yes.

Make a change in 2016 and upgrade to Padgett Payroll Services®. Professional business services include payroll and tax document preparation from the most experienced experts in the industry. We stay up-to-date with all the IRS’ latest payroll and tax codes so you don’t have to.

Ready to get started? Here’s what you will need to sign up today:

  • Federal Employer Identification Number (EIN)
  • State Identification Number
    • (states without income tax: AK, FL, NH, NV, SD, TN, TX, WA, WY)
  • Company bank account number and routing number
  • Employee information
    • Personal
      • Name
      • Address
      • SSN
    • Pay
      • Birth date
      • Hire date
      • Status (full/part time, contractor, etc.)
      • Pay amount
      • Deductions
    • Marital status
    • Direct deposit information
  • Previous tax returns

If you are a new business and do not yet have a Federal Employer Identification Number (EIN), you will need to register with the IRS. This can be accomplished by visiting https://www.irs.gov/ and completing the correct forms either online or by mail.

The economy is finally coming back to life and businesses are growing in response to record sales numbers. Maximize the efficiency of your workforce by outsourcing payroll services in 2016 and profit from this unique economic situation. With payroll in the hands of the professionals, your team can rest easy and focus on providing the best work possible.