Encompass Financial Services, Inc., better known as EFS, provides customized advisory services to small, and mid-sized companies to support their business operations. These services are designed to alleviate some, or most, of the administrative burdens of running your business while simultaneously providing guidance on how to more effectively and successfully operate your company. This page is devoted to providing information on our Payroll Services. If you’d like information on our Bookkeeping Services, Tax Resolution, or Tax Preparation Services, please click on the appropriate link to be directed to those information pages.
PAYROLL SERVICES
Your employees play a large part in the success of your operations and the expense of these workers often represents one of the largest single expenses your company pays, if not the largest. It only makes sense to have an experienced team supporting your company and its employees to ensure payroll is done correctly, paid timely, and reported accurately.
We understand how important it is that your team is paid correctly for the hard work they do for you. We work just as hard to verify that the payroll information submitted to us, be it employee hours, account changes, or updates to basic demographic information is also correct. It matters to your staff and it matters to our staff.
Beyond getting payroll processed correctly, we work diligently to ensure that your payroll checks are received when your team expects it. Having the deposit come in a day, or more, later is never acceptable and we work actively with you to make sure this doesn’t happen.
Additionally, Employers like you are required to submit payroll information to local, state, and federal government agencies at regular intervals. Depending on the agency and your State, employment tax reports are due monthly, quarterly, and annually. Missing any of the numerous payroll reports can become quite a problem. Our team has experience in properly paying, preparing, and filing your payroll returns regardless of what level of government you’re reporting to.
The following synopsis is a very simplified breakdown of how payroll works: hire an employee, complete their paperwork, pay them for their work, and file periodic paperwork with various government agencies. In reality, payroll isn’t that cut and dry. For example:
- Did you know that your business is required to report all new hires to the state where you’re operating?
- Were you aware that employers and employees need to go through a verification process with the US Government via the E-Verify program?
- Small business employers who qualify may be eligible for a tax credit of up to $5,000 for three years for the costs of starting up a qualified retirement plan.
- Employers that provide childcare facilities and services can receive a credit against those costs.
- Your company may be eligible for a tax credit for any Paid Family and Medical Leave wages paid to your staff.
- Your company may be eligible for a Credit for Small Employer Health Insurance Premiums you pay on behalf of your employees.
- Employers who hire job seekers who are in select, targeted groups may qualify for the Work Opportunity Tax Credit. (Program is authorized through 12/31/2025.)
- Since Non-Compete Agreements are being greatly restricted, how can you still legally protect your client information from staff that want to steal them away?
As you can see, there is a lot more to payroll than simply paying your employees at the end of each week. If you’d like more information on how our team can address your payroll questions, give our office a call at 931-919-2543.