Managing accounting and payroll for small business owners can become time-consuming. New small business owners will eventually realize that they need to streamline operations, either to accommodate more workers or higher sales volume. Deciding how to manage books and accounting is among the more significant choices a business owner will make. Outsourcing this work to a specialist may work for larger businesses, but small- and mid-sized businesses can benefit from using software designed and intended to meet their needs.
Accounting and payroll tools from Advanced Micro Solutions can streamline your bookkeeping process. Our products can save your company time and money by calculating payroll both “live” or after-the fact. You can also use our software and modules to electronically file your business’s year-end W-2 and 1099 forms. These tools let you send files directly to the Internal Revenue Service and Social Security Administration. Before you start running accounting and payroll for small business companies, make sure you know the basics.
Choosing Accounting Products
New and expanding business owners can become overwhelmed with the wealth of accounting software tools. In these cases, it is important to remember that not all software is created equal. Small businesses must fulfill different IRS requirements than a larger company. Make sure the tools you choose provide you with all the forms that you need. You should also consider whether your business is a sole proprietorship, a partnership, or even an unincorporated single-member LLC. The IRS sets different income attributions based on any company’s classification.
Recording All Financial Transactions
Once you choose your software program, it’s time to start recording your company’s transactions. Make sure your software is clearly labeled and easy-to-understand. Recording transactions incorrectly or in the wrong account when running accounting and payroll for small business companies can hurt you later. Advanced Micro Solutions payroll features allow users to input payer information one time to minimize the risk of inaccuracies. The Table Report also generates hash totals of SSNs and TINs. They will check for the accuracy of data entries.
Securely Storing Records
Efficient and well-organized record-keeping enables small businesses to stay compliant with federal and local laws. Looking for old W-2 and 1099 paperwork can be time-consuming, which further prevents you from meeting set deadlines. Using software tools can help to keep your data in one place while encrypting important information.
How AMS Can Help with Accounting and Payroll
Our accounting and payroll software works as an add-on module to our W-2 and 1099 Forms Filer. Companies can enter compensation via check throughout the year. Specific software features that support accounting and payroll for small business needs include:
- Automatically calculating federal, state, and local payroll taxes
- Regularly updating state and federal tax tables
- Supporting more than 30 types of checks
The software is adaptable for companies who prioritize specific check payment numbers or those who prefer doing direct deposits. We designed our products with small businesses in mind. These tools can accommodate your business’s data collection, organization, and any unique reporting requirements.
If you have difficulty in managing your company’s payroll, call our customer support team at (800) 536-1099. Our team can answer questions and direct you to our free 1099-Etc Demo for a better understanding of our program packages.