In most businesses, payroll compliance is one of the most regulated accounting processes performed. It must accurately calculate a person’s wages while meeting federal, state, and local jurisdictions requirements, which typically means calculating and withholding several different taxes. The process must be repeated for each employee on a regimented schedule, typically every 2 weeks, and the information must be stored somewhere for ease of access when annual tax season rolls around. If this sounds like a lot of work, it is. But payroll tax compliance is one of the most important functions in Untied States tax law, and if you fail to do it accurately, you could incur fines and penalties.
That said, payroll compliance software is an essential tool for quick, easy, and precise reporting. Whether you’re struggling to use your current software or still calculate payroll taxes manually, AMS Payroll can help you save time, become more accurate, and stress less about the process. Investing in a payroll compliance software now can save a lot of time down the road.
The Benefits of Payroll Tax Compliance Software
As part of your business’s payroll process, you are subject to employer payroll reporting compliance requirements imposed by both federal and state laws. This includes withholding federal income tax and FICA taxes, otherwise known as Federal Insurance Contributions Act taxes (Medicare and social security). You’ll also need to calculate or withhold any taxes associated with fringe benefits paid to employees, like moving expense reimbursements, mileage reimbursements, or clothing fees. Plus, all of the calculations you perform will depend on your employee’s classification. That’s a lot of information to juggle at once.
Investing in a payroll software can significantly reduce the amount of time and effort spent on this essential process. Only a semi-automated tool can make the calculations you need without asking you to expend effort.
Our software includes the tools you need to report payroll taxes with confidence. In addition to calculating state, federal, and local taxes, the software will house all data in a back-end data warehouse. This makes annual reporting and payroll reference simple. You’ll find more of this product’s highlighted features below.
- Imports data from QuickBooks, Excel, PeachTree, and Tab-Delimited Text Files
- Exports data to a Tab-Delimited Text File and/or QuickBooks General Journal
- Print checks individually or by date range
- Creates an SSN Verification file
- Easy Payer and Employee Setup
- Automatic saving feature ensures data is never lost
- SUI forms for all 50 states, the District of Columbia,
- Support for end-of-year reporting, tax form preparation, and electronic filing
Finding a Program that Works
A payroll tool is only powerful if it fits your business’s needs. If you’re on the fence about our product, we suggest downloading a free demo to try it for yourself. This is a great opportunity to see just how much a software tool can impact payroll tax compliance. Still unsure? Know that our payroll software was voted #2 in the Payroll category of CPA Practice Advisor’s Reader Poll. In an oversaturated field, our product stands out as one of the best while remaining accessible and affordable to small businesses.