Finding the right payroll program for your small business takes work. But learning how to process payroll yourself is a whole other monster. As you set out to find the best payroll tool for your needs, understand how certain features contribute to specific steps in the payroll process. And, if you’re looking for ways to simplify your accounting, Advanced Micro Solutions and AMS Payroll, our accounting and payroll software, are ready to help.
Starting Payroll from the Ground Up
If you’re new to accounting, here’s what you should expect when you start a payroll program for a small business:
- Distribute and collect employee W-4 forms. W-4 forms are designed to document and share employee filing status and personal information. The data gathered with this form will determine their payroll tax contribution. If you work with contractors, you’ll want to collect W-9 forms to gather similar information.
- Find your Employer Identification Number. An Employer Identification Number, or EIN, functions like your business’s social security number. You’ll need to keep this number on hand when communicating with the IRS, applying for business licenses, and filling out tax and wage forms. If you don’t already have an EIN, you can apply for one.
- Figure out a payroll schedule that works for you and your employees. Take some time to figure out how frequently you’ll want to pay employees. This can be a surprisingly complicated task. Remember that “bi-weekly” doesn’t necessarily mean twice each month. In some cases, this can mean three paychecks in a single month. Ensure your budget and accounting can handle the pay structure you choose.
- Run payroll. Once you’re all set up, you’re ready to start running payroll. If you’re still in need of a payroll program for small business needs, be sure to find a software with automatic tax calculation. AMS Payroll, for example, will automatically calculate and withhold the required state, federal, and local taxes.
- Pay and report payroll taxes. On a monthly or quarterly basis, business need to send their payroll tax withholding to the IRS. A payroll software can help simplify this process. Then, come tax season, you’ll need to organize all relevant employee W-2 forms (and contractor 1099 forms). You’ll also need to send in employer federal tax return forms, typically at the end of each quarter.
Remember that a payroll program for small businesses can support and simplify every step of this process.
Choose AMS for Hands-On Support and State-of-the-Art Features
Advanced Micro Solutions creates small business payroll programs. Plus, we provide hands-on support for all our users. With a variety of Customer Support features and a dedicated technical support phone number, you’ll have everything you need to troubleshoot a problem.
Best of all, when you give us a call, you won’t connect to a customer service hub thousands of miles away. You’ll be put in touch with one of our long-time employees who can provide the support you need. Not sure if AMS Payroll is the right tool for you? Try our demo software or give our Sales and Information team a call at 800-536-1099.