Payroll Management Choices New Mexico

The task of managing your company's payroll can be delegated to a staff member, managed by your accountant, or outsourced to a payroll service provider-a company that contracts with your business to handle payroll details, including check generation, tax filings, and compliance with government regulations.

Local Companies

American Team Work, Inc.
505-341-1900
3700 Osuna NE
Albuquerque, NM
Cornerstone Business Solutions
(505) 325-4900
Farmington, NM
Bridging Associates
(505) 988-4890
Santa Fe, NM
Sandia Capital Partners Llc
(505) 944-2656
5501 Americas Pkwy NE Ste Ste
Albuquerque, NM
R T Hicks Consultants
(505) 266-5004
901 Rio Grande Blvd NW
Albuquerque, NM
Genquest Inc
(505) 246-2829
1805 Rio Grande Blvd NW
Albuquerque, NM
Thiesen Doug
(505) 823-2392
7601 American Heritage Dr
Albuquerque, NM
El Centro De Los Ninos
(505) 588-0106
State Rd 162 1117 N
Tierra Amarilla, NM
Synergy Group
(505) 266-3104
7604 Summer Ave NE
Albuquerque, NM
Operational Consultants
(505) 437-8986
1408 8th St
Alamogordo, NM



The task of managing your company's payroll can be delegated to a staff member, managed by your accountant, or outsourced to a payroll service provider-a company that contracts with your business to handle payroll details, including check generation, tax filings, and compliance with government regulations.

The following breakdown of each method's advantages and disadvantages can be used to help you decide which is right for your company.

Internal management by staff member(s)

Advantage:
  • Highest level of control over payroll issues
Disadvantages:
  • Requires staff expertise in multiple areas
  • Greater opportunity for error
  • Company is directly liable for IRS filing errors
  • Actual cost is often higher than expected due to additional man-hours invested in payroll-tax preparation and filing
  • Companies often reap greater value from staff member's time being devoted to core business issues


Accountant

Advantages:
  • Management by financial expert
  • Offers more control than payroll service provider, less than internal staff member
Disadvantages:
  • May be unable to manage payroll add-ons such as 401(k) plans and direct deposit
  • Often more costly than internal management or payroll services
  • May take more time to prepare payroll documents than payroll service providers


Payroll Service Provider

Advantages:
  • Payroll expertise: these companies are familiar with all necessary tax and regulatory issues
  • May be able to provide additional services such as 401(k) and direct deposit
  • Controls your payroll processing costs by setting a standard fee
  • May take financial responsibility for fees and penalties resulting from payroll filing errors
Disadvantages:
  • Restricted opportunities to make adjustments to payroll amounts
  • One step removed from tax filing documentation


The decision to outsource or not may also come down to cost. To find out which payroll management option is most affordable, estimate the number of hours you or your employees spend calculating and preparing checks, computing and filing tax forms, and preparing additional payroll documents such as W-2s or direct deposit information.

Add to this figure the time spent correcting IRS filing errors, then multiply your total by an hourly wage that represents the value of your and your employees' time. Compare this figure to the cost of having your accountant manage payroll (based on his/her hours and fees) and to a payroll provider's fees.


Featured Local Company

American Team Work, Inc.

505-341-1900
3700 Osuna NE
Albuquerque, NM
www.americanteamwork.net

Related Articles
- Primer: Employment Taxes New Mexico
If you have employees on your payroll, your tax situation is significantly more complex. You'll have to keep track of payroll taxes, employee withholding, Social Security, Medicare, unemployment, disability, and worker's comp, to name a few. All of these require separate calculations and timelines for payment. These rules are very strict and complex, and if you're not in the payroll business, hire an accountant or a payroll service to keep yourself legal and punctual with all these payments.
- Small Business Corner: Avoiding HR burnout New Mexico
- 10 Important Facts about Payroll Tax Problems New Mexico
- Working with a Payroll Service Provider New Mexico
- Business Outsourcing New Mexico
- Free Internet Payroll Forms New Mexico
- Payroll Services New Mexico
- Paying Employee Salaries New Mexico
- Choosing a Reliable PEO Company New Mexico
- Key Elements of Payroll New Mexico
Related Articles

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History