With rapidly advancing technology and the number of customer-focused services available, the forward-thinking younger workforce prefers plentiful options. Nowadays, even the most basic act of ordering a latte comes with an abundance of milk choices you didn’t know existed (you can milk oats?).
And while 12 choices of milk can hardly be considered overwhelming in the face of nearly 5,000 varieties of breakfast cereal (as of 2012), there are times when we could all use a little help paring down our options. Cracklin’, frosted, or fruity? Smacks or pebbles?
Even when we know exactly what we need – like bacon in under 10 minutes minus the greasy mess – there are still thousands of Amazon reviews to read before it is safe to hit “purchase” on an air fryer from among the 100+ air fryer options.
Is Anyone Else Getting Hungry?
Speaking of breakfast, this is the time of year when many payroll providers find themselves skipping it. They come in early, work through the night trying to fulfill their year-end payroll tax obligations and wonder if it’s still safe to use the cream cheese from yesterday’s bagel platter. (We wouldn’t risk it.)
Now you’re wishing you had more options, instead of fewer. And some of those, ideally, would be options for payroll tax help. Because like cream cheese, your payroll tax obligations at year-end have a very short window before they can turn on you. Make a mistake or miss a deadline and you’re at risk.
On average, the IRS penalizes about a third of businesses for payroll errors and issued over $4.5 billion in penalties in 2014 for over 6.8 billion errors. Most were for late deposits and unpaid amounts. And the penalties add up quickly:
2% for deposits made 1 to 5 days late
5% for deposits made 6 to 15 days late
10% for deposits made 16 or more days late
15% on amounts still unpaid more than 10 days after the date of the first notice
(These probably aren’t the kinds of options you were looking for.)
While there is definitely such a thing as too many options (writer Alvin Toffler called this situation ”overchoice” in his 1971 book Future Shock), there’s definitely such a thing as too few. Despite their size, the big box companies often present their clients with a limited, one-size-fits-all approach. Why do the big box payroll tax providers have such cookie cutter services?
The IRS issued over $4.5 billion in penalties in 2014 for over 6.8 billion payroll errors.
When you’re looking for payroll tax help, look for providers which offer you customized products and services that suit your specific business needs — not cookie-cutter solutions. Thinking outside the “big box” and finding a payroll tax company that can offer you more personal service gives you more flexibility around control, a more personalized customer service experience, and a tailored approach to solving your tax needs. Now these are the options that will save you time and headaches.
Whether you’re looking for a little help or a full-service payroll tax partner, find someone who can tailor a solution that will help keep you on the right side of compliance.
This is a scenario where more is less.
More Choices = Less Risk
I think we can all agree that when a Manhattan pizza restaurant began offering a 15-pound lobster among its topping options, things have gone too far in the way of pizza choices.
But a payroll tax provider who lets you order off the menu to find the service that works for you? That’s just the right amount of choice. Your solution is not going to be the same as everyone else’s. It’s going to depend on you:
How big is your company? Think about what needs to be outsourced and if the provider can handle the size of your corporation.
What payroll software do you use? The right payroll tax provider should be capable of integrating with the systems you use.
Do you need ancillary services, such as W-2 and 1099 management, garnishment payments and new hire reporting?
Are you planning on growing your business soon? Choose a provider who can scale their services alongside you. A company’s needs are constantly changing. Find a payroll tax management service that is adaptable.
What customizations will you need? Is there anything unique about your company’s payroll system that will impact how a partner handles your taxes?
Where are your payroll obligations? Do you or your clients face multistate and local payroll obligations?
How much of your payroll tax work do you want to control? Are you looking for software only or do you need help with filings and making payments?
Speaking of people who love pizza, you may remember when New York City Subway banned dogs unless enclosed in a container (bag). So as usual, New Yorkers did not disappoint and took this as an opportunity to think outside the bag.
Thinking “outside the box and finding a payroll tax company that can offer you more personal service gives you more flexibility around control, a more personalized customer service experience, and a tailored approach to solving your tax needs.
The point is, find the solution that works for you and reap a menu of benefits:
Taxes are filed on time. Every time. You no longer have to worry about taxes being filed properly or on time. Third party expertise can take care of this for you, leaving you to spend more time growing your business.
It’s cost-effective. Time savings, headache savings, and most importantly, avoiding penalties means that third-party management is a financially smart move.
You. Are. Compliant. No more sorting through complicated forms and guidelines to ensure your taxes are compliant. The right payroll tax partner can ensure that your taxes w
ill always be correct.
Data and analytics are always at your fingertips. Many tax management services and software are cloud-based, allowing you to pull data whenever you need it.
When it comes to choosing a payroll tax partner, options give you the flexibility to change your level of service as your needs change, whether your business grows to include more complex tax obligations or you want to focus your efforts in a different direction. Look for a partner with highly customizable services, strong expertise, a proven track record of successful tax management and a team that will provide you with the training and expertise you need to manage your payroll taxes successfully and minimize your risks.
Don’t Let Payroll Tax Put Your Company In The Box
When it comes to something as important as getting your payroll taxes right, options are a good thing. Not standing-on-the-cereal-aisle-with-a-spoon-and-a-quart-of-oat-milk options (what exactly is a “boo-berry”?) but options that recognize that there’s no such thing as one-size-fits-all payroll tax services.
It’s time to think outside of the box. A payroll tax provider with the right range of options – neither too many nor too few – is one that can help whether you’re a startup or a growing multistate organization. Nobody wants to face year-end without that feeling in the pit of your stomach that stress and day-old cream cheese can produce.
For many companies, fully outsourced payroll tax management is more than they need or can afford. Options that provide only as much help as you need let you control costs and reduce the amount of time spent wrangling payroll tax issues while letting you remain in control.
For example, here is our range of options. We make it easy for you to get the services you need at any stage of your business:
I’m new to payroll.
No problem. Whether you want to concentrate on your growing business or just avoid any hint of tax problems, a service like PayTax Plus helps you start off right.
I want to partially manage my taxes.
If you’re interested in keeping your own name out there, but are looking for labor-cost savings and decreased liability for tax compliance, FlexTax is a great solution.
My bank requires tax funds to be with them.
We get it – sometimes you feel more comfortable controlling your clients’ funds, whether it’s your own preference or one required by your bank. With Direct Bank, you get the best of both worlds: savings and autonomy.
I want to handle everything but need a more robust method.
When it comes to handling multiple states and locals, you’re going to want options. The ability to file electronically and manage multistate taxes is necessary and our Hosted option is a great way to have full autonomy with the right tools.
Make My Own Pizza
Do you want to control the entire process for most of your clients, but utilize a tax management service for the large, complicated clients? Combine a number of our services to meet the varying needs of your clients. Just ask!
It’s time to be confident that your payroll taxes are managed securely and accurately every year. PTM provides specialized payroll tax processing, with a team of experts who are here to help you reach that goal.
The ability to perform SOC 1 audits
Exceptional customer service
A multi-million dollar crime bond
Interested in learning more about FlexTax and other PTM solutions? Give us a call or click on the link below to learn more about a custom solution to your payroll tax needs.