Bookkeeper360’s payroll department shares some tips and common questions asked by the average small to medium sized business owner below. Learn more below about payroll and how you can be most efficient and accurate when running your company’s payroll each period.
What is direct deposit?
Direct deposit removes the need for a physical check and the costs associated with the printing and mailing to your employees. Direct deposit seamlessly connects your payment to your employee’s bank account without the need for any physical transaction. The employee is required to have a bank account in order to process this type of payment.
Do I need full-time staff to be able to run payroll?
No, you can run payroll for part-time employees and even 1099 contractors. Running payroll rather than writing checks to each of your 1099 contractors allows your payment information to be kept in a central location when it comes time to file your taxes.
Can my payroll run automatically or do I need to run it every time I want to pay my employees?
Yes, you can run your payroll on auto-pilot or manually with Gusto.
What happens if I have to terminate an employee?
We’re able to terminate them in the system and take care of any final payments that need to be made of their behalf. The employee will remain on file and can be re-activated or remain terminated with tax information on the record.
Will Gusto remit taxes on my behalf?
Yes! Gusto is a full-service provider, so they will remit all applicable state and federal taxes on your behalf. Nothing to worry about!
What features does Gusto offer?
Instead of writing a sales pitch or bias – you can learn more about Gusto by visiting their features page: Gusto Features We can attest that many of our clients find Gusto easy to use and preferable.
What information do I need to provide to get my employees onboarded?
First name, last name, email address, hire date, title, and pay rate – that’s it! Each employee will then get an email prompting them to self on-board the rest of their personal information (Direct deposit, federal/state tax elections, etc)
If I’m set up on Gusto, am I able to pay my employees at different times?
Yes! You’re able to set up multiple pay schedules on your account depending on the employee or specific needs of your organization.
Will I need to file W2’s at the end of the year?
Nope! Gusto full-service payroll providers, meaning they will file all applicable W2’s and 1099’s at year end. You can view all of the necessary reports and statements within the respective payroll platforms.
Does Gusto have the ability to track benefits?
Yes! You can track your pre-existing benefit plans in Gusto. In addition, you can also set up benefits (Medical, Dental, Vision, etc.) via plans set up directly in Gusto. This will remove the hassle of compliance and keep your benefits and payroll in one centralized location.
These are just some of the most FAQ’s our payroll specialists at Bookkeeper360 encounter. Do you have a question that isn’t answered above? We would be happy to hear it! Feel free to reach out by contacting us here.