August 4, 2020

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Best Business COVID Strategy? Payroll Services

payroll services

Companies struggling to emerge from upheavals created by the COVID-19 pandemic are finding a payroll service has been one of their best investments for seeing their businesses and employees through some of the worst complications.

“Having a payroll reporting system in place was the key,” Cathy Askey, partner of Askey, Askey & Associates CPA, LLC, said she heard from many of the firm’s payroll services clients. “When suddenly all of your day-to-day operations goes awry, having a payroll reporting system in place became essential.”

Ms. Askey explained that the service provides accurate payroll reports that can be quickly relayed to clients’ bank loan officers. Having all of the data already in the necessary format allowed these companies to have immediate in hand information needed to apply for federal assistance.

A basic payroll service will collect wage and hour information from the employer and use that information to calculate gross wages, subtract all pertinent withholdings and deductions, print checks, make direct deposits, and prepare all employment tax filings. The service will also mail out W-2 and 1099 forms and resolve any inquiries from the IRS or other government agency.

Some payroll services offer more comprehensive help. They can take over some of the responsibilities typically handled internally by human resources, like administrating a company’s retirement accounts and benefits programs. They can file new employee forms with the state and help comply with any court-ordered wage garnishment programs. Some payroll services even offer a free phone help line for any questions related to human resources or payroll

Askey, Askey & Associates, CPA, LLC, keeps apace with the current loan and grant regulations designed by the federal government to help business weather the continuing restrictions forced by the pandemic. For clients already working with Askey & Askey’s payroll services, the complications of applying for those federal loans and grants is tremendously reduced.

“We found, during these difficult times, many of our tax/business clients – and many callers just seeking help and advice – were primarily concerned with their payroll reports. They needed these in order to compete and/or apply for the PPP Loans.”

Ms. Askey expects these needs to continue as many companies face new business models moving forward. The biggest benefit of a payroll service for their clients, Ms. Askey said, was that regardless of the shutdowns impacts on their physical businesses, the payroll process was able to proceed without interruption and without any additional worries.

As businesses look to new ways to move forward under these changed economic times, the investment in a payroll service is proving one of the most cost-effective insurances against unexpected events.

At Askey, Askey & Associates CPA, LLC, payroll services are offered among their full accounting services.

From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Askey, Askey & Associates, CPA, LLC’s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system selection and setup.

These services include but are not limited to:

  • Bookkeeping (real-time, monthly, quarterly, or annually)
  • Preparation of financial statements
  • Accounting system setup and support
  • Live payroll processing

Askey, Askey & Associates, CPA, LLC, has two full-service offices located in Leonardtown at 23507 Hollywood Road, P.O. Box 662, Leonardtown, MD 20650, phone: 301-475-5671; and in La Plata at 105 Centennial Street, Suite D, La Plata, MD 20646, phone: 301-934-5780

For more about Askey, Askey & Associates, CPA, LLC, visit its Leader Member Page, Facebook or LinkedIn.

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