Small Businesses Need a Payroll Expert Who Specializes in These Things

Small businesses are the backbone of our economy, and small business leaders need to be more strategic than ever in how they spend their time and money to maximize company growth.

That's especially true when it comes to payroll management. Paul G. Stappas, president of BMA Payroll, encourages small business owners to hire a payroll professional who can manage key payroll tasks, including I-9 forms and workman's compensation insurance coverage, while avoiding "bundling" non-payroll issues best left to other professionals.

Let's break that down a bit more:

Workman's compensation insurance: It's mandatory for businesses that pay employees. Skipping workman's comp can lead to fines, criminal charges, and personal liability, and the government can easily discover the issue through various government reports and tax filings.

I-9 form requirements: If you're a small business owner, you might not even know what this form is — but it's used to verify the identity and employment authorization of each employee. The employers must ensure that the form is completed in a specific timeframe and then store the form according to certain specifications. Failing to follow this process properly can result in significant fines.

New Hire Directory: In a somewhat similar vein, the law requires employers to report specific information about new hires, independent contractors, and certain employees who are returning to work and (you guessed it) failing to do so can leave business owners vulnerable to fines.

BMA Payroll helps small business owners ensure they are compliant in these important areas, while also managing tasks including:

• Accurate payroll
• Tax deposits that are on time and correct every time
• Completed federal and state payroll filings like quarterlies, year-end, and W-2 forms
• Maintenance of employee records, past pay stubs, tax filings, and records of tax payments

If you look into BMA Payroll's services, you'll see there are some things other major payroll companies offer that they don't — with very good reason, Stappas explains. He suggests small business owners avoid payroll companies that try to bundle payroll services with things like 401(k) plans and medical insurance.

Too often, payroll companies offer a single, "one size fits all" 401(k) plan without taking into consideration the employer's needs, employee profile, etc., Stappas said. Then, he explained, after company leaders accept the plan, it can be very difficult to transfer to another provider that might be a better, more affordable fit.

It's a similar situation with medical insurance. Stappas strongly encourages business owners to leave 401(k) and medical insurance plans to experts in those areas and NOT try to bundle them with payroll services.

To learn more about BMA Payroll's expertise and how they can help your business, visit them online or give them a call at 908-369-6843 today. Mention New Jersey 101.5 to waive the $250 set-up fee!