Are there any long term contracts?
No. The only paperwork required is IRS form 8821 & 8865 granting us limited power of attorney to deal with IRS on your behalf should the need arise. In addition, a simple customer agreement acknowledging that your payroll account will be properly funded to pay your taxes & employees. Lastly, a power of attorney in order for us to report State Unemployment and/or State Withholding taxes if applicable.
How long will it take to set my company up to run payroll?
Two business days. We send an application to our bank with your account information. Our bank in turn will make a "penny" deposit/withdrawal to your payroll account. Once that amount is verified by you, your account is active for payroll service.
What information is needed for my business to run payroll?
Our bank requires a void check from your payroll account & a valid EIN proof. This can be in the form of a signed tax return or document from IRS that shows the legal name of the business & Federal Employer Identification number.
Companies making a mid-term change must provide accurate Quarter & Year to Date employee wage & tax summaries along with copies of IRS 941 tax returns & any other applicable State returns filed in the current calendar year. We will balance your employee wage history to your tax returns to make sure everything is properly accounted for before your first payroll is processed through our company.
What will it cost me to run payroll through your company?
In all cases our aim is to provide you with a convenient, secure & affordable means to process your payroll. The nature of each business differs with what their needs may require and so there are a variety of factors that determine our pricing. Number of employees, frequency with which they're paid, or utilizing enhanced service offerings are taken into careful consideration. But rest assured, our pricing will be fair for the service we deliver and competitive with other providers. For more information, please contact us at 850-702-0841.
My employees are on direct deposit. When will they receive their funds?
Direct deposit takes two business days to process. Therefore, if your pay date is Friday, it would be necessary for you to submit payroll no later then Wednesday of that week.
My employee failed to notify me that their bank account was closed; or gave erroneous banking information for direct deposit. When will they get paid?
Generally our bank will notify us of any account closures, or invalid account numbers within one to two business days after your pay date. At that time we can either try depositing the money again to the correct account, or return the money to your payroll account in order to pay your employee.
My payroll account had insufficient funds & your draft failed to clear. What do I do?
A good rule of thumb is to make sure your account is properly funded two business days prior to your pay date. If you cannot fund your account, let us know so that we can work out other arrangements and avoid costly NSF fees.
My employee lost or discarded their pay stubs and now they need copies. How do I get them?
With Employee Self-Service, your employee can log into our secure portal and retrieve all copies of their pay stubs & W2's.
My pay date falls on a holiday. When should I turn in my payroll?
Direct deposits are delayed one business day during bank closures for holidays. In that instance, payroll needs to be submitted one day sooner than normal to ensure your employees are paid on time. Paper checks in lieu of direct deposit are available upon request.
I don't want to reconcile a lot of checks. Can my employees be paid off of your account?
Yes. With the use of our Secure Pay account you can eliminate tedious bank reconciliations. Additional charges may apply.
I received an IRS notice for a tax period prior to using your service. Is that something you can help me with?
Depending on the situation we may be able to help or give general advice. However some matters are beyond our control and it may be necessary for you to enlist the help of a CPA to clear up any unresolved issues.
You have a lot of information about my business and my employees. How safe is my information?
We take the utmost precautions when dealing with any information you provide our business. We take this responsibility very seriously. Our technology is a cloud based web application which is backed up daily and encrypted for your protection. All unnecessary paper documents we receive are shredded on site. We hold our employees to the highest standards of accountability. Every transaction entered into our system is time stamped and documented.
I haven't heard of your company before. How do I know I can trust you?
Our payroll team has been part of the payroll industry for many years. Combined, we have experience in excess of 25 years. We encourage our clients to use a unique PIN to verify that all IRS tax payments are made accurately and promptly on their behalf. We have many references of satisfied customers available upon request. Our mission is to provide you with a convenient, secure & affordable means for you to outsource your payroll. We strive to be professional, courteous, resourceful, and respectful to your needs at all times. We frequently work hand in hand with professionals you already trust & have established relationships with such as CPA's & bookkeepers.
© 2020 by Preferred Payroll, Inc.