The backbone of any small business is their payroll system. Payroll determines employee’s wages as well as the amount of income to withhold to pay taxes. Withholding too little results in underpaid taxes and penalties. Providing payroll services is a delicate balance of meticulous planning on part of the employer and diligent review on part of the CPA firm to ensure payroll taxes are correct.

The Journal of Accountancy makes several recommendations to assist CPA firms in providing excellent payroll services for their clients. The following two recommendations suggested by this journal are ones that we at Shank and Company, CPA, enacted many years ago and continue to improve upon today.

  1.       One dedicated person to execute payroll services such as direct depositing wages to employees or calculating payroll taxes

Randy Shank performs all of the payroll services Shank & Company, CPA, offers. We eliminate any added confusion due to miscommunication by having many staff members performing payroll services. When concerns or issues arise concerning payroll, clients will always communicate with Randy. He tailors advice to meet the specific needs of each business such as the type of pay period a business should use when paying wages or creating employee timesheets. His goal is to provide every business with excellent service.

  1.       Reliable software to calculate figures for wages, payroll taxes, and the business owner’s income taxes

Recently, Randy designed a payroll software for use at Shank and Company, CPA, to streamline the process of paying wages and withholding income for taxes for his firm’s employees. The program has helped the company in numerous ways. The program tracks hours worked as well as wages earned, both before and after income withheld for taxes. It contains some information needed to complete the various W-2 Forms to be filed with federal, state, and local governments. It provides Randy with yet another tool to devise a company budget wisely. The program operates on flexibility and is constantly changing to meet the needs of the employees and the company. As the program is available to Randy and his employees, it fosters accountability and honesty between the two.

Dedication to excellence and ingenuity to meet the changing needs of the needs of small businesses remains the goal of this company when executing payroll services. We assist you in keeping records of employee wages. Shank and Company, CPA, also determines the amount of income to be withheld for IRS, state, local, school district, and unemployment taxes. We electronically pay all tax accounts for your business. We desire to bring you peace of mind so that you can focus on running and growing your business.

Let us run the numbers and keep the backbone of your business strong so that you can continue to thrive.

For a consultation about how we can meet the payroll needs of your business, please contact Shank and Company, CPA, via telephone at 513-442-1239 or email us at

Categories: Business Tax Advice

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