Payroll Accounting

The payroll process is a tedious one, requiring accurate record keeping, timely check disbursal and compliance with applicable laws. Key challenges in the payrolling process include:

• Significant Time Consuming:

  According to Business Week, "processing your own payroll requires 54 steps and eats up between 40 to 60 hours each year, even for two-employee companies." Calculating payroll amounts and deductions is a detailed, time-consuming process, and employer mistakes in payroll processing are unfortunately easy to make.

• Expenses:

  Self-processed payroll can be surprisingly expensive. Business Week reports that "each year, 40% of small businesses pay the IRS an average penalty of $845 for improperly filing their payroll taxes." In addition, companies overpay federal and state insurance for unemployment by over a million dollars per year, creating a significant negative impact on a company's bottom line.

• Minimize Risk :
  Doing payroll on your own is tiresome and hazardous. You'll quickly discover that there are many confusing things to track, including forms to locate, tax tables to update, reports to submit, and payments to make. You'll enter a jungle of unknown deadlines, unforgiving rules, and agencies that won't help you. And when you make a mistake, you'll probably get a tax penalty.
• Leverage your time:
  Do what you do best with your spare time & energy and outsource the rest; your business will benefit. Small business advisers agree: struggling with payroll taxes is a distraction that takes your energy away from more useful activities. Create and grow your business. Pass the payroll headaches on to someone else.
• High Value:
  Outsourced payroll is a bargain. Why spend hours doing payroll by yourself when you can get help doing it in five minutes at a very low price? With the time you save and the accuracy you gain, MINFO is a bargain for any small business. As a general rule, payroll services are a good investment compared to doing payroll by yourself.
• Avoid Penalties:
  Nearly half of all small businesses paid IRS penalties last year. The average penalty was more than $500. That money could have gone towards outsourcing payroll, and is more than the annual cost of our service.
• Direct Deposit:
  Your employees will love direct deposit. It's a low cost way to provide an extra employee benefit that is very much appreciated. No more trips to the bank! A half-hour saved every payday! At Mistry & Shah, direct deposit is free.
• Eliminate Software Hassles:
  You skip the hassle of software updates. Leave the updates to the payroll services. Mistry and Shah is always up to date with the latest tax rates from around the nation.
• Tap the Experts:
  You add payroll experts to your team. Any payroll service will be aware of the most important rules and problem areas. Our payroll experts know more about payroll than most accountants.
• Reliability:
  You'll never again worry about losing the employee that does payroll. With an easy system like ours, anybody can do payroll.

• Every pay period, we will compute the payroll taxes, notify you of the amount on your Tax Liability report (included with each payroll), and deduct the tax liabilities from your account.
• Every deposit period, we will submit to you all list of payments for federal withholding and unemployment, state withholding and unemployment, social security, Medicare, disability and local payroll taxes (if applicable) which are due.
• Preparation of federal, state, and local tax returns on a quarterly and annual basis.  

Once you are set up, just tell us how many hours each employee worked. We will calculate your payroll, including the deductions and withholdings for all relevant tax jurisdictions. You will receive professionally printed checks, pay vouchers, and reports - all delivered to your door and ready for payday. Or print your own checks with our Internet payroll service.

You can submit employee information to us the way that suits you best:

• by Phone
• by Fax
• From your PC with ADP software
• over the Internet on our secure website

CPAs and Accounting Firms can contact us for availing the following services:

• Weekly Payroll processing and check printing on client's printers
• Form W-2s
• Form W-3
• Form 940 & 941s
• SUTA Returns (including preparing & filing over internet)

The Tax Filing Service makes it easier to control the financial aspects of your company and gives you the piece of mind knowing that you no longer have to worry about meeting the filing deadlines.