Payroll Services Virtually and in the Richmond VA Area
P&L Business Solutions provides payroll services for small businesses in the Richmond area and virtually. We work through third-party payroll providers such as Dominion Payroll, OnPay, Gusto, ADP and QuickBooks Payroll, and we make sure each month’s payroll journal entry lands correctly in QuickBooks Online, so your wage expense, your profit and your tax filings are right.
If your current Payroll Company does not offer Payroll Journal Entry automation into QuickBooks Online, we will manually enter the Payroll Journal Entry in QuickBooks for you each month. If your Payroll Journal Entries are not being entered automatically into QuickBooks Online, your tax filings will be incorrect.
Why do payroll journal entries matter?
Most Clients think all they need to do is enter the Paycheck expense that comes out of the bank as “Wages.” The Wages Expense is supposed to be based on the Gross Wage amount, not the Net Wage amount which is what comes through the bank feeds when the Employee cashes their payroll check. The Gross Amount will increase the Wages Expense which will decrease your Net Income which is what you want to do in order to pay less taxes. Doing this correctly will also give you a clearer picture of the profit of your business and exactly what expenses are coming out.
Neglecting to have these Journal Entries entered affects the bottom line or net income of your Profit & Loss Report which is what the person doing your taxes most often looks at.
Is payroll included in your bookkeeping plans?
Payroll assistance, using QuickBooks Online Payroll or by integrating your third-party payroll company, is included in our Gold and Platinum bookkeeping plans. See bookkeeping pricing and our bookkeeping services.
What about year-end payroll and taxes?
Some CPAs will request your year-end payroll report and make this adjustment before filing your taxes, but not all will, and this should not be left to chance. When payroll is booked correctly all year, the Profit & Loss your tax preparer looks at is correct too. If you want your business and personal returns handled in-house as well, see our business tax filing services.
Paying contractors as well as employees?
Classifying workers correctly matters as much as running payroll correctly. Read 1099 vs. W-2: what worker misclassification costs.
