15760 Ventura Blvd, Suite 610 Encino, CA 91436
15760 Ventura Blvd, Suite 610 Encino, CA 91436
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Busy Season – Top 5 Payroll Tips for Business Accountants

In the crunch of busy season, business accountants have to get payroll, taxes, and reports out at top speed without sacrificing quality. With a few simple tips in mind, this busy season can find you at the peak of your game.

5. Nail Down Details – You know how the details can make all the difference, but clients may skip over critical matters out of haste or lack of understanding of why it matters so much. Get it correct at the start, from confirming each employee’s identification information to being absolutely clear on the salary, benefit and withholding details that vary from person to person within the company, so as to avoid the stress that comes with refiguring later.

4. Mind The Matching – It is vital to understand and apply the matching principle (where the client follows the accrual accounting method) to avoid some tricky surprises on your client’s books. Some expenses, like bonuses or employee benefits like paid vacation, are incurred in a different reporting period from the related revenues, and they must be matched on the books properly or confusion and errors can result.

3. Inform Early – Let your clients know of relevant changes to tax codes or reporting laws that will affect their company. You can avoid a lot of the unhappiness that may come with new regulations or requirements if the client sees the changes coming before they show up in their taxes or payroll expenses.

2. Classify Correctly – It is ultimately the responsibility of the client to stay compliant with laws, but the business accountant is the guide through the tricky spots. Be sure to help your clients understand whether they are classifying correctly when it comes to treating workers as employees versus contractors, or with deductions and withholdings, for example.

1. Remember to Breathe – At peak stressful times, professionals may neglect the importance of taking care of themselves. Whether it is a workout after a long day, or a weekend get-away to clear your mind, balance the excess work with time for you.

A lot of pressure rides on the accountant to get the numbers in place and the filings in order. But with some forethought, common sense, and good communication, the busy season can be the best season.