1) How quickly after I remit my payroll information will my employees physically receive their net paycheck or direct deposit? If we receive your information by 3pm on Monday, your employees can have their funds available in their account as fast as Wednesday morning when their bank processes deposits.
2)What information do I need to provide in order to process payroll on a recurring basis? Essentially, you only need to submit hours worked per employee for the particular pay period. If there is overtime, vacation or holiday hours included, then, we will need this broken out as well, but we can help you with this if you are confused. If there are any changes to pay rates or employees, we will need that information as well. 3)How does the typical payroll process work? For a typical week-ending on Friday, the company will submit its payroll information (hours, etc.) to CPS on Tues/Wed either by fax, email, telephone or on-line. CPS will then calculate your payroll and generate all requested reports (including the cash requirements needed to cover the payroll), paychecks, direct deposits, etc. Direct deposit stubs, paychecks and applicable reports will be mailed out to your company for distribution to your employees and is typically received Thursday. Next day payroll courier service is available to avoid any postal service delays. Direct deposit funds, taxes (if escrowed) and our fee will be electronically withdrawn on the designated day, which is usually the Thursday for a week-ending Friday payroll. 4)As the owner do I have to take a paycheck? That depends. If you are the owner of a sole proprietorship, sole member of an LLC (disregarded entity) or a partner, then no. However, if you are a shareholder of a corporation or a Sub-Chapter S Corporation, then yes, you are supposed to take a reasonable compensation.
5) As a small business, do I have to offer health insurance to my employees? If you are considered a small business (less than 50 employees or full-time equivalent employees) then you are generally excluded from the recent healthcare reforms.
6)With so many tax programs and payroll benefits, can you help me establish a pre-tax Cafeteria or pension plan? Our staff can certainly point you in the right direction by providing you with the applicable Internal Revenue Service guidelines for such plans, however, you as the employer need to determine whether your company or organization meets the established criteria.
7) What payroll set-up is right for me? Set up an appointment today with any of our staff and we will gladly sit down and help you through the finer and confusing details of payroll. After all, that’s what we’re here for.
Frequently Asked Questions