Thinking about switching payroll providers? Now is the perfect time! A new year means a fresh start and an easy transition to a new payroll company. Before you switch, however, there are things that you can have lined up to ensure a smooth transition.
Payroll taxes are based on when your employees were paid, not when they worked. That means that if they got paid January 1 (or after) for work they did in the prior December (or before), those wages are reflected in the new year’s books for tax purposes. That being said, take a look at your last pay date of the year, and if it falls in 2021 for whatever reason, make sure that is taken care of with your new payroll company.
Prior or Most Recent Account Data
When making the transition to a new provider, make sure that, prior to closing the account, you extract important data, such as employee information, payroll reports, and annual tax forms, to keep for records. A lot of times, after an account is closed, it can be difficult to go back and retrieve this information.
When switching payroll companies, you will need important information to gain access to all your payroll tax accounts to ensure a smooth transition. You are going to need your EIN, state employer identification number as well as other payroll tax account numbers, legal business name, and bank account information.
All of this may seem overwhelming, but Payroll Service Solutions is here to help guarantee a smooth transition to our team of experts you can depend on throughout the longevity of your business. Call us today to get started!