Accounting, Payroll & Tax

PAYROLL SERVICES

Typically, employers have two basic payroll processing options – use an in-house method or outsource it. An effective business owner reserves specific tasks that only he should do for himself and delegates other tasks to qualified employees or outsourced professionals. Generally speaking, business owners save time and money by hiring qualified employees to accomplish long-term, frequent tasks and outsourcing short-term, less frequent tasks such as payroll.
There are several benefits of outsourcing your payroll to Raak and Associates PC:
- Focus. By using Raak and Associates PC, you can better focus on what you do best – running your business.
- Save Time. You will be able to redirect your and your employees’ efforts from time consuming payroll activities to areas more profitable to your organization.
- Save Money. We can prepare your payroll for a fraction of the cost it would take you to prepare it yourself.
- Reduce Liability. You can minimize or completely eliminate payroll tax penalties with outsourcing as the liability shifts to our firm.
- Ensure Accuracy. Our top priority is ensuring the accuracy of the payrolls we process. Staying current with tax laws and tax computations is a vital part of our business.
- Comply with Rules and Regulations. Dealing with the ever-changing governmental regulations that go along with payroll is a headache you just don’t need. We stay focused on payroll administration issues for you, freeing your time for other responsibilities.
- Customize Reports. We can tailor reports to accurately report tax liabilities and provide meaningful payroll information to aid in making good business decisions.
- Maintain Confidentiality. Because your payroll will go through fewer hands, less people are privy to salaries, deductions and other payroll-related information. We do not disclose any non-public information to anyone, except as required by law.
Raak and Associates PC believes that CPA also stands for Close Personal Attention. We are committed to giving you personalized attention and support to fit all of your payroll needs. Although we specifically tailor our payroll services to best suit your needs, our general payroll services follow:
Collection and Submittal of Payroll Information
Payroll hours and earnings for each pay period must be submitted to our firm along with any changes to the payroll such as deductions, pay increases or new hires. Payroll information may be submitted in person, by fax, by e-mail, or by standard mail. Payroll information must be submitted a minimum of 24 hours prior to payday to ensure sufficient time for payroll processing.

Payroll Processing

Once we receive your information, Raak and Associates PC will then process your payroll. This may include printing paychecks, printing paystubs, or submitting an ACH Direct Deposit. There are several advantages to using direct deposit. Your employees do not have to use their lunch break to cash or deposit their check or lose valuable production time waiting in long bank lines. Your administrative burdens are eased – there will be no need to sign paychecks, re-cut lost paychecks, or reconcile checks that are still outstanding or cashed late. Plus, direct deposit is entirely confidential.

Payroll Tax Liability Payments

Raak and Associates PC calculates and submits your payroll tax liability payments to the government when they are due. Since this liability shifts to our firm, we can reduce or completely eliminate the possibility of payroll tax penalties. Raak and Associates PC recommends using the Electronic Fund Transfer Payment System (EFTPS) for submittal and payment of federal payroll taxes. We find the eftps online system more convenient because you are able to print confirmation of your payroll tax payments, select specific payment due dates, cancel tax payments, and view past payment history.
Agency Payments, Garnishments & Other Deductions
Depending upon your organization, employee benefits, and employees, it may be necessary to calculate and submit other payroll deductions such as wage garnishments, insurance premiums, retirement contributions, and others as necessary. Calculating employee garnishment payments can be difficult since the requirements of individual agencies vary. These requirements rest heavily on employers and can be very time consuming. Let us handle this burden for you.

Payroll Tax Reports

Our firm will prepare your quarterly and annual payroll tax reports as required by law. These quarterly reports include, but are not limited to, Form 941 – Federal Payroll Tax Return, Form 940 – Federal Unemployment Tax Act (FUTA), Form SFN 41263 – State Unemployment Tax Act (SUTA), and Form 306 – North Dakota Withholding (NDWH). Annual reports include Form 307 – North Dakota Transmittal of Wages, Form SFN 3177 – Employee Payroll Report (Workforce Safety & Insurance), and W-2/W-3 Forms.
Payroll Form Management
At a minimum, W-4 Forms and I-9 Forms must be completed, signed and submitted as part of the hiring process. Within 20 days from date of hire, federal and state laws require that all new hires must be reported to the North Dakota Department of human services. Although New Hire Reports are included as part of our standard payroll services, the timeliness and accuracy of these reports depends on you supplying us with the required information.

Other Services

In addition to payroll services, Raak and Associates PC offers a wide range of accounting services including QuickBooks® services, bookkeeping services, financial services, tax services, and general business services. Contact us today to see what we can do for you!

ACCOUNTING/BOOKKEEPING SERVICES

Too much paperwork and too little time? Are you running your business, or is your business running you?
The last thing you need to be doing after a long day at work is to spend hours entering the financial transactions of your business. We understand the obstacles you are faced with when starting a new business or expanding an existing one. Whether your company consists of one person or one hundred people, running a small business can be a demanding and an exhausting task.
Raak and Associates PC can free you from the overhead, paperwork, and stress of maintaining your own accounting staff. We will process documents and prepare reports just as if we were in your office down the hall. Let us take you away from the day-to-day, weekly and monthly data entry that drives your attention away from running your business.
The benefits of outsourcing your bookkeeping and accounting needs to Raak and Associates PC are endless, but here are just a few:
- Save Time. Allow us to devote our full attention to your books so you can devote your full attention to running your business.
- Save Money. Our bookkeeping fees will be less than an average bookkeeper’s salary. You will never again need to hire and retrain another bookkeeper.
- Reduce Stress. All of your financial information will be up-to-date and available to you when you need it. You will no longer have to worry and wonder if your vendors were paid or your customers were invoiced.
- Reduce Liability. Raak and Associates PC can help improve your bottom line by helping you avoid tax penalties, missed purchase discounts, missed tax deductions, etc.
- Receive Accurate Financial Information. Not only do we prepare your financial reports, we explain them as well so that you can see how much money you are really earning. Your financial interests are our main concern.
- Receive General Business Consultation. Good business decisions begin with good financial information. Besides supplying the necessary numbers, we provide and offer proactive, innovative ideas to help you save money, improve profits, increase cash flow, and expand your business.
Raak and Associates PC’s goal is to help our clients achieve success by providing quality professional services combined with Close Personal Attention. Our firm offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by receiving personalized, quality services beyond comparison. Because we tailor our services specifically to your firm, we can do as much or as little as you request or as your budget allows.
Our current list of services includes, but is not limited to, the following:
- Bookkeeping Services
o Data Entry – cash disbursements, cash receipts, recording general journal entries
o Reconciliations – bank statements and credit card statements
o Process Accounts Payable (A/P)
o Process Accounts Receivable (A/R)
o Prepare Sales Tax Reports
o Prepare Annual 1099 Forms
- Accounting Services / Compilations
o Compiled Financial Statements (GAAP Standards)
o Compiled Financial Statements (Tax or OCBOA Standards)
o Comparative Analysis & Interpretation
- QB Services
o Product & Version Selection
o Installation & Set up
o Training & Seminars
o Technical Support
o QB Review
o Pre-Employment Competency Testing
- Payroll Services
o Payroll Processing
o Payroll Tax Liability Payments
o Agency Payments, Garnishments & Other Deductions
o Payroll Tax Reports
o Payroll/Personnel Form Management
- Tax Services
o Individual & Business Income Tax Preparation
o Amended or Back Tax Returns
o Tax Planning & Consultation
o IRS Representation / Correspondence
o Secretary of State Domestic Annual Reports
- Consulting Services
o General Business Consultation
o Internal Controls Assessments
o Financial Planning
o Retirement Planning
In addition to small business bookkeeping, we also offer personal bookkeeping services to individuals who either do not have the time to keep up with their personal finances, or just hate the maintenance and upkeep of their checkbook and accounts. The same reasons exist for maintaining your personal accounts with the same precision as business accounts. You still need to know whether you are making money and where that money is going. Without an efficient system of recording your finances, it is almost impossible to create a budget, find areas to cut back, or know if you’re making a profit. Most personal accounts require only an hour or two of maintenance per month. Peace of mind in knowing where your personal finances stand could cost you less per month than your electric bill.
Contact us today for more details!

See also:
- Business Consulting
- Quickbooks

Still have questions? contact us anytime