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Financial Tips & Insights from the Front-lines of Industry

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Payroll Maintenance

Updated: Jun 10

Where to Start?


Two things every employer will want to consider are Payroll tax forms 940 and 941.


Payroll tax form 940 is used for an employer that is reporting annual federal unemployment tax return. This is to be paid by employers and this does not come out of employee wages. This tax can be levied by state and federal revenue services.


Payroll tax form 941 is a quarterly filing that is used for reporting employee tax withholdings such as Social Security, Medicare, and/or income taxes. This is used to also report the same taxes for the employer.


It is important to ensure these documents are completed and filed before the due dates to ensure that extra fees and penalties don’t start to accumulate.


This entire process can be taken care of effortlessly when a company implements Gusto to assist with the complexities and challenges that come with payroll.


The Challenge of Time Management


Keeping track of time can also be a challenge. Many companies have a time clock system or another system that helps employers pay their employees for the time they worked. Imagine being able to take this another step further by offering a dynamic way to keep track of time that not only shows what kinds of tasks that employees spend time on, but also the amount of time used for each task.


Tsheets has taken time keeping to a the next level.


This is also a great way to spot inefficiencies and look for new places where time can be better used. This is a very valuable tool when deciding what fees to charge for your services. If your company offers a wide range of services, you will know how much the services are costing the company individually.


Management will have a better scope of which services are more profitable, which are not, and where to focus attention to maximize profit by taking in more revenue and simultaneously lowering costs.


Users can switch between tasks effortlessly which allows a more accurate view of where attention is placed.


Keep it Simple


Did you know these two systems can be combined to automate most of the entire payroll process?


Gusto can be set up to work in conjunction with Tsheets!


This revolutionary process will take on one of the heaviest burdens that every company faces in their day to day operations. This once dreaded duty of every company is now a simple process that is mostly automated and a total game changer when it comes to efficiency.


Upper management can assign lower management the authority to approve or decline PTO, sick time, and vacation time. This takes a great burden off the shoulders of upper management and it offers the company more accuracy of day to day activity.



Time to stop losing time and money!


Payroll is hard, Gusto makes it easy


Here at Sonder Accounting, we partner with Gusto to make payroll a breeze for our clients. Check it out and feel free to reach out if we can support you in your payroll journey!


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About the Authors

Sonder Accounting was founded in 2016 by Kara Janowsky to serve the financial maagement needs of the nascent cannabis industry. Our small and specialized team has partnered with over 250 businesses in similar industries to build functional financials that drive business growth:

Learn more about how we work with companies like yours:

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