Your small business is a big deal to us
That's why we take the time to truly understand every aspect of your business—including the dreams and aspirations that drive it. Wherever you see your business heading, look to BB&T for informed solutions to help you get there.
More payroll options mean more efficiency for your business
Pay your employees the simple and secure way while reducing expenses
- Avoid the time and expense associated with paying employees with checks
- Simplify payroll distribution for offsite employees
- Use for expense reimbursements, pension payments and dividends
- Enable employees to access their funds on the day of the deposit
- Offer employees the option of dividing deposits between checking and savings accounts
ADP payroll solutions
ADP provides you with the level of control that works best for you
Choose the solution that best fits your management style.
- Do-it-yourself payroll
- Perform hands-on payroll operations for both salaried employees and independent contractors
- Pay by direct deposit, or create and print your own payroll checks
- Stay organized with online tax payments, forms and reminders
- Full service payroll
- Let ADP handle the details, and retain the option to preview and verify data prior to payroll processing
- Access all of your payroll information from any device
- File your taxes with a full range of reporting, management and support services
MyLink® Payroll Card
Reduce payroll expenses and increase employee direct deposit participation
Give your employees 24/7 access to their pay.
- Compatible with any payroll processor
- Reduce check printing, processing and distribution costs
- Eliminate the cost and frustration associated with lost or stolen paychecks
- Timely delivery of pay to employees
- Immediate access to pay upon deposit
- Valid anywhere Visa® debit cards are accepted—in store or online
- Cash withdrawals conveniently available at any BB&T branch and ATM
- Free mobile app and online account access with U by BB&T
- Cardholders are protected by FDIC Insurance and Visa's Zero Liability Policy1
Payroll options for your small business
Whether large or small, all businesses must effectively manage payroll. If a small business doesn't pay its employees on time, or correctly, there could be legal consequences as well as increased employee turnover.
Payroll is more than just making sure your employees get paid on time. It also includes:
- Abiding by current employment, wage and tax laws—from employee withholding to the payment of payroll taxes
- Updating and tracking employee sick time and vacation time
- Adjusting payroll for employee raises (or pay cuts)
- Providing wage garnishments when necessary
The payroll function includes any required compensation-related issues. If you can't perform these services accurately or on time, you should consider outsourcing some or all of it. Most payroll service providers offer two types of payroll processing: full service payroll or in-house payroll services. Let's take a closer look at each type.
Full service payroll provider
The beauty of outsourcing your entire payroll function is that everything is done for you. You don't have to think about a thing. For a monthly fee, you simply forward employee information and other required details to your payroll service provider, and they do the rest. Here are some of the typical services you may get from a full service payroll provider:
- Preparing and filing taxes electronically and providing you with tax notifications (such as 1099 and W-2 forms)
- Providing online and mobile access to employment reports and other information—you and your employees can download directly
- Preparing and cutting paychecks and then mailing or submitting them for direct deposit payment
- Preparing and making tax deposits and payments for your business
- Providing garnishment payment services
- Providing human resource management tools and managing time and labor reports (including new hires)
- Keeping State Unemployment Insurance (SUI) updated and incorporated into your payroll checks and other records
Most payroll service providers will assign a full-time payroll specialist to assist you with any questions you may have.
Your small business may have only a few employees, or it may just be you. In this case, a full service payroll provider may not make much sense. But many small business owners use a portion of the services offered by full service providers to cover the things of greatest importance to them—for a small monthly fee. Here are a few things you may hire a payroll service provider to help you with:
- Keep track of tax payments and forms online so you don't miss any important details or deadlines
- Get quarterly reminders when tax payments are due and electronically submit payroll taxes as well
- Receive signature-ready tax forms to fill out and submit either electronically or by mail
- Pay your employees by direct deposit or create and print your own payroll checks
- Review payroll reports online and then export them to your small business software
Choose the best option for you
Be sure to shop around for the right payroll service provider for your business—not all providers are equal. Focus your search on three top considerations: the services you need, accessibility and cost. Talk to your CPA (or others in your industry who use payroll service providers) for recommendations. Whichever option and provider you choose, outsourcing payroll will allow you to focus on running your business each day—and not payroll.
6 tips to avoid common payroll mistakes
Payroll tasks can be time-consuming and complicated. And mistakes can be costly, especially if they're serious enough to incur regulatory penalties.
1. Carefully set up your payroll system and update it regularly
Take the time to input correct employee information, tax withholding amounts and payment information. By doing this, you'll avoid paying the wrong amount to employees and stay away from errors in the long run.
2. Pay your employees on time
If you want to keep employees motivated and productive, you need to make sure you pay them on time. Plus, if you pay employees late, or miss paying them entirely, you'll have to backtrack—and that will likely lead to payroll errors.
If you find you can't keep up with payroll, it may be time to hire a payroll processing service to help you. They'll take care of as much or as little as you want (for a fee). But it may well be worth it to free up your time and ensure that your employees are paid the right amount on time.
3. Pay employment taxes on time
Once you've collected payroll taxes from your employees, and contributed your share as well, you must report this information to local, state and federal tax authorities. Be sure you pay them on time—if not, you may end up paying a 15% penalty by the IRS (which can be pricey).
4. Keep updated payroll records
Your payroll records should be updated regularly—time sheets, expense accounts, copies of W-2s and other payroll records. These should readily available for IRS review and maintained for at least 4 years.
5. Classify your employees appropriately
If you use independent contractors, you'll pay them differently than regular full-time or part-time employees. So be careful not to "misclassify" employees as independent contractors to avoid paying employee taxes. If you do so, you'll end up paying retroactive payroll taxes.
6. Display the appropriate posters
There are certain workplace posters you're required by law to display. If you're not sure what to post, check out the Department of Labor's FirstStep Poster Advisor for assistance. If you have employees who work from home, you may also need to mail them a physical copy of workplace posters or provide them with a link to that information.
The bottom line
By following these tips, you'll be able to avoid the common payroll mistakes made by most small businesses. If you need more assistance with payroll, it may be a good idea to talk to a payroll specialist or hire a payroll service to help.
Is a 1099 or a W-2 employee better for my business?
When looking to fill a position, you may wonder whether hiring a 1099 employee makes more sense than hiring a W-2 employee. How can you know which type of employee is best for your business?
Understand the difference between the two employee types
A 1099 employee is a contract or freelance employee who works on an as-needed or project basis. 1099 employees are generally not required to go into an office and can complete the assigned work when it suits their schedules.
On the other hand, a W-2 employee has an ongoing employment contract and usually works at a specific location. Additionally, with a W-2 employee, you'll have more control over where, when and how the employee does the assigned work.
Understand the differences in how to pay each type of employee
1099 employees are usually paid an hourly or per-project rate, and their work hours will likely vary each week. And, most notably, you aren't required to provide 1099 employees with benefits, like health insurance or worker's compensation. Conversely, W-2 employees are either salaried or paid by the hour, and are eligible for Medicare, unemployment insurance, Social Security and worker's compensation.
Hiring 1099 employees
- In addition to gaining expertise, you'll typically save money on wages, taxes, insurance and other benefit costs.
- You're less likely to be sued because there are different labor laws when working with 1099 employees compared with hiring full-time employees.
- You can use a 1099 employee only when needed.
- 1099 employees are usually easier to manage because they commonly run their own businesses.
What's the downside?
You may have to pay a higher hourly rate for their work, you may not be a priority (as they may have multiple clients) and you may not get the same feeling of team cohesiveness that a full-time employee brings to the table.
Hiring W-2 employees
- You'll create more consistency and comradery among your team, which ultimately supports your bottom line.
- You can hold them accountable to maintain and contribute to your culture and vision.
- They're on hand to cover when there may be a shortage of help—or if you need something done outside of their normal duties.
What's the downside?
Hiring W-2 employees may include higher costs to your business because you'll need to cover taxes, payroll, health insurance and unemployment. If you're unhappy with a W-2 employee's work, you must go through the proper channels to fire them, whereas you can simply stop requesting work from a 1099 employee. W-2 employees also need to be trained, groomed and managed, which may take more time.
Which type of employee is best for your business?
It all depends on what you need. If you find you need regular assistance, it may be time to hire a full-time (W-2) employee. But if you need assistance with taxes or marketing and you can't afford another person on staff, you may want to consider hiring a freelance or contract employee (1099).
Whichever choice you make, hiring a highly qualified employee that best suits your needs can make the difference in moving your company forward in a productive way.
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Business credit cards
Enjoy a BB&T business credit card with competitive rates and flexible cash back options.
Get an efficient, secure payment solution that fits your business.