Bookkeeping and payroll services are essential in any business. They help keep track of income, expenses, and payroll taxes. Bookkeeping also helps you prepare financial statements and ensure that your books are in order.

There are three main types of payroll & bookkeeping facilities: general ledger bookkeeping, transaction accounting, and customizing accounting. General ledger bookkeeping is the most common type used in businesses. It tracks the transactions of a company from beginning to end. Transaction accounting is used to track specific types of transactions such as sales, purchases, and wages. Customizing accounting is used to tailor an existing system to your company's needs.

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To be eligible for a tax exemption, your business must have a written payroll policy in place and maintain accurate records of employee hours worked and pay periods covered by the policy. You also need to keep track of all deductions made from employees' paychecks, including federal, state, local, and Social Security taxes. In addition, you need to file Form W-2 each year with the IRS indicating the total wages paid to employees during the calendar year (including holiday bonuses). Finally, you must submit Form 1099 Miscellaneous Income each year to recipients such as landlords or mortgage companies indicating any taxable income received from employees during the previous calendar year.