These programs can save hours of time for a business owner and create professional-looking invoices. Otherwise a paper system is very effective. Back to Topics Accounts Payable Accounts payable are debts owed by your company for goods and services. Keeping track of what you owe and when it is due will enable you to establish good credit and hold onto your money as long as possible. Business owners with few accounts payable items use accordion file folders labeled with dates to keep track.
Larger companies use accounts payable paper records organized by creditor.
New employees must must also sign and date the form. As the employer, you do not need to send it to the IRS, but you must keep it on file. Form I-9 must also remain on file at your place of business for possible INS inspections. The penalties for not having the INS forms are steep. Employer Matching - Employers must match the FICA and Medicare taxes and pay it along with the employees' share.