Payroll Companies & Payroll Services in Gooding, ID

Penny Wise Bookkeeping, which also operates under the name Pennywise Bookkeeping, is a small firm based in Gooding, Idaho. It handles payroll and bookkeeping for small businesses across south central Idaho. Its stated service area includes Twin Falls, Jerome, Hailey, Bellevue, Shoshone, Ketchum, Sun Valley and the wider Magic Valley and Wood River Valley.

The firm works mostly remotely, so it can also support clients outside the region. For companies comparing payroll providers, it offers a local alternative to large national processors. Clients deal with a nearby person they know rather than an outsourced corporation.

Payroll Services

Payroll is a core part of the practice. The firm covers the whole cycle, starting when an employee is hired and running through year-end reporting. Its published payroll services include:

• Collecting the federal and state tax filing details needed before hiring staff
• Preparing new hire packets and entering new employees into the accounting software
• Submitting Idaho new hire reports
• Running payroll on a weekly, bi-weekly or monthly schedule
• Making federal 941 tax deposits through EFTPS for monthly or semi-weekly depositors
• Remitting state income tax withholding
• Preparing quarterly workers' compensation reports and payments
• Producing quarterly 941 reconciliations and filing the federal quarterly return
• Making quarterly FUTA (940) payments and filing state unemployment forms
• Issuing annual W-2s and filing the yearly 940 FUTA report

The site also says the firm obtains the tax account IDs a business needs and can help with benefits deductions. It describes payroll as part of a combined approach, with wages, withholdings and tax payments recorded alongside the rest of the company's books.

Bookkeeping and Business Support

Beyond payroll, the firm offers general ledger work, accounts payable and receivable, and bank and credit card reconciliation. It also handles inventory tracking, proactive collections, general accounting, and setup for new businesses. It lists experience with cleaning up neglected books, staff training, budgeting, and difficult collections. It has also helped clients work through IRS resolution matters.

Records are kept in QuickBooks Online, so owners can view their books whenever they need to. The firm says it explains financial matters in plain language and avoids accounting jargon.

Background and Approach

Tara Knecht owns and operates the business and opened it in 2008 in Gooding, where she lives. The company reports more than 23 years of combined bookkeeping experience. Its background includes accounting roles for small companies and specific industries in both Seattle and Idaho. The firm says it adjusts its methods to each client's industry. It serves a range of Idaho enterprises, from family farms to technology startups, and works with both sole proprietors and growing companies.

The firm stresses confidentiality, long-term client relationships, and individual attention. It positions itself as a local firm that also works remotely, which suits Twin Falls area employers who want regular payroll and compliance handled without hiring in-house staff. Office hours are Monday through Friday during business hours.