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5 Ways to Streamline Your Payroll Process

For business owners with employers, payroll is a necessary task that can slow your day and tie you down if you let it.  Here are five ideas to make payroll less time-consuming: Employee Onboarding If you hire a lot, empower your new hires by letting them do their paperwork for you.  A good payroll system allows employees to “onboard” themselves, completing the I-9, W-4, and direct deposit authorizations electronically. You’ll still need to ask for ID on their first working day, but at least Read more [...]
Patricia Anderson No Comments

Do the New Overtime Rules Affect You?

Effective December 1, 2016, federal overtime regulations will change and may affect how you are paying your employees. These overtime updates will affect 4.2 million workers across the country. The New Rules The new rules will raise the salary overtime-eligibility threshold from $455/week to $913 ($47,476 per year). This new threshold will increase every three years. Salaried workers already entitled to overtime will get increased protection. Employers have a choice of three actions they can Read more [...]
Patricia Anderson No Comments

Are Your Workers Contractors or Employees?

If you have workers in your business, you likely made a decision when you hired them as to whether they should be an employee or a contractor. If all you hire are employees, then you have nothing to worry about. But if you hire contractors, there may be some financial risk you may be taking that you may not know about. Any person that runs a business as a sole proprietor that you pay money to for services rendered is considered a contractor. One difference between an employee and a contractor Read more [...]
Patricia Anderson No Comments

It’s Bonus Time

Year-end is a great time to think about rewarding your staff for a job well done in 2014.  Here are a couple of quick tips to help you make the most of bonuses while protecting your business and cash flow. Timing.  Would you be better off timing bonuses in this year to reduce 2014-year taxes or to wait until next year so they impact the 2015 tax year?  It’s something to consider before you dish them out.  Do what’s best for your business. The pretty holiday envelope.  It might be Read more [...]
Patricia Anderson No Comments

Five Essential Components of an Entrepreneur’s Compensation

Five Essential Components of an Entrepreneur’s Compensation The two major ways entrepreneurs can take money from their business is through draws or by receiving a paycheck.  The type of entity in which their business is set up will determine which method can be used. In either case, entrepreneurs need to be careful not to shortchange themselves. Especially if you’re running a service business, it’s easy to initially think you can do well with a similar hourly rate that you earned as Read more [...]