You are just starting out as a freelancer or small business owner and you must determine how much you are going to pay yourself. You might want to approach that issue in two different ways. The first is ensuring you pay yourself just enough to help you to survive. You base your salary on your […]
When you hire employees for your small business, your workload lightens. But, your employer responsibilities, like payroll management, increase. As an employer, you need to run payroll and withhold payroll deductions before you can pay your employees. Understanding payroll deductions can help you streamline your employer responsibilities, comply with IRS requirements, and pay employees legally. […]
Business Management is challenging. Marketing, budgets, human resources, accounting, product testing… we often hear about these concepts individually. But what about combining them together in order to get a high-level overview of what it takes to run a business? That’s the concept of this article. Why must you know everything? Because most small business owners know […]
In any business, employees are everything. A company lives or dies in a large part on the strength of its employees. Recruiting talent is therefore one of the most important things that a management team does. While this has long been the case, the ways that companies find the best talent have changed considerably over […]
Your merchant services account is absolutely essential to your business. Without it, you wouldn’t be able to process credit cards in your store, accept online payments, or offer gift cards to your loyal customers. But merchant services can help you do much more with your business finances than just swipe cards. If you have a […]
Starting a business does require some paperwork, but it is a lot easier than most people realize. You can pay a lawyer or legal document service to do this for you, but filling out the form yourself may be even faster and can save you quite a bit of money. Here’s how to sign up […]
Most of us aren’t crazy about working overtime – especially when we’re not being paid for it. President Obama’s new overtime rule will make some changes in the way workers are paid that may correct that problem for at least some workers. However, the changes may be felt by more than just the workforce. If […]
Managing payroll –the system that a business uses to track payments and tax data for its employees – is an absolutely critical part of any company’s operations. Payroll management is one of the most heavily regulated aspects of private businesses; nonetheless, over 40 percent of American companies of all sizes manage their payroll systems in house, […]
For many business owners, the goal is to expand to a point where it becomes necessary to hire additional employees. Even though I have no interest in growing my business in terms of people in my employ, I did hire a virtual assistant to help me with some tasks. Hiring employees for your business requires […]
As a business owner, there are a number of tasks you should outsource. One of those items is writing. If you aren’t a writer (and sometimes even if you are), it makes sense to hire someone else to produce content for you. This means that there is a good chance that you will work with […]
Payroll services involves everything related to paying employees, freelancers, contractors or any other talent that has offered their services to your company. Payroll is responsible for tracking the amount of money paid to anyone who works for the company and managing all records related to salaries, wages, bonuses and withheld taxes. This is an important part of the company because it involves a level of compliance with federal, state, and local regulations related to how people are paid as well as how taxes are calculated.
On another level, having an effective payroll system means no human errors or other types of irregularities that adversely impact those receiving the money. If any employees or other workers experience a poor payroll experience, it can influence their mood and attitude about the company as well as dampen their motivation and slow their productivity levels. Workers deserve their money for work done, so payroll, by law, must be sure it delivers these funds in a timely and accurate manner.
Thanks to technology, payroll is evolving just like other functions in a company. These technological advances are greatly reducing the risk of human error, removing paper from the process, and migrating to new platforms like mobile and ePayment methods. With increased automation, including tools and solutions directed at small business owners, more companies can move away from traditional payroll processes that tend to be slow, time-consuming, paper-intensive and rife with mistakes. A small business owner or freelancer may occasionally hire outside help, but these new payroll solutions offer the advantage of combining tasks into one platform to save resources and reduce the amount of time spent on non-revenue tasks.
With so many changes and the growing complexity in the regulatory environment, you may feel like it is difficult to keep up and feel confident that you are compliant and have made the best decisions about how to manage your company's payroll function. This concern has led to the emergence of numerous payroll outsourcing services that may be of use to your business. While you may be still deciding on the best options for your business or trying to teach yourself to deal with payroll issues and with available small business accounting software, it is important to take the time to learn more about the overall payroll industry and its legal policies, including the trends and issues that drive its evolution.
We have dedicated a category on our Due blog to payroll, helping you tap into a credible source from a team of accounting and finance experts who stay on the cutting edge of the payroll industry and study the ongoing changes. This category covers a range of topics related to payroll to ensure you have the most comprehensive and up-to-date knowledge library available to read in your free time.
Topics include determining whether you should do the payroll duties yourself or hire a subcontractor for this or any other function in your freelance business. If you are thinking of getting an accountant or payroll specialist, our team provides tips on what to look for so you can be confident in your selection. Additionally, we cover issues like how to fund your own retirement and other long-term financial decisions you need to be considering. Lastly, we regularly feature payroll industry roundups with the latest trends and issues that may impact your business.