Payroll management is certain to be a vital part of your business. Oftentimes, business owners are bound to decide if a cloud-based online payroll service is preferred or if managing the payroll in-house is a better option. Granted, both options have specific pluses. Still, it is important to note the challenges that arise when you decide to take up the DIY option.
There are a variety of different payroll costs associated with running a small business, and it can be confusing when it comes to budgeting for all of them. Each company is going to be different and require certain things that other companies may not, so the price you end up paying is going to depend greatly on the needs of your company and industry. Below, we’ll talk about some of the factors that weigh into your overall costs, as well as other needs you should be aware of when choosing a payroll system.
There are some obligations associated with running a small business. One of these is withholding payroll taxes. It is not a choice – it is a must-do if you want to stay on the right side of the law. Failure to withhold payroll taxes incurs fines and penalties for your business. According to the IRS Publication 15, if you fail to remit taxes, you will eventually have to pay the amount due plus an “additional tax.” This extra tax can range from 2 percent to 15 percent per month after a tax return is late.
Technology has made things easier for businesses and there is no doubt about it. The question is if you are implementing essential technology in your business, and availing the increased convenience, efficiency, and time saving features. The fact is, those are gains you do not want to pass up.
Emails make intra-company communications easier, and enterprise project management software tops out emails when it comes to communicating with project members. Similarly, in accounting, there is an awesome piece of technology that is making the rounds. And we are talking about a cloud-based accounting system. Such a system comes with rich features and if you’re not using one already, there are very good reasons why you should. These reasons include:
Up until a few weeks ago, the Health Reimbursement Arrangement (HRA) was pretty much a non-issue for small businesses. However, there was a recent amendment introduced by a group of legislators entitled the Small Business Healthcare Relief Act. If it passes, small businesses would be allowed to reimburse employees for health insurance and medical expenses through an HRA. This article will talk about what exactly this bill has to offer, the bipartisan group who created it, and its current chances of passing.
The Paid Sick Leave Law is trending, as more and more businesses nationwide have begun to adopt it. So what does this law mean for you? Here are some key points you should take note of:
Many employees appreciate the possibility to deposit pre-tax income for dependent care expenses and medical expenses as part of the benefits deal that they receive from their companies. An FSA or Flexible Spending Account gives your employees the ability to put aside a fixed amount of tax-free dollars from their salary to use for eligible health care benefits. Employees can also use their Flexible Spending Accounts for incurred health care expenses that insurance does not cover.
To many of us, summer time is fun time. The sun is out and there are tons of great experiences to be had outdoors. But summer fun-filled activities are not exclusive to the surfers and free spirits out there. These activities can refresh and engage your staff as well as bolster the company culture.
It is fair to say planning plays a huge role in having summer activities that produce the desired effect in your workforce, so it is important that you get on it early on, preferably before the start of the season.
Before you get right down to making arrangements for specific activities that just flew into your mind and sounded nice and fun, you have to make some key considerations. These considerations can help to ensure that you are making plans that fit into your core company objectives and human resources management goals.