Statistics indicate that fraud associated with payroll data comprised over 10 percent of global corporate fraud cases, with enterprises suffering an average loss of approximately $50,000 annually. While $50,000 may not be much to Fortune 500 and 1000 companies, it can cripple small businesses and if trends continue, this amount is expected to grow. Below are some steps to ensure that your company doesn’t become victimized and can safeguard your payroll data.
Wage garnishment is an issue that every employer will face at some point, but many employers know little about it. However, it is a key aspect of payroll that employers will need to familiarize themselves with, so here’s a mini lesson on wage garnishment.
One of the most important aspects of operating a business is compensating employees. Not only does Payroll involve how much you’ll pay your workers, but also how and when. While many employers continue to pay their workers through old fashioned paper checks, there are a number of advantages you’ll gain by switching to direct deposits. These benefits can be broken down into three main advantages, which are security, convenience, and cost.
The holidays are one of the busiest times of the year, especially for payroll personnel. Employees may be eligible for bonuses and overtime and additional HR staff may be necessary to ensure their holiday payroll is distributed accurately and on time. Here are some tips for doing that.
The new overtime rule has resulted in many employers switching their employees from salary to hourly paid. While some employers believe that employees who perform certain duties are exempt, this is not necessarily the case. An employee is only exempt if they meet the guidelines which have been established by the FLSA.
While the United States has a multi-trillion dollar economy which provides significant opportunities to both local and international businesses, many companies make mistakes when it comes to interpreting US payroll regulations. This is understandable as these regulations can be quite complex. In addition to the federal laws regarding payroll, employers must also take into consideration state and municipal compliance. Below is a simple guide to interpreting American payroll regulation in a manner that will benefit businesses.
While it is certainly possible to prepare your taxes manually, there are a number of advantages you’ll gain by using tax preparation software. If you’re a smaller business or sole proprietor, you’ll find that this software is sufficient to handle most, if not all, your tax needs. This will give you more time to focus on improving your business. Here are some of the key benefits you’ll gain by using such tax prep programs.
A necessary step in establishing a new business is setting up new payroll. If you’re a small business owner it is likely you’re forced to perform multiple tasks yourself, so it is crucial to emphasize the details during this process to ensure that everything is done correctly the first time. Making a mistake when setting up payroll can be detrimental to your organization, so below are some tips which will ensure it is done the right way.
As of July 1, 2016, there are a number of cities and states across the U.S. which has implemented minimum wage rate increases. Businesses and employers that are based in these areas are recommended to make the necessary adjustments accordingly.
While it is perfectly acceptable to pay employees in cash, it has become less common due to the ease of electronic transactions. Furthermore, there are various challenges associated with the practice, particularly from the standpoint of payroll taxes.