There are a number of important things that you’ll need to remember for your 2016 payroll accounting. Keeping these numbers in mind will make it easier to ensure that your payroll is done accurately.
Deciding when and how to pay your employees is an important decision. Payment is what motivates your employees to work, and the payroll schedule you choose for them will determine their moral, work quality, and whether they decide to work for you at all. Understanding the various payment schedules that exist will make it easier to select one which is well suited for your business.
The availability of a large selection of small business payroll software has given companies more options than ever before. If your small business handles payroll internally through the usage of spreadsheets and other traditional tools, it may be time to transition to a payroll program, as it will allow you to pay your employees in a more efficient and cost effective manner. With the user friendly and affordable tools that are available today, there is no reason for any small business to continue using antiquated procedures.
Determining the compensation package for new hires is important, as it will often determine whether or not they choose to remain with your company. A great deal of effort goes into finding and interviewing qualified candidates, but if the compensation package isn’t up to par it could become largely a waste of effort and time. Conversations involving money are always delicate matters, below are some tips to help you do it the right way.
Retro pay, also known as retroactive pay, is a type of payroll payment which is associated with a past pay period. It is not the same as back pay, which is given when an employer owes an employee for a pay period where they didn’t receive any payment.
A number of states throughout the U.S. are increasing their minimum wages, requiring employers to change the hourly wages they pay their employees. California has raised its minimum wage to $15 an hour, and New York has followed suit. These changes will adversely affect many small businesses, which will need to adjust to the pay increase in order to remain profitable. Below are some ways in which this can be accomplished.
Altering the way you do payroll can be a daunting task. You must know where to store your tax ID numbers and you will also need to know how to transfer the payroll data. Below are a number of tips that can help first-time payroll software users change the way they do payroll in a manner which is headache free.
Payroll is a process that takes time, energy and resources to do well. Deductions and earnings must be managed, as well as the number of hours worked, and this doesn’t include taxation, which can make the process even more complex. It is for this reason that a growing number of business owners are turning to digital and automated solutions in order to streamline the process, which saves money and time. Choosing the right payroll software can bring tremendous advantages to your organization.
Tax issues are an inevitable aspect of being a business owner, and you will encounter them sooner or later. The IRS doesn’t take taxation lightly, especially when it comes to payroll tax. The question is not whether you will encounter tax problems at some points as a business owner, but how you will respond to them when they appear. Like many things in life, prevention is the key to success. Find out more about key tax problems you should avoid:
While many people have seen or heard of the term ‘SaaS payroll‘, some don’t understand exactly what it entails. Cloud computing is relatively new and is steadily gaining acceptance worldwide, and the key to greater adoption is a better understanding of how it works and the advantages it brings to those in the payroll and human resources departments.