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.
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.