Payroll

Preparing For A Minimum Wage Increase

prepare for minimum wage increase

Nov 26th, 2015 by TRAXPayroll

A number of cities and states throughout the U.S. have begun passing laws to increase the minimum wage. While these wage increases are seen as being beneficial for employees, numerous small to medium sized businesses are apprehensive about this reform and its impact on company revenue. The good news is that businesses can take measures to manage increasing payroll costs while also remaining competitive. Below are some tips for achieving this:

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Why We Love Paperless Payroll

paperless payroll processing

Nov 19th, 2015 by TRAXPayroll

Today, the word ‘paperless’ will be the perfect word to describe how businesses are changing. Thanks to the continual acceptance and growth of cloud-based computing, an increasing number of businesses are reducing their dependence on paper usage and instead going with the reliable, organizational benefits of cloud-based business solutions. Along with cloud-based storage resources such as Dropbox and Google Drive, payroll processing is now one of the most common business practices to go paperless and it is not hard to understand why.

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Payroll 101: Understanding The Pay Stub

understanding employee pay stub

Oct 29th, 2015 by TRAXPayroll

It is imperative for a business owner to know how to read a pay stub. The learning curve should help you understand what items to include in a pay stub, the meanings behind each item as well as the methods to catch potential payroll errors that may end up as costly mistakes. You will also need to know how to explain a pay stub as you may need to answer an employee’s inquiries about how they are being paid.

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Essentials To Know When Working With Independent Contractors

payroll for independent contractors

Oct 27th, 2015 by TRAXPayroll

Many modern-day businesses have worked with an independent contractor at least once. If not, you are likely to work with a freelancer in the near future as they are expected to make up more than 35% of the workforce by 2020.

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3 Common Payroll Mistakes Made By Small Businesses

common payroll mistakes made by small businesses

Oct 20th, 2015 by TRAXPayroll

In the recent past, the corporate world has experienced a consistent surge of payroll solutions online. Hence, this makes it very easy for many businesses to harness the power of web-based payroll software to perform payroll procedures well. However, as an employer, you may still make mistakes even with the best technology in place.

Regardless of your industry, company and employee size, there are some pertinent steps you must take to avoid potential payroll mistakes. This is essential to ensure that your payroll administration has a perfect record of being 100% percent accurate every time. Here are the three most overlooked payroll mistakes that have brought trouble to many small businesses in the past:

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Employee Pay: Should It Be Public Or Private Knowledge?

employee pay public or private knowledge

Oct 15th, 2015 by TRAXPayroll

When the topic of whether employee remunerations should be transparent is discussed, it is often hard to come to a consensus. Today, an increasing number of employees are requesting for a more honest and open approach to sharing information about everything from company financials to hiring decisions to employee salaries. On the surface, it may feel like it is a good idea to make employee salaries public, but there are certain factors you should consider beforehand and decide whether revealing the salaries of employees is good for your business.

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5 Payroll Related Expenses You Should Know

payroll expenses

Sep 15th, 2015 by TRAXPayroll

There are several different types of expenses when it comes to payroll; some of these are required while others are optional. In almost all cases, you’ll need to pay taxes, as well as make contributions towards programs such as FICA, FUTA, and SUTA.

However, there are other things where you have a bit more room to weigh your options, such as healthcare and workers comp – although certain states have different laws regarding these components. Let’s talk about five payroll related expenses every small business owner is likely to deal with.

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The Most Common DIY Payroll Challenges

DIY payroll challenges

Aug 27th, 2015 by TRAXPayroll

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.

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Understanding Payroll Costs For Small Businesses

payroll costs for small business

Aug 25th, 2015 by TRAXPayroll

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.

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