A paid internship is often a win-win situation for both parties. The intern gets the work experience which will help them find a job after graduation, and the institution they work for gets the help it needs. It also gives companies an opportunity to scout promising talent. However, one question that many institutions ask themselves is whether or not interns should be paid, and if so, when? The answer to this question is important, as it has legal ramifications.
The proper management of finances is one of the most important aspects of running a small business. This is especially true when it comes to payroll, which affects all members of the company. When considering small business payroll software, business owners must consider their needs versus the various options and features that the software offers.
Protecting payroll data has always been important, but changes in technology have made it more so. While there are a number of online safety measures which have been developed, one of the greatest threats that employers face today are data breaches. However, the danger doesn’t end there.
Most businesses want to be flexible when it comes to who they hire. In addition to employees, they may also hire independent contractors for various tasks. However, some business owners are concerned about the consequences of having too many 1099 employees, and want to know the advantages of hiring them versus W2 employees.
Payroll & HR software has changed dramatically over the last few years. These newer software solutions are more flexible and cost effective, freeing HR personnel from continuous administrative work. These software solutions also allow employees to connect in a manner which increases productivity throughout the organization. When purchasing the newest payroll & HR software, there are five key technologies that you should look out for. Below is a list of them:
Transitioning to a workplace solution that provides complete workforce management can greatly assist institutions which are employee focused. When payroll, attendance and time are combined with core HR into a single system, institutions can save a tremendous amount of time while also preventing errors and duplication during data entry.
Employees are typically paid at a rate which is set by a time period basis. In the U.S. employers are required to pay for employee benefits such as Medicare, worker’s compensation, Social Security, and federal or state taxes. Employers are also responsible for deducting a part of these taxes and fees from the paychecks of each employee, and each transaction must be recorded for audits and taxation.
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:
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.
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.