Benefits of Outsourcing Your Payroll

The heart of every small and large business is bookkeeping. This department handles all the bills and payments received. They also work closely with HR to ensure all employees’ pay is reconciled, processed and delivered. If you are just starting out, the bookkeeping side of your business can often keep you so busy that you’re unable to serve and address needs on the front lines.

More established businesses often hire individuals to handle the accounting and bookkeeping, but just how accurate is their work? How updated is your small business payroll technology to ensure business success and streamline processes? Outsourcing your payroll may be the best option to ensure your business follows proper payroll procedures.

Joe Mullich, Xerox Contributor to Forbes, wrote on the powerful benefits of outsourcing accounting. The attraction of outsourcing options for businesses of all sizes is the transition from basic transactions to more strategic budget functions, something which is difficult to achieve in-house from a lesser experienced bookkeeper.

Here are some of the benefits of opting for outsourcing payroll: Continue reading

Top Business Tax Filing Blunders and Penalties

The costly mistake of filing your taxes incorrectly with the IRS is one no business owner wants to make. From penalties and interest to the cost of tax audit, the consequences of a notice, rejection or tax audit can be detrimental to the business. If you are in a bind with the IRS, you may have made a common yet costly mistake. Here are some common tax form blunders: Continue reading

How Businesses Can Prepare for Vacation Season

As the 2014-2015 school year winds to a close, many families are looking forward to time away from home as a break from the daily norm. In fact, summer is the peak season to take extended vacations, followed closely by fall and spring breaks and the winter holiday season. Regardless of when your employees take a vacation, their expectations to take time away from work make a major impact on your business.

Your vacation policies will obviously depend on the size and structure of your business, but a basic best practice is to set up your payroll system to record the vacation time accrued and used by each employee. Whether you have hourly workers who accrue a set amount of vacation hours each paycheck or salaried employees who earn all of their vacation time in bulk at the start of the year, or even something in between, you will need to have a system in place for experienced payroll managers to allocate these funds without fail. Continue reading