The IRS Wants to be Friends

shutterstock_216930013Believe it or not, the Internal Revenue Service does not want to audit your company. It’s a time-consuming, costly process that generally results in dissatisfaction all around. The IRS has actually become very consumer-friendly in recent years, connecting with business owners through YouTube, Twitter and even through resources on their own website. The IRS has a comprehensive database of resources companies can use absolutely free of charge to file tax documents properly. Continue reading

The Biggest Threats to Your Business – and How to Fix Them

shutterstock_74087128Modern businesses are faced with more challenges than ever before. Gone are the days of simply exchanging goods based on mutual agreement; today, government policy, the free market, and even our own technology can get in the way of running a successful company. Protect your assets and the vitality of your business with these business tips from your partners at Padgett Payroll Services®. Continue reading

5 Business Tips for Chief Financial Officers

shutterstock_215289142The CFO plays a crucial role in the success of a business. This job is more than projecting numbers and generating P&L reports; it’s about planning for the security of the company and ensuring risks are taken in a calculated, researched way. There is no “right” or “wrong” way to practice the duties of a CFO, but there are certainly some tips that can help improve success in the field. Continue reading

5 Steps to Improve Customer Service in Your Business

CustomerServiceAt times, large corporations get lost in the shuffle of day-to-day activities and overlook warning signs that could point to distress for the business. By the time businesses realize a problem exists, it might be too late. The damage done to the company’s reputation is already too catastrophic to fix. This is an extreme, yet all too real scenario that no business owner wants to encounter. Recognize the warning signs before it is too late and streamline your business processes so employees can focus on customer service and quality work. Continue reading

5 Hiring & Employment Mistakes Small Businesses Make

Small business owners know a unique set of challenges await them in the financial world. Special rules and regulations are in place for businesses with less than a certain number of employees, and different tax brackets further classify companies into categories, each with their own rules and stipulations. It is a lonely world with stiff penalties for breaking the rules. Avoid fines by reviewing these mistakes small businesses frequently make. Continue reading

So You Made a Payroll Error

Payroll errors, while not common, can happen to even the best H.R. departments. Payroll is an extremely sensitive topic for many employees (especially those working on an hourly basis), so it is important to handle these errors with respect for all involved and not only admit the error, but correct it as soon as possible to avoid further embarrassment or distrust. This is a scenario that calls for the employer to be humble, admit that mistakes happen, and to make amends per state law. Continue reading

7 Costly Payroll Mistakes Businesses Make

Too many honest small businesses are penalized for infractions they never knew they committed to begin with. Tax codes are full of asterisks, small print and details most people are simply not trained to navigate alongside the usual responsibilities of managing a business. A CEO’s first priority (next to running a company smoothly) is the customer. Customer relationships are time-consuming and demand a great deal of attention from a successful management team. With so much happening behind the scenes, it’s no wonder these costly payroll mistakes slip by unnoticed. Continue reading

How Outsourcing Payroll Services Saves Time and Money

What do small businesses and large corporations have in common? They both benefit from outsourcing payroll services! Whether your company is comprised of ten people or ten thousand, there are benefits to trusting the experts with your payroll services. Not only will your company avoid legal trouble with the IRS, but employees gain valuable time to work on projects and focus on customers. This service-centric perspective on business is sure to gain notoriety for your brand and, in time, improve revenue streams that reflect increased productivity. These business concepts are not new; Padgett Payroll Services® has simply streamlined the process to allow your company to function at maximum efficiency. 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

Why Your Small Business Needs Monthly Financial Checkups

It’s official. Tax season is finally over, but that does not mean your small business is done thinking about taxes for the year. Now it’s time to learn from any mistakes made in 2014 and new policies that will be implemented for the 2015 business fiscal year. Every business is unique and has its own financial calendar, but financial record keeping is a year-round task no matter your industry. Just as you need a personal health checkup on a regular basis, your business expenses need to be reviewed at least once each quarter to ensure you are on track for next year’s taxes.

Be Conscious of Business Expense Deduction Opportunities

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