New business? You’ve set up your website. You’ve hired employees. You’re ready to roll. But you’ve never paid employees before. Welcome to the world of payroll. Let’s talk about paying employees in a small business. How Do I Pay Employees in a Small Business? First, you need payroll paperwork. Get the necessary information from your…
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As a small business owner, I care about the cost of an employee. When we create a budget there are a lot of things to consider. Follow along as I calculate the cost of an employee… How Much Does an Employee Cost? The average employee cost is 1.25 times base salary. That’s roughly 25% over…
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Is employee attendance tracking irrelevant for salaried employees? Absolutely not. Let’s discuss why a timekeeping system and attendance tracking is crucial for business success, regardless of how employees are paid. First off, what is an attendance tracking system? An employee attendance tracking system (or app) automates timecards, shift schedules, and PTO. Small employers have moved…
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Are you setting up the financial operations for your business? Wondering who to hire? In today’s post, we discuss how to outsource accounting. Even for a small business, financial structuring isn’t cut and dried. You’ve got taxes, payroll, and client billing. You might have business loans and equipment leasing. But accounting is critical to get…
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Capable project management is key to achieving business objectives. Yet few teams believe they are successful. Expressed in starker terms: few teams believe they do their work well. Choosing the best project management software can help improve your outcomes. Project management software allows you to organize, track, assign, and visualize project tasks and timelines. This…
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Reading Time: 4 Minutes Today’s post explores resources for learning about bookkeeping/taxes. Everyone has to start somewhere. Unless you are starting an accounting business, bookkeeping is probably not your expertise. Entrepreneurs need affordable, easy-to-use resources to learn these necessary functions. You’ve probably explored the internet. You can find articles on every conceivable business topic. There…
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Unless you manage a team of robots, you have office politics. We are emotional beings with competing interests. Predictable patterns of behavior are present in any organization. If negative behaviors aren’t dealt with, the environment can deteriorate quickly. (Lord of the Flies is an extreme case in point.) Office politics can become destructive unless management,…
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Are you leaving money on the table? The Work Opportunity Tax Credit (WOTC) is like free money. WOTC provides a tax credit for companies that hire employees from designated target groups. Employers use WOTC to reduce federal income tax liability. (In HR circles, the acronym is pronounced as a word and rhymes with Yahtzee.) The…
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Why Should You Organize Your Business? Do you waste time searching for documents? Is your inbox full of unopened messages too old to be relevant? Organization can save your sanity as well as your business. Whether you are a start-up or business veteran, improved organization will pay off. When your business is organized, you are…
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3 minute read Department of Labor Overtime Increase Update On March 7, 2019, DOL Secretary Alex Acosta announced a proposal to increase the salary threshold to $35,308 ($679 per week). This means that non-exempt employees covered under the FLSA would be eligible for overtime pay if they earn that amount or less. The current overtime…
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