Employee payroll can quickly consume most of your time if you haven't considered outsourcing to a third party. If you have the time to use payroll software, you can save a lot of time in processing employee payroll. Employee Payroll includes the following: deductions, bonuses, wages, salaries, and all the other financial records of a company. Usually companies will establish their paydays to be weekly, bi-weekly, or monthly. You rarely find a company that wants to pay their employees on a yearly or quarterly basis.
Employee payroll can be done in-house with payroll software or you can outsource your payroll. There are benefits and disadvantages to both types. If you have an HR department or accounting department, they are probably already processing employee payroll. In order to process your employee payroll, you need to have the following items:
- The number of hours each employee worked
- The payroll time period (weekly, bi-weekly, monthly)
- The amount you are paying the employee (hourly rate, salary, or per item amount)
Usually you will have some type of time clock system in tact. There are time card systems that allow employees to log into the computer program and clock in; this eliminates the need to use punch cards or time sheets. Having your time automatically entered into the computer will eliminate the amount of errors that can occur from you adding them up.Continue reading "Employee Payroll: Feature Article"
If you own your own business, no matter if it is a family owned business, a small business or a medium sized business; you have had the opportunity to learn about payroll processing. If you have been doing your own payroll processing then you have probably already discovered what a nightmare it can be because of all of the ever changing laws and having to stay on top of these changing payroll laws just so you don't make a mistake. The reason that you don't want to make a single mistake when it comes to payroll is that one you will end up having to do payroll all over again, but you will also end up having to pay some hefty fines if the mistakes cost you to pay less in income taxes then what you were required. So because of how hard payroll can be many companies decide to outsource their payroll processing. Here is a look at some of the benefits of outsourcing your payroll processing.
Compliance is one of the biggest benefits that companies end up seeing when they decide to outsource their payroll. In fact the IRS, Social Security Administration and Department of Labor all have special regulations for all types of businesses, and what regulations you have to meet is going to depend on what type of business you are running. And because a major part of payroll processing is meeting these requirements it is easier to pay somebody else to do them. That is why most payroll processing companies will offer you the service of tax payment. This service actually guarantees that all federal, state, local, and unemployment taxes are paid accurately and on time.
If you own your own business then you are aware of the fact that every business needs some way that they can record the amount of money that their employees receive every payday. The best solution for this is to provide yourself and your employees with something called payslips or paystubs. What these things do is they display how much tax and insurance has been deducted from each check, along with the employees' gross pay and net pay. Pay stubs are something that is required whether you have a large or a small business if you have more than one employee.
Here are some of the more popular options that you have when it comes to obtaining payslips for your company.
Print out a pay stub template online. One of the best things about this method is that you can find a wide range of pay stubs that you can choose from. But keep in mind that most of the ones that you will find online that are for free or cheap are going to have a simple format. What this means is that they are not going to leave you with much room for creativity, but you can't beat the price of free. It is because of the price that this option is the most popular route to take because all you have to do is supply the paper and print your new payslips. Here are some places that you can check out for simple and free or cheap pay stubs:
This is one of the most popular ones because of how simple the pay stub is and how easy it is to download.
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Makes simple paystubs slips by using Microsoft Excel. They charge you a very low price for the template that you can use. Plus having the template saves you the time that it would take to make your own.
When it comes to doing payroll many companies don't want to mess with it because of how complicated it can be. Not to mention that if you make one small mistake it can end up costing you some pretty hefty fines. If you are running your own business here are some of the reasons when you should actually outsource your payroll:
- When you want to make sure that you and the IRS won't meet under negative terms
- You want to avoid a tax penalty that can affect your bottom line
- You have frequent changes to payroll information, not to mention numerous hourly employees
- You can want to save the company money by only doing what you can do best, which isn't payroll
- You don't want to track and reconcile changes in personnel, deadlines and tax requirements on an on-going basis
- You have payroll taxes for multiple states
- You have to pay someone to do payroll internally and maintain their training so that they are kept up to date. But you also have to have a back up for this person to take over if the lead person is sick or on vacation.
So now that you have decided that outsourcing your payroll to a payroll service is going to be the best move that you can make you are going to need to select a payroll service. If you are going to outsource your payroll here are the steps that you should follow in order to choose the payroll service that best meets your needs.
When it comes to payroll laws the main laws that concern most people are the laws that apply to payroll taxes. In fact understanding payroll taxes as a small business owner is actually crucial in running a small business. With payroll one thing that you need to remember is that if you make any mistakes when it comes to your payroll taxes it is going to end up costing you a lot of money because of the fines that are involved in payroll tax mistakes. So in order to avoid these costly mistakes you are going to want to learn all about your payroll program by getting to know your software program or by spending some quality time with your accountant. In doing this what you are going to be doing is learning about the various payroll laws so that you can avoid getting a visit from the IRS.
Here is a look at the payroll laws that you are going to need to know if you are running a small or medium sized business and are doing your own payroll.
Payroll taxes are due on either semi-weekly or monthly. When they are due is actually going to depend on the size of your payroll. But this due date is not something that you are going to get to determine it is actually something that is determined by the IRS. When you are paying payroll taxes the taxes that you are going to be responsible for are federal income tax, unemployment tax, Medicare, and Social Security on the federal level. The taxes that you are responsible for on the state level will depend on what state you live in and what their requirements are.
Many small to medium sized companies tend to find that keeping up with payroll can be a hard task. In fact the more employees that you have the harder it is to keep up with payroll. Not to mention that if you are having a hard time keeping up with payroll you are most likely making mistakes when it comes to payroll, and those mistakes are going to end up costing you a lot of money in fines. If you are worried about making mistakes or just find that payroll is too much for you to handle you might want to consider an online payroll service.
But if you are thinking about switching to an online payroll company then the biggest problem that you will face is finding one that you want to use. In fact the pricing structure of most of these programs is what you will end up paying each month for just their basic services, this does not include additional services and you will get higher prices for the number of employees that you have. But you also need to keep in mind that every program offers the same basic services, but the add-ons are where things are going to get different.Continue reading "Online payroll: Feature Article"
In 2006, there were more than 2.1 million jobs in 2006 that were held by bookkeeping, accounting, and auditing clerks. But the best part about this is that these jobs were available in every industry. Because of how large this occupation is and how fast it is growing there are plenty of job openings and they even include numerous opportunities for temporary and part-time work. But the thing about bookkeeping and accounting is that in order to get into this industry you are going to need to have at least some basic training, but what exactly you need to have is going to depend on the company that you are working for.
Here is a brief overview of the type of training and education that you need for bookkeeping and payroll.
- Most employers require that you have to have at least a high school degree, this is the minimum requirement. But having some college or even an associate degree in business or accounting is being required more and more for accounting positions.
- If you plan on getting promoted in payroll, bookkeeping or accounting you should plan on getting your bachelor's degree so that you can have a higher chance of getting promoted.
- Once you have been hired you can usually receive on the job training. How you get this is through the guidance of a supervisor or another more experienced employee so that you can learn company procedures
Energy costs are not negotiable costs, and so many people think that when times are tough, and making ends meet is difficult, that this is an area to ignore. It is true you can't pay less for the utilities you use, but you can use fewer utilities to cut back energy costs. Using less energy does not mean you have to live in the dark, never watch television, and only shower once a week. It does mean, however, making a more conscious effort to conserve energy.
The following are some tips for conserving energy in several area, thus cutting back your energy costs to make it easier to make ends meet in hard times:Continue reading "Cutting back energy costs during tough economic times: Feature Article"
Continue reading "Protecting your identity and wealth during tough economic times: Feature Article"
When the economy is on the outs, scammers, frauders, and identity thieves come out and are more abundant. This is partially because people are more susceptible, and also because it is harder to get loans, jobs, etc. so they turn to theft instead. The fact is, more than half a million people find themselves victims of identity theft each year. If your identity gets stolen, it is likely that you will face years of lost money, and frustration while you clean up the mess. Your credit can be ruined which may take years to get things off your credit. This can mean higher interest rates, harder times getting loans, and more. So, when times are tight, and every penny counts, it is best to protect your identity and wealth. The key to protection is prevention. If you can keep ID thieves at bay, you can safeguard your name, credit, and wealth.
Continue reading "Budgeting tactics for tough economic times: Feature Article"
When the economy is down, and times are hard it is really important to know how to live on a budget, and practice frugality. Getting credit extended to you can be fairly easy, and getting into a bad financial cycle is even easier. However, learning budgeting tactics that can help keep you living within your means can mean peace of mind, and a sense of security during hard times. The following is a look at a few of the important budgeting tactics to consider for financial health during an economic crunch.
Continue reading "Avoiding scams during tough economic times: Feature Article"
While it really stinks, the reality is that when economic times are tough, scams go on the rise. People are more easily duped, and thus are constantly offers easy money and work at home opportunities that are all scams. The fact is that the more desperate people get, or the tougher times seem, the more likely they are to be taken in by a scammer. The despair for loans, jobs, etc. means your guard may be down, and you are more likely to let a scammer get the best of you. However, if you know this, and know what the most common scams are it is easy to avoid them, no matter how desperate you are feeling.
Economic difficulty is something that is just part of the capitalist system and it is known that there will be up times and down times. But it is very important to prepare for the down times properly so that you can be as safe from financial insecurity as possible. There are many different things you can do during rough economic times to weather the difficulties and make the most of what you have anyway. Here are some ways that you can avoid risks when you are going through rough economic times.
No one likes to be strapped for cash but not having enough money to buy all the things we want to is just a way of life for most people. But there are ways that you can still have what you most need even when the economy is down and avoiding risks before and after hard economic times is one of the best ways to prepare for bad situations. There are many things you can do to prevent falling into financial problems even in the roughest of times.Continue reading "Avoiding risks during tough economic times: Feature Article"
Continue reading "Asking for a raise during tough economic times: Feature Article"
Many people all over the world are concerned about the economy and are wondering what they can do to ensure their safety and security during these tough times. No matter what the troubles are, there are always things you can do to live better and smarter. There are many money. And if you are working a job, the best way to do this is to ask for it. But it isn't always so simple and there are many different factors that can contribute to how well this will go. Of course you havthings to do to improve your economic situation in tough times and here is some information about how to ask for a raise during these tough times.
Continue reading "How to protect your investments during rough economic times: Feature Article"
People are concerned about their finances all the time but are more concerned about them when the economy is weak or shaky. There are always going to be ways to protect your investments and there will always be ups and downs in the market. Here are some things that you can do to protect your investments during rough times to help you stay grounded and wait out the difficulties.
Continue reading "Financial tips for tough economic times: Feature Article"
When times are hard people worry about losing their jobs, investments going down the drain, retirement accounts, and more. Finances are a tough thing when the economy turns town, so what can you to do maintain good financial health, and feel good about life when times are hard?
Despite the fact that we are dealing with a struggling economy in 2008, 32% of employers actually plan on adding full time permanent employees. But despite these numbers many people are still afraid of losing their jobs during the tough economic times that we are facing. And in fact the people who are worried about losing their jobs due to the fact that we are currently in a recession actually have ever right to feel this way because millions of people usually end up losing their jobs during tough economic times like these. But just because you are afraid of losing your job in these tough economic times that doesn't mean that there isn't something that you can do to help keep your job.
When we are faced with tough economic times the one thing that we can do to help make sure that we keep our current job is improve our job security in our current workplace. The main point in doing this is that when you increase your job security you are actually making yourself more valuable to the company that you are working for and the more valuable that you are to the company the less likely they are going to be to lay you off or even fire you if they are forced to downsize due to the struggling economy. But even though you know that improving your job security is the best thing that you can do to keep your job during these tough economic times that doesn't mean that you know how to go about increasing your value to the company.