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Independent Contractors Are Becoming Mainstream in the Workforce

Way back in 2015, we wrote a blog about the Pros and Cons of Hiring Contractors vs. Employees. In this article we shared that experts predicted by 2020 contractor workers or freelancers would make up half of the full-time workforce. This trend, now commonly referred to as the “Gig Economy” is on track to meet that prediction by 2020 or before. Are you on board? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Steps to Take When a Client Has Unpaid Invoices

While most clients understand the importance of paying their bills in full and on time, some clients inevitably will pay for goods and services late. Unpaid invoices and the effort to get them paid can be a huge challenge for a small business’ profitability – in time and money.

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Posted in: Bookkeeping and Accounting, Operating a Small Business

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It’s On for Electronic Reporting to OSHA – Oops, Nope, Not Quite Yet

Like we are always saying here at The Payroll Department, there is constant and continual change from the government when it comes to employees and payroll taxes. OSHA (Occupational Safety and Health Act of 1970) reporting requirements were set to change on July 1, 2017 with the launching of its web portal in February 2017. However, because of a security breach, the portal has been temporarily suspended. What’s next?

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Posted in: Operating a Small Business

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Failure to Send Payroll Taxes Could Result in 5-Year Prison Term

The IRS can be tough when it comes to collecting payroll taxes. Businesses are required to withhold taxes from employee wages and pay these funds to the IRS. However, if the IRS doesn’t get this money, the penalties can mount up quickly. It doesn’t matter what your reason could be for not paying this money – even if it’s a good one. Not only will the IRS target the business owner, but they’ll also go after the check signer and any other person responsible for failing to pay the taxes. If you’re convicted, you could go to prison for up to five years.   (more…)

Posted in: Payroll, Payroll Processing, Payroll Taxes

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In Small Business, A Little Savings Makes a Big Deal

You can get online and search for ways to manage your finances as a small business owner and find thousands of ideas. Most often, you will fall into a deep abyss immersed in lots of finance words like cash flow, bottom line, profits, tax credits, and reduction of expenses. There will be talk of investing in your business and keeping a close rein on accounts receivable and accounts payable. And that’s all great advise, however there is one aspect of small business finance that doesn’t get enough attention. In fact, I think that a recent article in Entrepreneur is the first time in a l-o-n-g time that I have heard it mentioned. Know what that is?

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Posted in: Bookkeeping and Accounting, Operating a Small Business, Payroll

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Do You Know Why Your Small Business Is Failing?

Did you know there are over 28 million small businesses in the United States, according to the Small Business Administration? If your business is succeeding, that’s great! Good job! Because, unfortunately, only about 50% of small businesses survive – and only one-third survive 10 years or more. Why do you think that happens in such numbers? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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7 Tips for Being a Better Small Business Owner

It doesn’t matter what type of business you’re running—when you’re a small business owner, following a few tips can go a long way. The following pieces of advice are great for both solo-entrepreneurs, business owners who manage employees, and basically all of our clients here at The Payroll Company. Just because you’re running the company, it doesn’t mean you have to work yourself dry! (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business, Payroll

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5 Tips to Quicker Customer Payments

In business, you must keep an eye on your cash flow. Because, if you’re like most small business owners, how much you have in the bank depends on the speed in which your customers pay you. But how do you get your invoices paid faster? Here are some simple tips from The Payroll Department to help you get prompt customer payments. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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The Real Benefits of Outsourced Bookkeeping

If you’re like most small business owners, you didn’t start your company because you loved working on the administrative details in the back office. You opened shop because you have a passion or a specific skill set, and you want to earn money utilizing your interests. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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The Small Business Owner’s Guide for a Worry-Free Vacation

If you’re a small business owner, do you plan on taking a vacation this year? If not, you’re not alone. Per a 2014 survey conducted by Ondeck Capital, 43% of business owners didn’t plan on taking a vacation that year. It’s not surprising when you consider that many entrepreneurs feel they can’t get away – otherwise, their small business might fall apart. Even among those who planned to take a vacation, 67% said they were going to check in with work at least once a day.
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Posted in: Operating a Small Business, Payroll

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