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Could You Use an Extra 48 Hours Every Year?

Want to know how to use up business-building time in your small business? Here’s a hint: The National Small Business Association estimates that more than 50% of American businesses spend AT LEAST 4 hours PER MONTH in payroll processing. That equals 48 hours PER YEAR – that means you lose one full week of productivity every year doing payroll. What’s that costing you??? (more…)

Posted in: Payroll, Payroll Processing

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Common Myths about Outsourcing Payroll, Part 4

 We’ve Reached the Last 2 Myths of 10 Total

 If you’re a small business owner and you have employees, you must do payroll. It’s a given. You can’t get out of it. Your employees expect to be paid for their work. However, that doesn’t mean YOU have to do your own payroll. You can outsource your payroll to a payroll service provider like The Payroll Department. But many small business owners won’t subcontract their payroll, because they believe all these myths about outsourcing payroll that they hear from other people. (more…)

Posted in: Payroll, Payroll Processing

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The Gig Economy is Changing the Way Small Business Works

There is little doubt that small business owners have to constantly adapt to the changes in the business arena. One area that is making an impact is the upsurge of freelancers and contract workers. A study by intuit reported that by 2020, more than 40% of the American workforce, or 60 million people, will be freelancers, contractors and temp workers. That can make a change in the workforce mix of your business, can’t it?
(more…)

Posted in: Payroll, Payroll Processing

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Warning: Without an Accounts Receivable Process You Won’t Get Paid

Occasionally, at networking and other events, we hear small business owners grumble about not getting paid for jobs they’ve done. At The Payroll Department, we understand their frustration. Often, the problem really comes down to not having an accounts receivable process in place. Many entrepreneurs “leave money on the table” by not telling their clients what their terms of payment are, not following up for payment, and worst of all, not even sending an invoice. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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How Outsourcing Your Bookkeeping Can Help with Your Small Business Exit Strategy

Congrats! You’re a successful small business owner, but now you’re starting to think about moving on or retiring. Whether you’ve been in business for one year or 25 years, you need to plan your exit strategy. What do you want to do with your small business? Walk away from it? Sell it to someone else? Merge with another business? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Common Myths about Outsourcing Payroll, Part 3

We’re Still Not Done with Myths about Payroll Outsourcing

As a small business owner, your employees’ financial stability is basically in your hands. They depend on you to process payroll in a timely and accurate manner each pay period. Otherwise, your employees can’t meet their financial obligations, such as mortgage or rent payments, car loans, or household bills. (more…)

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

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Why Would You Consider Another Stressful Tax Season Without a Bookkeeper?

I trust you made it through another tax season. There is always a collective sigh of relief – and it’s not just the accounting firm employees – it’s the small business owners, too. (more…)

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

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How Prepared is Your Small Business to Face a Disaster?

This last week during a storm one of the homes in my neighborhood was struck by lightning and caught fire. The fire left skeletal remains of the structure’s second story. In the end, the entire home was a total loss. Luckily the family and their pets were all able to get out safely. But in less than eight minutes, their entire lives were turned upside down.

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

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Truth or Consequences – A Payroll Error

Recently I had an entertaining lunch with a friend that was great fun, but it really brought up some important, and serious, issues. When a paycheck goes terribly wrong, what happens? Payroll errors can have long-lasting repercussions. (more…)

Posted in: Operating a Small Business, Payroll Processing

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Common Myths about Outsourcing Payroll, Part 2

3 More Myths Small Business Owners May Believe

Last month, The Payroll Department explored three common myths about outsourcing payroll that entrepreneurs may have:

  • Myth #1: In-house payroll processing saves time and money – and is error-free.
  • Myth #2: Payroll outsourcing is too expensive.
  • Myth #3: Outsourcing payroll means I lose control over my payroll

(more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing

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