Author Archive
Last month, The Payroll Department explored three common myths about outsourcing payroll that entrepreneurs may have:
As a small business owner, you want your business to grow and succeed. But all small businesses are plagued by the same common problems that can impede their success. Part of the problem is, try as they might, entrepreneurs are just not as knowledgeable and effective in all areas of their businesses as they would like. This lack of knowledge and ineffectiveness can lead to inadequate processes, errors, and missed opportunities.
Your small business depends on good cash flow. When not enough cash comes in, you can’t pay your expenses (like rent, utilities, supplies, etc.), cover your payroll, or purchase materials to provide your products and services. Your small business could be making a profit, but also experiencing financial problems, if you’re not managing your cash flow properly. A good bookkeeper, like Grace Walker of The Payroll Department, can help you stay on top of your cash flow, so your small business can succeed. (more…)
Outsourcing payroll is becoming a more popular option for many small business owners. After all, employees want to get paid accurately and in a timely manner. However, many small business owners still spend hours and hours a week processing their payroll instead of spending that time on what they do best – running their businesses. (more…)
Every small business owner inevitability wants to know the answer to: How much should I pay myself? After all, it’s one of the reasons you went into business in the first place – to earn money. Unfortunately, there aren’t any set guidelines that outline when and how much you should be paid. (more…)
What do you consider the most important factor in small business success? I won’t keep you in suspense, the two words that sum it up perfectly is: CASH FLOW. (more…)
As a small business owner, you know all about your products or services. You’re the expert. However, when it comes to payroll, you may be an amateur with a limited understanding about compensation and taxes. Nevertheless, you may be trying to handle your company’s payroll on your own. Or, maybe you’ve realized you just don’t have the know-how to tackle your company’s payroll, so you’ve hired an employee or a payroll services like The Payroll Department to handle your company’s payroll for you. (more…)
Does market and cultural volatility and uncertainty, the complexity of making business decisions, and ambiguity about the future worry you? Small business owners don’t have an easy job in running their businesses when dealing with the present economic environment, which is often referred to as VUCA, an acronym for volatility, uncertainty, complexity and ambiguity. Therefore, entrepreneurs need to develop strategies to use in their businesses to effectively operate within a VUCA world. (more…)
Tags: benefits of outsourcing, bookkeeping, business ambiguity, business complexity, business environment, business strategies, business uncertainty, business volatility, financial management, outsourcing bookkeeping, payroll laws, small business, small business bookkeeping, The Payroll Department, VUCA
Posted in: Bookkeeping and Accounting, Operating a Small Business
Leave a Comment (0) →Every year, as your small business files its taxes, your company is left with stacks of paperwork. You may shove it into a filing cabinet or a storage box. However, eventually, you may wonder: How long do I need to keep these tax records? (more…)
Tags: benefits of outsourcing, bookkeeping, employers, small business owners, tax record retention, tax records, The Payroll Department
Posted in: Bookkeeping and Accounting, HR Rules, Regulations and Laws, IRS and Tax forms, Operating a Small Business, Payroll Taxes, Rules, Regulations and Laws
Leave a Comment (0) →Do you create a budget for your small business every year? If not, you really should develop one. A budget is a spending plan for your business. It helps you estimate your business’s costs, revenues and resources for a specific time frame, so you’ll know if you have enough money to do the things you need or want to do with your business. (more…)
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