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Financial Records Tracking for Small Business Success

As a small business owner, do you have file folders filled with receipts for expenses and invoices that you haven’t inputted into an accounting system? Do you have people who owe you money, because you haven’t taken the time to invoice them? When you want to make a business purchase, how do you know if you will have sufficient funds to cover the cost? Keeping accurate financial records is a must if you want your small business to be successful. (more…)

Posted in: Bookkeeping and Accounting

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Mis-categorization and Generalization Can Throw Your Accounting Records into a Tizzy

Small business owners and entrepreneurs have a reputation for being outliers, rebels and thinkers of a different sort. Many times that means they come up with some really great ideas and innovations, but it can also mean that they stumble into problems when it comes to general accounting practices. Some big idea people are extremely detail oriented and others can’t do a thing with details – and therein lies the problem. (more…)

Posted in: Bookkeeping and Accounting

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The Importance of Labor Law Posters

Why is it so important to post labor law posters? Labor law posters define those federal and state employment-related laws that all employers must comply with in their place of business. In addition, employers are responsible for making sure that the posters are posted in an area where all employees have access to read them. So, while this may seem like a simple task, it is one that employers often fail to do in their place of business, or businesses.

Within the past six years, there have been over 260 mandatory labor law poster changes across the United States. To be compliant, every time the federal or state labor laws change, employers must take down the old posters and replace them with a new, up-to-date poster with the updated laws. Failure to do this may result in fines, lawsuits, or citations that could easily have been prevented. Complete failure to comply with the federal and state labor law posting requirements may result in combined fines up to $17,000 and potentially more depending on the number of business locations.

Labor law posters are designed to protect both the employee and the business. Below is a list of the mandatory federal posters that must be displayed along with some information about the law, who must post them and who enforces them:

Equal Employment Opportunity (EEO) Poster: Informs applicants and employees of Equal Employment Opportunity laws, including Title VII of the Civil Rights Act, the Americans with Disabilities Act (ADA), the Age Discrimination in Employment Act (ADEA), the Genetic Information Nondiscrimination Act (GINA) and the Equal Pay Act (EPA).

Who must post: Employers with 15 or more employees.

Who enforces: U.S. Equal Employment Opportunity Commission (EEOC)
Fair Labor Standards Act (FLSA) Poster: Describes in detail the federal law regarding minimum wage, overtime pay, equal pay for equal work and child labor.

Who must post: Every private, federal, state and local government, company or business with employees who are subject to the FLSA

Who enforces: U.S. Department of Labor – Employment Standards Administration
Family and Medical Leave Act (FMLA) Poster: Summarizes the major provisions of the FMLA and tells applicants and employees how to file a complaint.

Who must post: Public agencies (including federal, state and local employers), public and private elementary and secondary schools, and private employers with 50 or more employees.

Who enforces: U.S. Department of Labor – Employment Standards Administration
Occupational Safety and Health Administration (OSHA) Poster: Explains that employees are entitled to a workplace free from recognized hazards under the Occupational Safety and Health Act, with guidance on how to report workplace hazards.

Who must post: Private employers engaged in a business affecting commerce.

Who enforces: U.S. Department of Labor – Occupational Safety and Health Administration
Employee Polygraph Protection Act (EPPA) Poster: Informs applicants and employees that employers are prohibited from requesting or requiring lie detector tests for employment purposes and from retaliating against them if they refuse to take lie detector tests.

Who must post: Any employer engaged in or affecting commerce, or in the production of goods for commerce

Who enforces: U.S. Department of Labor – Employment Standards Administration
Uniformed Services Employment and Reemployment Right Act (USERRA) Notice: Summarizes the rights and benefits under USERRA, the federal law pertaining to uniformed service members and their civilian employers.

Who must post: All employers.

Who enforces: U.S. Department of Labor – Veterans’ Employment and Training Service

Along with the federal labor law posters that must be displayed there may be state labor law posters that employers are required to post, as well. State employment-related laws typically include information about: teen work hours, workers’ compensation, unemployment insurance, state minimum wages, Equal Employment Opportunity, individual State Family and Medical Leave benefits (FMLA), and individual State whistleblower laws. There may be cases where both the federal and state labor law posters address the same topic. States may pass laws that are stricter than what federal laws state, which is why both posters, regardless of conflicting information, must be posted. Employers must abide by the law that is most favorable to the employee.

Staying up-to-date with federal and state employment law updates is time-consuming and may pose a risk to employers. So, there are organizations that provide subscription services to employers to assist them with remaining compliant. An employer is able to choose their respective state, and they will automatically provide the employer with updated posters every time that there is a change in either federal or state employment-related laws. The costs vary from vendor to vendor and for most businesses participation is a no-brainer, as the potential penalties for not having compliant posters is much greater than what the subscription service costs.

For additional information on federal and state labor law posting requirements, please contact us at www.NewFocusHR.com.

Written By: Patrick McKenna, SHRM-CP
HR Coordinator
09/02/2016

Posted in: HR Rules, Regulations and Laws, Policies and Procedures

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When Are You Paying Your Employees?

You might think that setting up a regular payroll would be easy. You know, put in names and start paying the employees. But stop right there, you’re going to have to first determine when you’re going to pay them, and I’m not talking about what day of the week. Of course, it’s much more complex than that. You have to consider the hold back. What’s that? Well, it’s certainly something you have to consider. (more…)

Posted in: Payroll, Payroll Processing, Rules, Regulations and Laws

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The All Important Audit Trail: What Is It and Why You Need It

Whether you own a large or small business, every business generates documents that record your company’s daily transactions. These records are important because they provide you with documentation to support your bookkeeping entries. Whether or not your small business is ever audited, it’s a must that you maintain a complete and accurate audit trail to manage your operations, detect fraud, and ensure compliance with government regulations. (more…)

Posted in: Bookkeeping and Accounting

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Local Taxes Make Payroll More Complicated

Every business, organization, and household needs a certain amount of money to keep things working. Small businesses sell their services and products for it. Charities fundraise for it. Individuals work for it. But what about governments? They can’t work, don’t have anything to sell, and have a hard time inspiring people to give to them. (more…)

Posted in: Payroll, Payroll Taxes

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Honest, It Was Just a Mistake

It was just a mistake. Those are awful words – and impactful words – especially when it comes to financial aspects of a small business. And when it applies to payroll, payroll taxes and the IRS, those words could mean the end of a small business. (more…)

Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Processing

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6 Reasons Your Business Needs Proper Bookkeeping

Proper bookkeeping is an essential element for any size small business – larger or smaller. Unfortunately, many entrepreneurs often neglect this task in favor of growing and running their business, which is understandable. After all, you’re a business owner – not a bookkeeper. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Why Small Businesses Lose at Tax Time

It’s just a couple of bucks … That’s what busy small business owners say to themselves all the time when they stop to pick up envelopes or paper for their office. But it’s that mindset – and the lack of accounting that can be a big cost to their business in the end. While the expenses might not add up to be more than $50 or $100 a month, that can be $600 to $1,200 a year! And the cost … (more…)

Posted in: Bookkeeping and Accounting

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Legislation Can Change Everything … At Any Time

You never know when new legislation might be passed, turning your small business’s life upside down.  Just when you think you have things figured out and your business is on the right track, the government can decide that you need to change the way you operate.  Small business owners in New York are currently facing a scenario in which proposed legislation threatens to change the way they will be allowed to pay their employees. (more…)

Posted in: IRS and Tax forms, Payroll, Rules, Regulations and Laws

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