Operating a Small Business « The Payroll Department

Archive for Operating a Small Business

How to Stay on the Path to the Most Successful Year Ever

Posted by Elaine on February 20, 2018

How is the year looking for you so far? It kind of goes along with the way of resolutions that we start the year with high hopes and ambitions, but once we get back to the daily grind, well, it gets ground away. All of us here at The Payroll Department want you to know that there are some steps you can take to put you back on the path of making this year the best one ever. (more…)

Tags: building a business, outsourcing, payroll, small business, success, successful, Teresa Ray, The Payroll Department

Posted in: Operating a Small Business, Payroll

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Is It Time Your Business Hired a Bookkeeper?

Posted by Ariane on February 13, 2018

As a small business owner, are you handling your production, marketing, administration, and bookkeeping on your own? Doing it all yourself is one of the biggest mistakes that many entrepreneurs make when running a business. (more…)

Tags: bookkeeper, bookkeeping, Grace Walker, outsourcing, small business, Teresa Ray, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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4 Issues to Consider Before You Hire Employees

Posted by Ariane on February 8, 2018

Is your small business finally taking off to the point where you need to hire employees? While this can be an exciting next step for any entrepreneur, it can also be a nerve-wracking change. After all, you’ll be delegating some business tasks you normally do. Plus, you’ll now being taking on the role of employer. (more…)

Tags: employees, employers, outsourcing payroll, payroll, payroll provider, payroll taxes, small business, small business payroll, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Do You Know the Difference Between Payroll Expense and Cost of Labor?

Posted by Ariane on January 30, 2018

Did you know that the cost of labor can be one of the largest expenses a small business can have? It’s second only to the cost of real estate, according to the U.S. Department of Labor. Depending upon the industry you’re in, labor costs can range from 10% to 30% – or more. For your small business, your labor costs can quickly eat up your earnings if they’re not monitored and adjusted accordingly.

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Tags: accounting, bookkeeper, bookkeeping, Brownsburg, employees, employers, Grace Walker, Indiana, outsourcing, small business, small business owners, Teresa Ray, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Worried about the Changes in Payroll Taxes?

Posted by Elaine on January 23, 2018

At this particular moment in time, it doesn’t matter which side you fall on for the new Tax Cuts and Jobs Act passed in late December, 2017, it will have an impact on both your personal finances and your business’s financial situation.

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Tags: Brownsburg, employees, employers, Indiana, IRS, payroll, payroll taxes, small business, small business owner, Teresa Ray, The Payroll Department, withholding

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

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New Pass-Through Deduction: How It Will Affect Your Business

Posted by Ariane on January 16, 2018

You’ve probably heard about the new tax law – the Tax Cuts and Jobs Act (TCJA)– signed in late December 2017. If you’re a business owner, you’re likely wondering how the new law will affect your business taxes. One of the most significant and complex changes to the law deals with pass-through businesses and the pass-through deduction. (more…)

Tags: bookkeeping, Grace Walker, income taxes, small business, small business owner, tax laws, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Discover How to Help Your Small Town Business Thrive

Posted by Elaine on January 9, 2018

Running a business in small town can be very different than owning a business in a big city. You may have less competition in your market, but if your competitors have been around longer, they likely already have long-standing customer relationships. However, there are advantages to having a small town business, such as the ability to experiment more with your products and services, and the capacity to stand out, so you can make a bigger impact. (more…)

Tags: employers, Indiana, outsource payroll, small business, small business payroll, Teresa Ray, The Payroll Department

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

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Advance and Arrears: Understanding the Differences Means Good Business Decisions

Posted by Elaine on December 26, 2017

Something that comes along with all the conversation about the gig economy trend is the issue of billing and payment. There are basically two ways to get paid – in advance or in arrears. While just about everyone understands the idea of getting paid “in advance,” not everyone understands what “arrears” is and how billing in arrears works. There is the stigma that arrears is bad. There is a reason for that. But understanding the differences is important for the financial success of small businesses. (more…)

Tags: advance, arrears, income, invoices, payments, payroll, receipts, small business, small business bookkeeping, small business owners, Teresa Ray, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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5 Reasons Every Business Owner Should Reconcile Bank Accounts Monthly

Posted by Elaine on December 12, 2017

Business owners often overlook the importance of reconciling bank accounts monthly. Yet, this is one of the most crucial parts of staying on top of your company’s growth. At year end here at The Payroll Department, we hear from our business owner clients what a huge task getting ready for tax season is for them. It doesn’t have to be that way. If you’re going to manage your business accounts right, here’s what you need to know. (more…)

Tags: account reconciliation, bank account, bank reconciliation, corporate taxes, small business, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Bookkeeping: Difference Between Bids, Estimates, Proposals and Quotes

Posted by Elaine on November 28, 2017

Small business owners often need to acquire the services of other businesses. When inquiring about the services a company provides, you may be presented with a bid, quote, proposal, or estimate. Many companies often use these terms interchangeably. However, the definition of these terms can mean different things to different people and in different industries. (more…)

Tags: accounting, bookkeeper, bookkeeping, Grace Walker, small business, The Payroll Department

Posted in: Bookkeeping and Accounting, Operating a Small Business

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