Payroll is an integral part of every business. The payroll accounting process involves paying wages, calculating hours, applying benefits, deducting taxes and collecting garnishments, all while staying in compliance with federal rules, state laws and local regulations.
You may not have heard of money purchase pension plans, but they are a powerful retirement savings offering. MPPPs are qualified retirement savings plans like 401(k)s that you contribute to each year for your employees, the plan participants. They help your employees save for retirement. You may decide to offer an MPPP in conjunction with a profit-sharing or 401(k) plan.
Effective management can turn a dysfunctional work team into one that operates with courtesy and engagement. However, before you implement any changes, you need to be honest about whether your actions as a manager are contributing to the problem. Once that's done, you can hold a team meeting to facilitate open discussion and define how the team will operate going forward.
While you might not hear about every case of whistleblowing, thousands of people blow the whistle each year. From reports of inaccurate accounting protocols and discoveries of tax fraud to criminal levels of pollution or illegal wildlife trading practices, whistleblowers shine the light on many matters that would otherwise stay in the dark — undetected.
Pay transparency has been getting a lot of attention. Still, many are unclear about what pay transparency actually means, how far it goes or what the results of pay transparency legislation will be.
Fringe benefits may be available to everyone in the company or may be used as incentives for meeting certain goals. They may be paid or given in the form of an achievement award. They are always considered compensation for services beyond employees’ normal rates of pay. In this way, they are unlike legally required benefits, such as workers’ compensation, which are based on a company's size and the number of employees and vary from state to state.
An employee stock ownership plan creates a well-defined structure in which your employees gain stock ownership. It also helps you with your financial goals, including a better alignment between your and your staff's financial goals.
How a new hire is brought into the company is crucial to their acquiring the knowledge, skills and behaviors needed to dive confidently into work. There are administrative tasks and role-specific training, as well as integration with the team to help build the relationships and strong working dynamics that create loyalty to the company.
Let's say you decide to onboard a freelancer, also known as an independent contractor. What should your next tax- and finance-related moves be? Let's find out!
What’s the best advice you've ever received about running payroll? There’s no shortage of words of wisdom, and we have a handful of tips we’d like to share with you.