small business owners « The Payroll Department

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5 Most Important HR Terms for Small Business Owners to Know, Understand, and Use in Their Business

Posted by Elaine on July 31, 2018

Ask any business owner what one of the top challenges they have in running their business and, by far, HR or people will be in the top of responses you get. Business owners say that doing the work of their business is the easy part but people, and dealing with all the things that surround people as employees, is difficult. That being said, if you can master the following five HR terms, understand and utilize them, you might find the challenges a little less stressful. (more…)

Tags: at will employment, background checks, employee handbook, exempt and non-exempt employees, HR, outsource payroll, payroll, small business, small business owners, Teresa Ray, The Payroll Department, worker classification

Posted in: Operating a Small Business, Payroll

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Do You Know the Difference between Bookkeeping and Accounting?

Posted by Ariane on July 24, 2018

When most small business owners think of the terms bookkeeping and accounting, they often use them interchangeably. While it’s true both bookkeeping and accounting are important in the management of your company’s finances, some key differences between the two functions do exist. Therefore, business owners need to understand the roles of each and how they work together to ensure your company’s success. (more…)

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

Posted in: Bookkeeping and Accounting, Operating a Small Business

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How to Hire the Right Way for Your Business

Posted by Elaine on July 10, 2018

Hiring for small business owners is a huge step. Adding one more expense, and one that is a high responsibility to another person or family, is a step that is not taken lightly by business owners. Often there are months of deliberation, thoughts, and prayers that go into the final decision to hire a new employee. With that high level of seriousness, what steps can a business owner take to ensure they place the best person in the role that best suits them and the company? Here are 3 Steps to making sure you on the right track in hiring your next new employee. (more…)

Tags: hiring, how to hire, new employees, outsourcing, small business, small business owners, Teresa Ray, The Payroll Department

Posted in: Operating a Small Business, Payroll

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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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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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Payroll: What’s the Difference Between Contractors and Subcontractors?

Posted by Elaine on December 19, 2017

Have you thought about hiring someone to do the marketing, human resources, or payroll for your small business? Are you confused about how the relationship works between contractors and subcontractors and your business? Do you wonder how these arrangements may affect your payroll? Many times the terms – contractor and subcontractor – are used interchangeably; however, key differences do exist between the two roles. Therefore, The Payroll Department would like to clarify these terms and explain how they relate to your business’s payroll. (more…)

Tags: payroll, small business, small business owners, small business payroll, Teresa Ray, The Payroll Department

Posted in: Payroll, Payroll Processing

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Would You Give an Employee a Payroll Advance?

Posted by Elaine on October 31, 2017

One of the beautiful things about small businesses is that everyone in the organization becomes like family. There is a closeness that develops that is both comforting – and maybe distressing, too. When one member of your team is experiencing hard times, it can be difficult to maintain a professional distance. For instance, what would you do as a small business owner if one of your employees came to you asking for a payroll advance? (more…)

Tags: employee loans, employees, Indiana, outsourcing, payroll advances, payroll loans, small business, small business owners, Teresa Ray, The Payroll Department

Posted in: Operating a Small Business, Payroll

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Can You Write Off Those Uncollectible Invoices as Bad Debt?

Posted by Elaine on October 24, 2017

As a small business owner you will, more than likely, encounter a customer who never pays his bill. It would be wonderful if that were not true, but if you talk with your small business owning peers, you will find everyone has a story to tell. But when it happens to you – at least for the first time – you might be a little baffled. NOW what do you do? (more…)

Tags: bad debt, bookkeeper, bookkeeping, Grace Walker, Indiana, outsourcing, small business, small business owners, Teresa Ray, The Payroll Department, write off, write off bad debt

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Independent Contractors Are Becoming Mainstream in the Workforce

Posted by Elaine on October 17, 2017

Way back in 2015, we wrote a blog about the Pros and Cons of Hiring Contractors vs. Employees. In this article we shared that experts predicted by 2020 contractor workers or freelancers would make up half of the full-time workforce. This trend, now commonly referred to as the “Gig Economy” is on track to meet that prediction by 2020 or before. Are you on board? (more…)

Tags: bookkeeper, bookkeeping, employees, freelancers, gig economy, Grace Walker, independent contractors, 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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Steps to Take When a Client Has Unpaid Invoices

Posted by Ariane on October 10, 2017

While most clients understand the importance of paying their bills in full and on time, some clients inevitably will pay for goods and services late. Unpaid invoices and the effort to get them paid can be a huge challenge for a small business’ profitability – in time and money.

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Tags: bookkeeper, bookkeeping, 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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