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Posts Tagged small business

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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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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Bookkeeping is Customer Service at The Payroll Department

Posted by Elaine on November 21, 2017

We’ve had a big change at The Payroll Department this past year and people are still a little surprised by it. To us, it just makes sense. Customer service becomes a new customer service at The Payroll Department. We see the addition of bookkeeping services as a truly natural extension of the services we offer, for a couple of reasons. (more…)

Tags: bookkeeping, employers, Grace Walker, outsourcing payroll, payroll, small business, The Payroll Department

Posted in: Payroll

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3 New Payroll Regulation Changes You Need to Know

Posted by Ariane on November 14, 2017

Payroll regulation changes are happening all the time. As a small business owner, you must stay up-to-date with these changes, so you can remain legally compliant. Otherwise, you could face hefty fines and other penalties. (more…)

Tags: employers, outsourcing payroll, payroll, payroll provider, payroll regulations, small business, Teresa Ray, The Payroll Department

Posted in: Payroll, Rules, Regulations and Laws

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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.

(more…)

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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