Payroll services can have a positive impact on the efficiency and productivity of your business. Outsourcing payroll is a tempting option over in-house processing. It can make your life a whole lot simpler and give you more time to focus on operating your business. Still, the choice between keeping it in-house or outsourcing should be taken into serious consideration.
The following factors will help you analyze your circumstances and that of your business and will play a heavy role in your decision-making process:
- Outsourcing Saves You Money. Processing your payroll in-house isn’t always the cheaper option. Take a moment to think about how much time you spend doing your payroll and compare the cost of wages to the cost of payroll services. Consider the cost of software and IT management. After making these calculations you may find that outsourcing payroll services is actually more affordable.
- Outsourcing Saves You Time. Payroll can be very tedious. It requires close attention to detail and keeping up with payroll tax legislation. If you outsource payroll services you can focus your attention to your business and ensure higher levels of efficiency and
Using a time clock software for employee time tracking is one easy way to reduce the stress of payroll and free up time for more important tasks that contribute to your bottom line.
There are many strategies for dealing with workplace stress. For some, there may be a need to de-clutter their work area. For others, cutting some task or resolving some conflict may be the required remedy. Knowing the cause of the stress is important to finding its resolution. A common source of stress is a demanding workload with a lot of strict deadlines. This stress can be amplified when the tasks required are not engaging or even remotely enjoyable.
For those in charge of employee compensation, payroll can be a stressful time. Gathering and sorting all of the employee timesheets, compiling scattered information, resolving employee errors, deciphering illegible markings, and all of the other hassles of payroll can add up to a lot of stress. Time clock software keeps employee time records in a single location. It also prepares reports and makes payroll a breeze.
With time clock software in place, all a manager has
If you or your company has a registered office or workplace in the Netherlands with employed staff, then you have to deduct the correct payroll tax from employee’s salaries. The payroll tax is built from wage tax, employee’s insurance contributions, social security contributions and income-dependent Health Care contributions.
You are obliged to deduct Dutch payroll taxation when;
- Your company has its office registered within the Netherlands
- You have a permanent establishment in the Netherlands
- You post, hire out or second personnel in/to the Netherlands.
- Your employee works on the Dutch continental shelf.
- Your employee falls under the national insurance schemes of the Netherlands.
In some situations you are obliged to deduct tax; even if your company has its main registered office within another country.
If you employ staff, then you must do the following;
- Register as an employer with the tax and customs administration. This will result in receiving a payroll tax number alongside the required forms needed. Your payroll tax number is then used when submitting returns and with the regard to other types of contact with the tax and customs administration offices.
- Ask your employee to provide you with a written statement
If a business has employees they need to procure a workers’ compensation insurance policy. In New York State, if the employees are also officers of the business, two officers may elect to be excluded from the policy.
The workers’ compensation policy can be obtained directly from the New York State Insurance Fund, or with the help of an insurance agent, through private insurers. Workers’ compensation insurance covers wage replacement and medical benefits to employees who might become injured on the job in exchange the employee give up their right to sue the employer. The cost of this insurance depends on the classification code of a particular occupation e.g. the cost of insurance for a clerical employee is much less than that of a construction worker. The more dangerous the occupation the more expensive the insurance since the work related accidents can be potentially more severe. Depending on the type of company and occupations covered, workers’ compensation insurance can be very expensive. For this reason many businesses attempt to circumvent the system and this can lead to their closure.
The major types of fraud committed by businesses
Significant change is on the horizon for the methods and rules that manage fixed-term contracts within the Netherlands. The changes are a result of the Dutch Senate and the execution of the ‘Work and Security Act’, applied in June 2014.
The reasoning behind the implementation of the June 2014 act is to clamp down on the gap between permanent and flexible employment, which is viewed as a huge issue for the authorities while also preventing abuse of the current regulations.
The biggest change is on the ‘Transition Payments for Termination of Employment’, due to take place from the 1st of July 2015. This change results in a statutory transition payment for employees who have been contracted out for more than 24 months should their contract not continue; either on the initiative of the employer or under circumstances where the employer is at fault.
The financial amount making up the payment depends on the number of years employed for the company or agency. For example, during the first decade a 6th of the monthly salary will be due for each half-year of employment with the agency or company.
With the economy suffering as it has the last few years these governmental agencies are hurting financially and are seeking additional ways to collect revenue. To fill the gap they have stepped up their audits efforts to focus on compensation issues for small business owners, whom have been known not to be in full compliance with the law.
This has been a win – win for the government because most small businesses do not have the funds to sustain a long legal battle and must give in and pay the penalty
To avoid the pain and agony of a compensation audit I will outline a few points below and recommend that any business owner seasoned or just starting out seek the assistance of an accountant familiar with these issues to ensure compliance.
A) The IRS basic belief is that no one works for free, I think we can all agree with this one. So in most cases owners should be taking a salary from their business.
B) How much should a business owner take, that depends, the test is what would the salary be if that business owner
Year end accounting can be problematic, especially if you have not been paying attention all through the year. The truth is that most businesses, especially ones without dedicated accountants on their payroll, don’t worry about it till tax season comes, and when it does, there’s always too much to do and very little time! If you are feeling the pressure, the good news is that it can be easy for your business if you know how to go about it.
Easy accounting tips
Use a cloud accounting software
If you have not done this till now, you are losing out. Businesses across the world are choosing to use cloud software for a number of reasons. Choose it and you will enjoy a lot of flexibility, security, cost-cutting and a higher productivity. It is also a great idea to put up all your numbers on a cloud as it is going to help you stay on top of your books with ease. The transition can mean a few changes in the way things are done in your business but once the tasks get moving, you will find that
In business, the accounting and human resource departments have many jobs, but the position responsible for computing everyone’s pay each period comes with a lot of challenging responsibilities. There is an incredible amount of pressure to make sure everything is done perfectly right. Fortunately, a good payroll software program is capable of doing all the complex calculations quickly and can make the process much easier.
The job of calculating the pay for all of a company’s employees is one that is complicated, time consuming, and can be quite intimidating. Accuracy is extremely important since this is money people have earned and depend upon. It also involves the responsibility for making sure all the benefits and deductions are properly recorded and processed.
Thanks to the age of technology, there are many computer programs that can make this task not only easier, but much faster. They come in multiple formats such as web based, mobile or those that may be installed directly to the business’ system. Most are customization to fit the specific needs of the company or organization using them.
Programs designed for this function speed the process,
As technology moves ever forward, how are you leveraging it to address your business’ complex and evolving needs? It is no secret that it’s easier – and more “green” – to conduct business using less paper, yet the true value of going digital goes far beyond the simple consumption of paper and ink. A cloud-based labor management approach can bring more value to your company than you may realize.
Old habits often die hard but there’s no denying that paper-based organizations are often viewed as backward and outmoded. Manual time and attendance processing is inefficient, costly and time-consuming. Fortunately, the arrival of cloud-based computing means simplified, flexible solutions are now within easy reach for most businesses.
Here are some benefits you can realize by a move to a paperless labor management system:
1. Compliance and accuracy: helps you easily capture time and attendance data for accurate payroll processing and labor law compliance. You can eliminate error-prone manual calculations while still maintaining flexibility to meet your employees’ needs.
2. Workflow automation: streamline time-sensitive tasks such as leave requests and approvals. Boost efficiency by ensuring that staff members are notified
Gauging by its present trajectory, the practice of payroll outsourcing is going to be one of the most inherent aspects of the corporate realm in a few years.
The HR outsourcing industry has witnessed a huge spike in its numbers as is evident through various researches conducted. As the global economy gets more and more unpredictable and prone to risks, the emphasis on cost reduction is getting more prominent. And thus, this stimulates the outsourcing industry, the effects of which trickle down to payroll outsourcing.
Now, the process of reimbursing employees in a typical corporate environment is an elaborate one and requires an abundance of resources, particularly with a large workforce. This sometime necessitates the practice of outsourcing the payroll tasks to an external agency that has the requisite resources and offers its services on a price that falls well within your budget. In fact, making savings on money happens to be one of the most hotly pursued reasons for going for payroll outsourcing.
Several elements combine to form one payroll – you have the gross salary divided into a number of segregations that involve the signed-up
Most small and start-up business owners today are choosing to outsource a lot of their requirements and activities. These requirements or tasks include website design and development, accounting, bookkeeping and payroll.
By choosing this option, business owners won’t have to worry about going through the tedious task of looking for and hiring the best talents, training them and helping them get acquainted with the company and other staff. Also, outsourcing certain requirements and tasks will actually be more cost efficient since you won’t have to worry about and pay for the taxes, health insurance and other fees that comes with hiring a new employee. Finally, when you choose to get outsourced help, you avoid the hassles and inconvenience of firing the employee and going through the whole process of finding a replacement.
When it comes to getting help with your payroll requirements and tasks, it is important that you take the time to choose the best and most trustworthy service provider. This is because when it comes to your company’s payroll and more importantly, your employees’ salaries, you cannot afford to be hasty and careless.
Well it’s that time of year again – Tax Time!
And the very first filings that have to be done are the quarterly returns for the last quarter of last year. You also need to prepare and distribute W-2s and 1099s. Before you start preparing these forms you need to get a few ducks in a row (Hi Trish!).
So here are 5 things you need to do before you get to printing.
- Verify independent and subcontractor records are accurate and up to date. I cannot tell you how many times I have sat down with a client to prepare 1099s only to find that we are missing either the address or social security number or both. Or the 1099s are sent out and one or two are returned because of an incorrect address. Or even worse, a notice is received from the IRS stating that the social security number on the 1099 does not match their records. Can you say audit? If you haven’t already taken the time in December to verify that you have all of this information and that the information is correct, then
Payroll fraud occurs when employees get their employers to pay them more wages and compensation than is due to them by making false claims and falsifying records. By being more vigilant and adopting control policies, you can protect your business from the losses you might incur because of payroll fraud. The Association of Certified Fraud Examiners warns that internationally, businesses can lose up to 5% of their revenues every year because of fraud; and small businesses typically suffer more because they lack the elaborate internal controls that larger companies might implement.
Your employees could be collecting wages in the name other employees who are not actually working for you; or who have worked for you in the past and have left your company. To overcome this problem, you must make sure that when an employee’s services are terminated, your records are updated right away. Also tally the actual number of present employees with the number of paychecks you write. You could also get your employees to physically pick up their paychecks and sign for them. Make sure they provide you with proper identification such
Many business owners focus on becoming as profitable as possible, however survival in a business is not necessarily contingent upon huge margins, or market notoriety. One of the most important aspects of being a successful entrepreneur is proper planning. Since one of the costliest expenditure business owners endure is taxes, it only makes sense to make payroll taxes, both 941 filing and remittance a top priority. A comprehensive tax plan will certainly help, however if you find yourself needing to file 941’s and owing payroll taxes this article is for you.
Payroll tax debt is number one on the list when it comes to IRS collection efforts regarding unpaid taxes. The IRS has the right to seize and sell your inventory and property, seize your accounts receivables, hold owners personally liable, and even force you to close your doors. As such, you need to take certain steps to ensure you afford yourself the best resolution option available. The first piece of advice is never ignore IRS notices. Generally, the IRS will provide you enough time to consult a professional or contact them to work through
Every company wants to succeed and achieve a high sales pitch but the question is, does it have a systematic management? Account outsourcing companies that function with the willingness to change and ensure thoughtful planning can help a business in many ways. Accounting outsourcing is a cost effective measure that includes supervision of accounting tasks and improved customer support services. Bookkeeping and accounting firm adds value to the business, increases firm revenue and provides technical expertise to achieve high end goals.
Why Account Outsourcing is Cost Effective?
A cost benefit analysis of account outsourcing has revealed that the strategy eliminates the need for employing and training staff members. The company doesn’t need to invest in building a financial work force or developing infrastructure thereby reducing labor costs. Here are the basic functions of an account outsourcing agency –
Outsourced resources reduce in-house labor charge and it ensures the company can devote more time to strategic goals. Leveraging an outsourced agency introduces financial executives who can supervise backend operations. It also means that the staff obtain free time and space to focus on target goals while the outsourced
H&R Block Mobile – iOS, Android
The H&R Block Mobile app makes it easier to file your taxes, by connecting you directly to tax professionals. Basically, the app lets you upload your documents and send them to a tax pro. It can create a personalized checklist of required documents, and lets you view tax returns from previous years. If you need to schedule a face-to-face meeting with an H&R agent, the app can also help you find the closest office in your area. Additionally, the app lets you check the status of your federal tax return, and estimate the amount of your return with a built-in calculator.
H&R Block 1040EZ – iPad
While the H&R Block Mobile app focuses on connecting you with tax professionals, H&R 1040EZ instead helps you e-file your taxes independently. To use the app, you snap photos of the necessary documents, then file the information. It’s free to prepare your taxes, but e-filing costs $9.99. The app checks for mistakes so you can correct errors and omissions, and customer service agents are available for live support if you need it. Additionally, with the
eCommerce has become all the rage with more and more businesses going this route. Meeting customer expectations, fulfilling them as well as keeping ahead of the competition is something that is very important for such firms. Accounting requires a lot of tedious bookkeeping and long hours and that is the reason why choosing accounting outsourcing for eCommerce firms is such a good idea.
The most important reason why choosing to go the outsourcing way will pay off for your eCommerce firm is because it will save you a lot of time. As a business operating on the World Wide Web, it is obvious that there are too many things that need to get done on a particular day, whether it is keeping the online portal running at optimal speeds, resolving customer service issues and logistics. Bookkeeping will only keep you and your employees away from doing things that will have a positive effect on your business.
A full-time accounting professional on your firm’s books will mean a significant benefits package. You could save your firm a serious amount of money every year by choosing