Master your company's payroll processes with these 9 proven strategies. Learn how to leverage modern technology, ensure compliance, and create an efficient payroll system that scales with your business.
How to Master Payroll Management: 9 Essential Strategies for 2025
Most enterprise level corporations have more sophisticated protection against serious risks than most small businesses. Nonetheless, it’s critical to protect your business – no matter how great or small - and here’s a list of basics to get you started. Software & Security Patch Updates Updates are released for software all the time.
As you consider your annual budget and estimate cash flows during the year, you’ll want to take into account how payroll taxes may fluctuate throughout the year. Now is the perfect time to take a look at your tax liability.
Regardless of industry, specialty, size, or any other relation you use when describing your business, your business is defined by your workforce. The people who work for your organization, who are fueling the engine of your business, are what makes your business.
Each year around tax time, we hear from a handful of clients who have employees who didn’t have enough (or any) withholding taxes taken from their pay checks. It could have been for a number of reasons such as: High exemption calculation from their W-4 form, low pay that didn’t trigger the tax tables, or a high number of pre-tax deductions.
Client Service is the bare essential for all businesses. Payroll Vault’s competitive advantage is our dedication to ongoing client service efforts. In goal setting for 2018, here are some pointers from our team of in-house client service experts.
Hiring new talent involves quite a bit of paperwork and due diligence. In your quest to hire someone and get started, we highly recommend having a solid onboarding process in place to ensure compliance. The Federal I-9 form is one of the forms that deserves extra attention. The I-9 form is the Employment Eligibility Verification form that must be completed for all new hires in the United States fo…
The IRS will be recalculating and publishing new tax tables to go into effect this year. These updates will affect new hires as well as existing employees, so please take note. For new employees, you will still need to use the 2017 W-4 form until the new one is published. Continue to check online to see when the form is updated here. For existing employees, they may notice a change in the calculat…
Your professional network is an important foundation for your business. Oftentimes, we are preoccupied with exploring the best networking venues when we can also tap into those closest to us which can be overlooked. Referral partners can be close professional friends and colleagues, or even better, clients. Clients will know firsthand the value you bring to their business, and are classically exci…
The IRS has had its fair share of fraud and identity theft issues over recent years. Fraudulent claims cost millions, if not billions of dollars annually, and the numbers are increasing at an alarming rate. In attempt to minimize fraudulent claims, the filing deadline for 2017 W-2 and 1099 forms is January 31, 2018 for the second year in a row. The suggested best practice is for employers to have …
Significant changes are on the way for withholding tables in 2018. Important items to note: Recalculations of withholding tables will take some time to put together and send to the public. Look to early February at the earliest to see this change. Supplemental wages (bonuses and commission) on any amounts under $1 million will have an increased standard rate of 28% up from 25%. Private sector empl…
As our clients near the end of the year, there are many things they can do to prepare themselves to receive accurate W2s. There are many items to review, however, if you consider each item systematically it doesn’t take long to complete. The following list is a great place to start to ensure that: Employee information is checked for accuracy - name, social security number, address, etc. Independ…
Local and national payroll companies have one thing in common with your small business – they both can and want to service your needs. It’s a win-win, right? Not necessarily. As a small business, there are considerations you must take in to account as you begin, scale, and accelerate your business. This requires great flexibility from your payroll service provider, and dedication to ensure you…
This season, along with your holiday networking and planning your 2018 event calendar, is an outstanding time to be in contact with your referral partners and vendors. With the new year approaching, there will be a compliance focus and potential rollout of innovative solutions. Collaborations throughout the year can be hugely beneficial to your clients’ business and daily operations. Open commun…
As more of our lives and our businesses are conducted online and at a faster pace than ever, we need to slow down to consider what we are doing to safeguard our information. Is the information we are sending and sharing secure? What kind of network are we on? Can anyone else gain access to our information? Here are some topics of consideration for businesses both upstream and downstream from yours…
With 2018 around the corner, we would like to offer a small reminder that minimum wages may increase for regular and tipped employees in your state. If this is the case in your area, know your labor posters will need to be updated so your company remains in compliance. Don’t wait to prepare for the changes that are on the horizon. Keeping up on labor postings updates is a timely process that re…
Luckily for businesses, lead generation can be achieved through ample channels and tactics. Among the top are Networking, Exhibitions/Tradeshows, Referrals, and digital marketing strategies. The most underused and fundamental method is the utilization of Referral Partners. Referral Partners are individuals or companies that refer business to you and your business – lead passers. They can be an i…
A common statement echoed by many small business owners is, “I’m a small business. I manage all HR related tasks, and don’t need HR…yet.” And, the most common question asked is, “I’m a small business, why do I need an HR generalist when I can do it myself?” Many small and medium-sized businesses will take on human resource duties, as well as payroll and tax management, reception, a…
The Family and Medical Leave Act (FMLA) of 1993 is a United States Labor Law that was implemented to assist families in need of balancing the demands of their career and home. Eligibility begins after 12 months of employment with a singular company, 1,250 hours worked during that 12-month period, and with which that company employs 50 or more employees within 75 miles. Both public and private sect…
Lead generation and relationship building are strong facets of building a reliable and trusted brand presence that will further support the organization’s goals and objectives. The most common way to achieve all of these goals is through networking. Take notice, most common was used in place of easy. Networking is defined as a process that fosters the exchange of information and ideas among indi…
Accuracy Operating efficiently is imperative to ensure costs are controlled. Economic focus can be more critical for the start-up, or small business. A timekeeping solution is oftentimes overlooked, and viewed as “it can wait”. Many offices continue to use manual timekeeping, or allow employees to approximate their time each pay period. Either scenario is possible cause for error and additiona…
The Payroll Vault brand is experiencing tremendous growth due to the growing complexity of payroll processing and the need for clients and partners to have a trustworthy processor. In today's market, payroll is among the Top 5 Most Outsourced Services, and is fueled by complex legislation and compliance demands. Payroll Vault now has locations operating in 17 states to ensure that a local, dependa…
The Evolving Face of Human Resources Technology coupled with an evolving workforce is impacting change at lightning speed. Outside of expanding how and where we conduct business, it has vastly transformed our work culture and our interaction. Human Resource departments are experiencing an evolution in their roles and expectations due to this dynamic shift. Traditionally, the HR department was the …
