Many employers don’t take the time to evaluate their payroll system on a regular basis, which can result in using archaic methods (like paper time cards) that end up costing more in time and money. To ensure that your payroll process is the most cost- and time-efficient, evaluate your current process against the following payroll best practices.
Labor posters are required by law. All businesses that employee at least one employee are required to display current posters that explain federal and state law as it pertains to employees. And this is one area where you don’t want to be non-compliant because it can result in hefty fines. So, you know you need them, now, what are your options?
Consumers and businesses are getting smarter about conservation and doing business “green.” People are actively looking for better options—those that positively affect the environment while also boosting convenience.
It’s critical that business owners know who they are hiring. Part of a thorough screening process is running a background check, which is quickly becoming a common practice.. Having all the facts on potential candidates is not only important to selecting the best person for the job, but it’s also an important factor in protecting your business.
Workers’ Compensation is an important policy to be aware of. Pay-as-you-go workers’ compensation puts the business owner in control by offering a solution based on actual payroll vs. estimated amounts. Learn more in this short video…
Performing an honest self-evaluation is a critical step in deciding if you should start a business. Behind any successful venture is typically someone who has taken the time to do the work up front before jumping into business ownership. A self-evaluation is part of the initial work, and requires you to take a close look at what it will take to start and grow your business at all levels—including time, money, and resources.
When talking to most successful business owners, the word growth brings feelings of joy and optimism. But there are two sides to growth, the good and the bad. Practitioners need to understand that ‘good growth’ can bring greater success and increased revenue. ‘Good growth’ occurs when you are prepared for challenges and react in a positive manner to meet and exceed potential obstacles.
With health care reform comes more stringent rules. Increasing regulations forced upon business owners only makes it harder to operate. Take advantage of experts around you and outsource your payroll to a payroll company that knows the regulations and can keep you in compliance.
Green. Again and again we see the routinely overused buzzword associated with being more environmentally friendly. Besides its place in our vocabulary, are you using green methods throughout your business? Do you know what benefits you are missing out on if you’re not going green?
Owning a business is a dream of many people and a franchise provides that opportunity. To help determine if franchise ownership is right for you, do your research. Talk to franchisees and franchisors. Research what type of business you would like to own, and look at the risk involved.
Time and time again, businesses that are taking on the burden of performing tasks and processes in-house will find it more beneficial to outsource, and sometimes even less expensive. The same goes for payroll and this is a trend that only continues to gain momentum in its growth.
BOOSTING YOUR BUSINESS WITH TRUSTED ADVISORS
Payroll Vault was separately branded as its own entity after years of processing payroll under its sister company accounting firm; Manning & Company. But what exactly is Payroll Vault all about?