Just 20 years ago, the US led the world in cutting business taxes to make our economy more conducive to job creation. Since then, every other industrialized country has cut its business taxes while we have stood still. Today, only Japan has a higher business tax rate than the US The wages and living standards of American workers are threatened as long as our business taxes remain above the world average. The Tax Foundation’s CompeteUSA campaign raises the public’s awareness of America’s high business taxes and how those taxes are affecting our competitiveness, wages, and living standards. Visit www.taxfoundation.org for more information.
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Payroll Service Advantages and Disadvantages
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When it comes to executing payroll, companies usually grapple between two choices: 1) keep it in-house and process it manually or 2) outsource it to a specialized payroll service. While using an external provider can alleviate many of the hassles of processing payroll yourself, there are several factors to consider before taking the leap.
Advantages of Payroll Services cost savings. While it may make sense for large companies to maintain payroll departments, it’s not always cost-effective for companies with fewer than 20 employees to do so. Calculate how many hours you spend on payroll-related activities (be sure to include check printing and distribution as well as creating tax documents) and compare the cost of wages to the cost of plans offered by payroll service providers. So be sure to factor in other quantifiable expenses, such as software and IT management. With all costs considered, payroll services may provide an affordable alternative. Time savings. Payroll is very time consuming, requiring meticulous attention to detail and monitoring of the latest legislation related to payroll taxes. By eliminating this function, you and your staff can focus on the core functions of your business and devote more time to revenue-producing endeavors. Access to the latest technology and legislation. Continually upgrading software can be a financial drain for any business – especially if there is a need to hire IT professionals. When you enlist a payroll services provider, you’ll have access to the latest available technologies and will stay abreast of emerging trends regarding payroll tax laws, payroll requirements, and other regulations. Expert insights and specialized skills. Payroll service providers have an in-depth knowledge of tax-related laws on all levels – federal, state and local. With access to vast technical resources, a third-party specialist can process even the most complex compensation plans with ease. Disadvantages of Payroll Services Cost. In some instances, it may be more cost-effective to keep payroll in-house than to utilize third-party services – especially if you’re looking at costly traditional payroll services. Be sure to consider alternatives to traditional online companies that offer all the same services and guarantees for a lot less. Crunch the numbers and deterministic mine which option makes the most financial sense for your business.Confidentiality risk. When outsourcing payroll, vital employee data and salary information must be shared with the service provider. While reputable companies adhere to strict privacy payroll protocols, many employers are apprehensive about relinquishing confidential and secure information. It may be safer to enter payroll yourself online, as opposed to calling or faxing it in to a payroll service, so make sure to consider online services.
In more instances than not, payroll outsourcing has a positive impact on operational efficiency and productivity. Nevertheless, your decision about Whether to hire an external payroll service provider should not be taken lightly. After carefully evaluating the pros and cons, you’ll have a better grasp of Whether utilizing a payroll service will be in your company’s best interests.
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Video from our FREE Online Business Course www.myownbusiness.org Session 8 Accounting and Cash Flow Question “Why is a good understanding of accounting important for running your own business?” Maureen Costello Wholesale Distributor Topics covered in this video: Understanding business accounting, cash flow, taxes, loans Transcript: I think that if an entrepreneur does not have a good understanding of accounting there will be a very high probability of failure. Accounting is the way you keep track of how well your business is doing. It’s how you keep track of your cash. If You run out of cash, even if your sales are growing and your profits on the books are high, you’re out of business. You can go bankrupt even with a successful business. So the only way you’re going to know is if you do really good accounting, do cash flow projections and really watch your cash. So that’s number one. Secondly, you have pay taxes, you have to be in compliance with the tax laws. If you’re not very good with accounting’re going to have problems with the IRS. They too can put you out of business. So you want to be sure what you know you’re supposed to be doing from an accounting point of view. So, you will not be able to get bank loans if you do not do a good job at accounting because you have to have financial statements that you can bring to a bank that are in the format that they are accustomed to, in order to gain their confidence to loan you money. So there are a number of reasons why … Video Rating: 5 / 5
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Video from our FREE Online Business Course www.myownbusiness.org Session 8 Accounting and Cash Flow Question “What should a business be doing on a monthly basis to stay on top of their accounting?” Ken Blake Certified Public Accountant (CPA) Topics covered in this video: business accounting, income statement, profit and loss, sales, expenses, receivables, payables, cash flow Well, it’s important on a monthly basis to be able to produce what we call an income statement or a profit and loss statement. This is the document that shows your sales as well as your expenses and it’s normally produced on a monthly basis. The main thing that you need to keep in mind is that for this document to be relevant you need to do a lot of the work, almost on a daily basis. For most companies, entering the bills as they receive them and then billing the customers as sales are made should be done on a daily basis if possible. On a weekly basis one should go in and look at the age of the receivable and thus the age of the payables. The older the payables are of course means that some of your suppliers will be after you to pay money so you want to keep on top of how old some of the bills are and on the other side of the coin you want to make sure that your customers are paying you on time. Checking the age of some of the outstanding bills on a weekly basis will make your financial statements that much more relevant than if you check them on a monthly basis. Video Rating: 5 / 5
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