As an employer, payroll calculations seem daunting at first, but with the right information, it can be a straightforward process. Several factors to consider when calculating payroll include hours worked, taxes, and employee benefits. Understanding the legal requirements and regulations surrounding payroll is important to avoid any potential issues or penalties. Additionally, payroll calculation software…
As a business owner, you are responsible for the livelihood of those employed. Thus, it is a must for you to know the difference between gross pay and net pay. Two terms are present in every paycheck, yet they are often mixed up. The lack of clarity confuses many employers, and as a result, they…
Not many businesses can claim that their payroll is free from errors or discrepancies. In reality, the payroll problem is a common issue many employers face. However, most don’t care much about it. As a result, employees get disengaged and lose the motivation to give their best to the employer. So, what can you do?…
Among the three most pivotal financial statements, an income statement or the profit & loss (P&L) statement entails all essential details about your revenues and profits over a fiscal year. Coupled with a Cash Flow Statement and Balance Sheet, it provides investors, stakeholders, and executives with a complete 360 view of a business’s financial health,…
Even the best falter and fail, be it super athletes, winning teams, or booming startups. More often than not, faultiness lies in little things. Small stuff that startup owners take for granted accumulates into one big catastrophe and derails them from the winning track. For startups, poor payroll management is a little kryptonite that ensues…
Now, more than ever, small business owners find computing payroll taxes increasingly challenging. Having to look after the intricacies of their business, and strategize for growth, they are left with little to no time to let the complicated IRS tax code test their ability to handle everything from soup to nuts. Besides, keeping your eye…
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