Managing payroll is a task that demands a great deal of attention and even a minor error in its processing can result in significant monetary losses for a business. Further, compliance issues, employee regulations and frequent changes in the tax laws, make payroll processing a highly challenging procedure and it can become difficult for businesses to successfully navigate through it without any problems.
For any business whether small, medium or big, the significance of financial reporting cannot be underestimated – it provides information about the financial position and changes in the financial situation of a business. However, the flip side of that coin is that financial reporting is complex and many businesses find it challenging to assemble the right team of people that can keep them in compliance as well as provide timely information in a format that allows their management team to make informed decisions when needed.
Some ‘Financial reporting’ challenges that are faced by small and medium businesses (SMBs) are outlined below:
We are approaching the time of year when nonprofit organizations with a June 30th fiscal year end are thinking about either an external audit or about submitting a final report to contributors, boards of directors and lenders to show how they are performing financially. With seemingly complex audit requirements, it can seem daunting and overwhelming to think about an end-to-end review of an entire year’s worth of transactions.
Here are five things to do NOW to ensure your next audit goes smoothly.
“Audits” are usually considered a monumental undertaking for small and medium business (SMBs) owners. However, audits plays a critical role in helping to evaluate the effectiveness of a company’s internal controls, availability of reliable financial reporting, fraud prevention, utilization of its assets and reduction in its cost of capital. Audits also ensure that the business is meeting the expectations of their stakeholders and meeting regulatory requirements of the industry.
Below are the best practices that can help audits flow smoothly, while delivering lasting benefits which will enhance business performance.
Payroll processing plays a vital role in every business – no matter how big or small it is. Managing the payroll process effectively is truly complex as it requires knowledge of current taxes and regulations, an well-structured system and careful planning. As a result, it is essential for SMBs to execute their payroll process in a streamlined manner.
So the question is, how can SMBs ensure the success of their payroll process? In other words, what are the key features and “must have’s” that every business’ payroll process should have to minimize the complexities and ensure correct and on time payments to its employees?