Hallmarks of a Good Payroll Process

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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?

In this blog, we will highlight a few hallmarks that every business’ payroll process MUST HAVE.

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Tips for an Efficient & Successful Month-End Close for SMBs

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The monthly financial close process is a daunting task for many small and medium businesses (SMBs), as it consumes many hours to double-check data and formulas, fix mistakes and consolidate multiple spreadsheets into a final set of financial reports. For many SMB’s, this process is all done manually which really extends the amount of time it takes. As a result, the chances of errors are relatively high which can result in severe consequences for an organization.

In this blog, we will highlight a few tips every SMB owner can follow to ensure an efficient and successful month-end close.

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4 Ways to Conquer Major Accounts Receivable Challenges for SMBs

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Accounts receivable is perhaps the most critical process for SMBs to conquer as its improper management could lead to unhealthy cash flows. There are several challenges that SMBs encounter during their accounts receivable process cycle such as: difficulty in matching payments to invoices, receiving late payments, rising Days Sales Outstanding (DSO), invoice delivery problems, customer resistance to electronic invoice adoption, customer attempts to extend terms, very limited payment methods and inaccurate and outdated information.

These challenges can be mitigated if SMBs take control of their accounts receivable process. However, they must understand and employ the right steps in the right way. Outlined below are some suggested steps to take:

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Top Financial Issues SMBs Continue to Face and How to Fix Them

Financial-Issues-SMBs

Countless unexpected issues can pop up for SMB owners that create seemingly overwhelming challenges – many of them financial in origin. The most common issues faced by SMBs are: maintaining a positive cash flow, not getting accurate reconciliation reports on a monthly basis, and securing funding for the company’s growth. Fortunately, SMBs can easily manage these issues through with a solid financial process and reporting.

In this blog, we’ll talk about the 3 biggest financial issues that SMBs face, as well as tips to help them manage these issues.

 

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Top 3 Common Payroll Compliance Errors made by SMBs

Payroll-Compliance

SMB owners are often so focused on growing their business that they neglect an important issue – payroll compliance. From payroll and benefits to hiring processes, employee relations and risk and safety, SMBs must adhere to regulations or else run the risk of being penalized. According to the Department of Labor, a massive 80% of employers have some degree of non-compliance with wage-hour laws and the wage and hour division collected more than $266 million in back wages for more than 280,000 employees in 2016

In this blog, we will highlight the top 3 common payroll compliance errors made by SMBs

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