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
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.
If you are like most childcare owners, you started your business because you love kids and have a passion for providing a safe and loving place for families to bring their kids. And, if you are like those same people, you probably also find the administrative side of running your business to be a HUGE, time-consuming source of stress that takes you away from focusing on improving and growing your business! Based on our experience, here are the four biggest administrative pain points in managing and growing a successful childcare business:
Pain Point #1 – Producing Timely and Meaningful Financial Statements on a Regular Basis
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.
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.