Payroll can seem intimidating, especially if your business employs many people, but with a streamlined process, it doesn’t have to be. We’ve highlighted some of the best-practice payroll tips for small business owners. Benefits of Implementing Good Payroll Practices Following good payroll practices helps you to avoid costly errors, such as: Classifying workers inaccurately [...]
No matter what your trade is, you should develop an understanding of the basics of accounting and bookkeeping. These are critical business skills that every business owner should know. Here are 9 useful small business accounting tips that owners should keep in mind. Key Takeaways: Keep records and receipts organized. Set up accounting systems by [...]
If you’re anything like us, you searched the value of gold medals, freshened up on Simone Biles’ achievements, and said, “Bonjour!” more than ever in the last month as you competitively watched the 2024 Summer Olympics. But if you’re wondering about the financial outcomes for gold-medalist Olympic winnings, you’re in the right spot. Do [...]
Navigating taxes can get complex, especially for franchise owners, who must balance meeting rigid tax regulations and the unique demands of franchise ownership, be it royalty fees or franchise taxes. Getting into a franchise is often much easier than starting your own business from scratch, but it has some drawbacks, the two major ones being [...]
Accurately classifying your workers is an important part of keeping your business compliant. Not only that, strategically hiring a mix of 1099 and W2 employees can help you scale your business more quickly. To stay competitive in the free market, you need to maximize your pay structure and choose the payroll structure that is the [...]
Filing taxes doesn’t have to be a stressful ordeal. Following some simple steps throughout the year can make the process much smoother. Here are some friendly tax tips to help you out: Organize Your Tax Records Keeping your tax records organized is essential. Create a system where you store all important documents together. You can use [...]
Becoming a new parent is a life-changing experience filled with joy, but it also comes with added responsibilities, including managing your finances. As a new parent, navigating the tax landscape can seem daunting, but with the proper knowledge, you can take advantage of valuable tax benefits and savings opportunities. Here's an in-depth look at each tip [...]
Is an S Corp right for you? If you’re choosing which business structure is right for you for tax purposes, the S corporation election (S Corp) is a popular choice for small and medium-sized enterprises seeking a balance of liability protection, tax advantages, and operational flexibility. Understanding what an S corporation entails, its distinctions from other [...]
Understanding the DOL's Final Rule updating minimum salary requirements This article is an update on the proposal for minimum salary requirements. The U.S. Department of Labor (DOL) has released its Final Rule, updating the minimum salary requirement for employees to be exempt from overtime pay under the Fair Labor Standards Act (FLSA). The increase in minimum [...]
The concept of variable pricing models has been around for a while in the minds of Quick Service Restaurant operators but has made recent headlines. Variable pricing models, also known as dynamic pricing or demand-based pricing, are strategies businesses use to adjust the price of products or services based on various factors such as demand, time [...]
