If you are into tracking accurate time, you are probably also into using your time wisely. You recognize the value of time and understand that wasting time is all too easy and tempting. You definitely want to encourage your employees to use their time effectively but you may not know exactly how to achieve this.
HR, Payroll, and Employee Management Tips for Small Business Posts
Years ago I knew an entrepreneur in the construction industry who needed some serious help organizing his life and business. I remember seeing stacks and stacks of paper on the two desks in his office. I tried helping him sort through his papers and found bills months overdue, threatening letters, outdated offers – important papers amidst countless unimportant ones. The filing cabinets in the home office were mostly empty but for a few old and irrelevant records; the trucks were out on the roads uninsured, unregistered, or both; the mortgage payments on his two houses were not even covering interest.
A lot has to line up for a person to be successful. There must a good deal of intelligence, talent (which might just mean a lifetime of hard work), confidence, and time management. Articles could be written on any of these traits so in effort to avoid playing down importance of any important factor, let’s just focus on time management and how to get better at it.
Payroll is a big job and it takes a lot of training to get it right. If you do it yourself, you have to be very careful. You must be sure that the correct taxes are withheld from your employee’s paychecks, the wages and bonuses are correctly calculated, the correct taxes are paid, that wage and hour laws are followed, and that your employees get paid on time.
Outsourcing payroll is the the best option for most small businesses.
Workers can be classified as either an employee or independent contractor. Many employers would prefer classifying all their workers as contractors because it saves them money, but it’s not that simple.
The IRS and the DOL have laws regarding employee classification. Whether to classify a worker as an employee vs contractor is a matter of what type of work the worker does and how it’s done. I’ll show you how to understand this employment relationship so that you can be compliant with the IRS and the FLSA.