New York Minimum Wage Increases

by Bogdan Kirilchuk @ USA Payroll

Mon Apr 03 06:47:09 PDT 2017

The post New York Minimum Wage Increases appeared first on USA Payroll.

Looking for Payroll Services? Ask These 4 Questions

by usapayroll @ USA Payroll

Mon Jan 01 02:00:01 PST 2018

As a C-level executive of your organization, you know your payroll management staff can’t handle in-house payroll services any longer. Perhaps they don’t have the professional know-how to maintain compliance on state and federal tax forms for your employees – and the regulations are constantly changing. Or perhaps they don’t have enough time to focus […]

The post Looking for Payroll Services? Ask These 4 Questions appeared first on USA Payroll.

10 Tips to Keep Your Finances Secure in a Digital World

by Martie Rison @ Mize Houser & Company

Tue Mar 06 06:34:27 PST 2018

Every time you log into your financial information online you’re opening yourself up to risk. You could be a victim of identity theft, credit card fraud and more. But, all is not lost. If you are careful with your information…

The post 10 Tips to Keep Your Finances Secure in a Digital World appeared first on Mize Houser & Company.

Freedom of Choice & Financial Literacy: Why TruCash Is The Innovative Payment Solution For First Nations Communities

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Tue Mar 06 10:05:23 PST 2018

DCR Strategies Inc. has created a reloadable payment product for First Nations communities across Canada that streamlines payment distribution and reduces administration time and cost. The TruCash card eliminates issues related to...

The post Freedom of Choice & Financial Literacy: Why TruCash Is The Innovative Payment Solution For First Nations Communities appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

6 Questions to Ask a Small Business Payroll Provider

by GTM @ GTM Business

Mon Mar 12 06:58:06 PDT 2018

When outsourcing payroll, small businesses usually have a limited budget to work with, so knowing the critical factors will help make your decision easier. Here are 6 questions to ask a small business payroll provider.

The post 6 Questions to Ask a Small Business Payroll Provider appeared first on GTM Business.

Client Spotlight – The Floor Store

by Payroll Systems @ Payroll Systems

Wed Feb 21 01:00:36 PST 2018

The Floor Store was founded in 1983, after a married couple went through a very challenging experience remodeling their home. It has since expanded to a total of 9 locations around Northern California including: Richmond, Concord, Dublin, San Francisco, San Rafael, Santa Rosa, San Carlos, Sunnyvale, and Pittsburg. What really makes The Floor Store special is that they are still a family-owned and operated business with over 150 employees (and growing!) The husband and wife who founded The Floor Store maintain a substantial involvement by making frequent visits to each store front. Their quick and steady growth can be attributed to keeping customer satisfaction their number one focus. The Floor Store has been “Diamond Certified” for 9 consecutive years – this means, they have a customer satisfaction rating of 98% or higher! Not only do they keep their customers happy, but their employees too. Employee loyalty is extremely present as many of their associates have stayed with the company since the very beginning. We spoke with Jamie Richards, The Floor Store’s HR Generalist, to grasp a better understanding of the growth of the company and the challenges Human Resources has faced along the way. As the company continues to scale, the number of employees under payroll becomes more difficult to manage. “Having worked previously with other organizations where payroll processing was a part of the job, using Payroll Systems has made it so easy. They are a great partner to work with, and their services allow us to focus on employee development and the company vision,” she says, “We’ve been using [Payroll Systems’] payroll services, but I recently engaged Time Works Plus for our Time and Labor Management. The transition was so seamless. We’ve received positive feedback from employees. Even our IT department said it was the best time clock system they had ever seen.” Some of the products The Floor Store offers are carpet, hardwood, laminate, stone, tile, luxury vinyl, rugs, and more recently, countertops. CEO and Founder, Larry Flick, has extensive knowledge in the flooring industry as he grew up with plenty of exposure to the carpet and textile industries. Looking ahead, one of the main goals of the company is to offer more products and expand into additional markets. Implementing an “at-home” option where The Floor Store representatives bring the showroom to the customer rather than the customer visiting the showroom is in the works! And although you can’t order their products online, The Floor Store’s website is vastly informative. Questions about installation of the flooring, how to maintain it, and helpful tips to choose the best flooring option for your needs are all addressed. Visit their website to find a showroom nearest you!

The growing gig economy, and what that means for electronic payment

by rapid! PayCard @ rapid! PayCard

Fri Aug 04 11:09:31 PDT 2017

Millions of Americans have jobs with little security, no benefits and irregular pay — and they love it. The gig economy is a booming business model that has changed the way employees make money. Gig work translates entrepreneurial spirit into earnings with no strings attached — whether that is to break into a new field, earn extra income for saving and investment, or make some weekend spending money. Nearly a third of the working population have a gig, according to Investopedia. Either as a primary means of income, or as a supplementary job, gigs allow flexibility in employment for a generation characterized by adaptability. This model is especially attractive to... Read More

Consumers Union statement on reports of self-driving Uber car, pedestrian fatality

by David Butler @ Consumers Union

Mon Mar 19 13:34:01 PDT 2018

  Monday, March 19, 2018 WASHINGTON, D.C. — Consumers Union, the advocacy division of Consumer Reports, made the following statement today following the news reports of a pedestrian fatality involving a self-driving Uber vehicle in Arizona: David Friedman, Director of Cars and Product Policy and Analysis, Consumers Union, said, “All of our thoughts and sympathies […]

California Parental Leave Act – What Employers Should Know

by Payroll Systems @ Payroll Systems

Fri Jan 12 01:30:45 PST 2018

New year, new labor laws in California and new parents are winning. As things change typically every year, new parents may be happy to know that a new law in California that grants 12 weeks of job-protected leave for bonding with their new child is effective Jan. 1, 2018. The 12 weeks of leave must be taken within one year of the child’s birth, adoption, or foster care placement. Who this law protects This new law protects employees of companies who have 20 or more employees, who must have been working for their employers for 12 months and have at least 1250 hours of services during that 12-month period. What employers should know If you are an employer with 20 or more employees, here are some conditions you should be aware of: Leave is unpaid, but employees can utilize accrued vacation, paid sick time, and other accrued paid/unpaid time off for parental leave Employers must maintain and pay for health coverage under a group health plan for eligible employees Health benefits during leave will be maintained for the 12 weeks only; if the employee fails to return from the leave, employers can recover coverage costs Employers must provide the employee with a guarantee of reinstatement to the same or comparable position upon return from the leave (if no guarantee is given, the employer will be in violation of the law) If both parents work for the same employer and are eligible, employers may require them to share the 12-week leave New law doesn’t apply to employees who are already subject to the FMLA and CFRA Some advice… If you haven’t already done so, update your employee handbooks with the new policy and provide training to managers and HR about the new leave rights and obligations. To stay updated with new laws and regulations that may affect your business, follow our blog and sign up for our newsletter today by filling out the form below.

How To: Wage Garnishments

by EAF @ Employers Association Forum (EAF)

Wed Dec 06 00:00:33 PST 2017

A garnishment is a legal way for a creditor to receive payment for a debt owed by an individual. General garnishments are commonly granted to a creditor by a court order to receive payments by attaching the person’s wages, whereas debts owed to a state or the […]

The post How To: Wage Garnishments appeared first on Employers Association Forum (EAF).

Should You Offer a Nonqualified Deferred Compensation Plan?

by Mike Kappel @ Payroll Tips, Training, and News

Mon Mar 26 05:10:00 PDT 2018

You know employees like employer-sponsored benefits. As an employer, offering benefits is advantageous for your business, too. A nonqualified deferred compensation plan is one type of benefit that both you and your employees can enjoy. Find out what a nonqualified deferred compensation plan is, why you might consider offering it, and how to set it […]

The post Should You Offer a Nonqualified Deferred Compensation Plan? appeared first on Payroll Tips, Training, and News.

Schedule a Check-up for Your Financial Life

by rapid! PayCard @ rapid! PayCard

Fri May 05 09:13:33 PDT 2017

Most of us are diligent about maintaining the various aspects of our life. We swap out the batteries on our smoke detectors with regularity; we schedule annual physicals, and get our car’s oil changed based on the manufacturer’s mileage recommendation. Still, many of us tend to take better care of our cars than we do our financial life. The irony being, an un-tended financial life can break down just as assuredly as an under-serviced automobile. It can run out of gas, but it can also seize up and need a roadside tow. In short, a well-examined financial life is worth exploring. 1. Schedule. Set a recurring point in time for... Read More

Turnover ratios

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 15:24:00 PDT 2018

A turnover ratio represents the amount of assets or liabilities that a company replaces in relation to its sales. The concept is useful for determining the efficiency with which a business utilizes its assets. In most cases, a high asset turnover ratio is considered good, since it implies that receivables are collected quickly, fixed assets are heavily utilized, and little excess inventory is kept on hand. This implies a minimal need for invested funds, and therefore a high return on investment.

Conversely, a low liability turnover ratio (usually in relation to accounts payable) is considered good, since it implies that a company is taking the longest possible amount of time in which to pay its suppliers, and so has use of its cash for a longer period of time.

Examples of turnover ratios are:

• Accounts receivable turnover ratio. Measures the time it takes to collect an average amount of accounts receivable. It can be impacted by the corporate credit policy, payment terms, the accuracy of billings, the activity level of the collections staff, the promptness of deduction processing, and a multitude of other factors.
• Inventory turnover ratio. Measures the amount of inventory that must be maintained to support a given amount of sales. It can be impacted by the type of production process flow system used, the presence of obsolete inventory, management's policy for filling orders, inventory record accuracy, the use of manufacturing outsourcing, and so on.
• Fixed asset turnover ratio. Measures the fixed asset investment needed to maintain a given amount of sales. It can be impacted by the use of throughput analysis, manufacturing outsourcing, capacity management, and other factors.
• Accounts payable turnover ratio. Measures the time period over which a company is allowed to hold trade payables before being obligated to pay suppliers. It is primarily impacted by the terms negotiated with suppliers and the presence of early payment discounts.

The turnover ratio concept is also used in relation to investment funds. In this context, it refers to the proportion of investment holdings that have been replaced in a given year. A low turnover ratio implies that the fund manager is not incurring many brokerage transaction fees to sell off and/or purchase securities. The turnover level for a fund is typically based on the investment strategy of the fund manager, so a buy-and-hold manager will experience a low turnover ratio, while a manager with a more active strategy will be more likely to experience a high turnover ratio and must generate greater returns in order to offset the increased transaction fees.

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Are Flexible Spending Accounts An Affordable Option?

by USA Payroll Team @ USA Payroll

Mon Dec 18 09:11:07 PST 2017

No one knows how the Affordable Care Act (“ObamaCare”) will pan out for 2018 and beyond. In the meantime, employers are having a difficult time offering affordable healthcare benefits to their employees. The timing is critical as healthcare costs continue to rise and employers must consider employee retention, recruiting, and productivity. Options may seem limited; […]

The post Are Flexible Spending Accounts An Affordable Option? appeared first on USA Payroll.

Apple Pay Cash is Now Live — How Does it Work?

by rapid! PayCard @ rapid! PayCard

Tue Feb 13 15:11:25 PST 2018

Learn everything you need to know about the new Apple P2P payment system That one friend, the one who still hasn’t repaid you for pizza because he “doesn’t have the right app,” is in trouble. Today, iPhone users can access what experts in the tech industry are calling “the Venmo Killer”: Apple Pay Cash. Apple Pay cash is a P2P payment service which allows users to send and receive payment through iMessage The days of P2P fragmentation are over. Thanks to Apple Pay Cash, all money transfers can take place through a central, default iOS application, and ultimately unify all P2P transactions under one secure, and intuitive, system. How to... Read More

Heard on the Hotline: Holiday Pay

by EAF @ Employers Association Forum (EAF)

Wed Dec 20 00:00:02 PST 2017

Q: We have a manager who just started work for us last week. Our policy says an individual has to be employed for 90 days before we pay for a holiday. Is our policy OK or do we have to pay him? A: While your policy is […]

The post Heard on the Hotline: Holiday Pay appeared first on Employers Association Forum (EAF).

Bitcoin Benefits And Why Cryptocurrency Is The Future of Finance

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Mon Mar 12 09:11:46 PDT 2018

  In our first post on Bitcoin, Bitcoin, Blockchain, and Cryptocurrency: What You Need To Know, we explained what Bitcoin is, how it works, the technology behind it, and how you can...

The post Bitcoin Benefits And Why Cryptocurrency Is The Future of Finance appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount

by Rachel Gray @ Payroll Tips, Training, and News

Wed Feb 28 05:10:52 PST 2018

It’s easy to make mistakes, especially when you have a million and one things on your plate. One error you could make is deducting the wrong amount from employee wages. Correcting employment taxes is necessary if you withhold too much or too little from your employees’ paychecks. This article provides an overview of employment taxes […]

The post Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount appeared first on Payroll Tips, Training, and News.

Should I Outsource HR Consulting for my Small Business?

by usapayroll @ USA Payroll

Mon Feb 05 02:00:07 PST 2018

Human Resources (HR) typically require an entire full-time department of professionals, yet small businesses often lack the personnel to accommodate this need. Business owners are left without the benefits of an HR department such as saving time, effectively managing employees, and maintaining state and federal compliance. HR consulting is an excellent solution to this problem. […]

The post Should I Outsource HR Consulting for my Small Business? appeared first on USA Payroll.

Throughput definition

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 15:19:00 PDT 2018

Throughput is the number of units that pass through a process during a period of time. This general definition can be refined into the following two variations, which are:

• Operational perspective. Throughput is the number of units that can be produced by a production process within a certain period of time. For example, if 800 units can be produced during an eight-hour shift, then the production process generates throughput of 100 units per hour.
• Financial perspective. Throughput is the revenues generated by a production process, minus all completely variable expenses incurred by that process. In most cases, the only completely variable expenses are direct materials and sales commissions. Given the small number of expenses, throughput tends to be quite high, except for those situations in which prices are set only slightly higher than variable expenses.

For operations, throughput can be increased by enhancing the productivity of the bottleneck operation that is constraining production. For example, an additional machine can be purchased, or overtime can be authorized in order to run a machine for an extra shift. The key point is to focus attention on the productivity of the bottleneck operation. If other operations are improved, the overall throughput of the system will not increase, since the bottleneck operation has not been enhanced. This means that the key focus of investment in the production area should be on the bottleneck, not other operations.

For financial analysis, throughput can be increased by altering the mix of products being produced, to increase the priority on those products that have the highest throughput per minute of time required at the constrained resource. If a product has a smaller amount of throughput per minute, it can instead be routed to a third party for processing, rather than interfering with the bottleneck operation. As long as some positive throughput is gained by outsourcing, the result is an increased overall level of the throughput for the company as a whole.

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Calling All Telecommunications Companies: Looking for a Competitive Edge?

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Tue Mar 27 09:32:24 PDT 2018

In the highly competitive telecommunications industry, every little advantage counts. In order for your company to stand out, you need to offer something different.   The TruCash rewards program can give you...

The post Calling All Telecommunications Companies: Looking for a Competitive Edge? appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

Small Business Health Care Tax Credit

by Bogdan Kirilchuk @ USA Payroll

Tue Jan 10 11:35:13 PST 2017

Federal law gives a tax credit to eligible small employers who provide health care coverage to their employees. Questions and answers provide information on the credit for tax years beginning in 2014.  For additional information, refer to https://www.irs.gov/uac/small-business-health-care-tax-credit-questions-and-answers.

The post Small Business Health Care Tax Credit appeared first on USA Payroll.

New York City Prohibition on Salary History Inquiries

by Bogdan Kirilchuk @ USA Payroll

Mon Oct 23 10:12:45 PDT 2017

New York City Prohibition on Salary History Inquiries Takes Effect October 31, 2017: In May, New York City Mayor Bill de Blasio signed Intro. 1253 into law, which prohibits all New York City employers from inquiring about a prospective employee’s salary history. Beginning October 31, 2017, New York City employers may not do the following: […]

The post New York City Prohibition on Salary History Inquiries appeared first on USA Payroll.

Heard on the Hotline: Pay Cards

by EAF @ Employers Association Forum (EAF)

Wed Nov 22 00:00:44 PST 2017

Q. Can we require employees to use direct deposit or pay cards if they do not already have their own set up [in Florida]? A. No, you cannot require the use of direct deposit [in Florida], however you can mandate the use of pay cards [in Florida]. […]

The post Heard on the Hotline: Pay Cards appeared first on Employers Association Forum (EAF).

5 Employee Recognition Techniques for Employee Retention

by Payroll Systems @ Payroll Systems

Fri Feb 23 01:30:12 PST 2018

It’s only human to want to feel a sense of recognition and appreciation for your hard work and dedication. Some companies lose their best employees simply because the working environment doesn’t give them enough recognition, or validation that the work they are producing is making an impact. In honor of Employee Appreciation Day coming in March, let’s take a moment to evaluate your employee recognition strategy. What are you doing to make your employees feel special? Is it frequent? Here are a few tried and true techniques of showing your employees they are appreciated: Employee Appreciation Day Invest in an annual or quarterly Employee Appreciation Day. Ensuring your company provides a balanced working environment for your employees, how about a half-day of paid time dedicated to fun? Cater some food, organize some activities that employees could participate in and win prizes, have them invite their family to meet the team, etc. An event like this that takes place in the workplace could alleviate the association of stress with coming to work. Handwritten Thank-You Notes If an employee completes a task, takes initiative, or goes above and beyond in their efforts, a handwritten note to acknowledge their hard work can go a long way. It shows that you care, that you notice, and that what they are doing is making a difference for the company. It doesn’t have to be paragraphs of sappy gratitude, but a simple “thank you for taking time on this project” may suffice. Gifts for “Years of Service” Often, companies get lucky when employees choose to stay for a long time. Reward them with gifts when they’ve been with the company for 1, 5, 10, or 15 years! Put together a catalog of gifts that employees can choose from come time for these working milestones. Company Picnic/Holiday Party During times that aren’t considered business hours (e.g. evenings after work or on the weekends), you can organize company dinners or parties depending on the size of your company. This is a once-a-year event fully equipped with dinner/lunch, unlimited, non-alcoholic beverages, raffles or games, and maybe even speeches/awards. Organizing an event like this gives employees an opportunity for a good time with their coworkers outside of the office while being recognized for their hard work. Surprises Randomly bring a box of donuts for your team in the morning. Cater lunch every now and then. Pass out Starbucks gift cards. Anything that shows you care. Surprising your staff with goodies on an impromptu basis doesn’t hurt. No matter what you decide, these simple acts of gratitude let members of your team know they are valued and without them, the business wouldn’t succeed! For more tips to keep employees happy throughout the year, make sure to follow our blog! 

10 Itemized Pay Stub Requirements – California Law

by Payroll Systems @ Payroll Systems

Mon Feb 12 13:37:28 PST 2018

Often, pay statement compliance is overlooked. Did you know that failure to include certain information on your employee’s pay stubs may lead to expensive class-action lawsuits? Under California law there are 10 specific items that must be included on your employees’ wage-earning statements, so your business can remain compliant and avoid any penalties. Mandatory items to be listed on a pay stub: Gross wages earned Total hours worked by the employee (unless the employee is exempt from OT) Number of piece-rate units earned, if applicable All deductions made from wages New wages earned Pay period beginning and end dates Employee’s name and last four digits of his/her SSN (employee’s identification number can be used in place of the SSN) Name and address of the employer All applicable hourly rates in effect during the pay period and number of hours the employee worked at each hourly rate How many days of sick leave an employee has available   Avoid these pay stub mistakes: Not listing the employee’s total hours worked in the pay period Not including the start or end date of the pay period Leaving out the employer’s legal name and/or address Not keeping a copy of the pay stub for your records and for employee access Listing of overtime compensation, commissions or bonuses in a confusing way Leaving out an area on the pay stub for double time and any premiums that an employee was paid for a missed meal/rest period With paychecks moving to paperless, don’t forget that you must still make it easy for your employees to access paper copies! Electronic pay stubs comply with labor codes only if: Employees have a choice to receive paper wage statements at any time Mandatory items are included Employees can access their records at work using company computers or their own personal computers Employees can print them for free at work Employee pay stubs must be filed for 3 years, and former employees are entitled to printed copies upon request. Stay tuned for a follow-up post regarding penalties if you fail to fulfill these requirements – fill out the form below to receive part 2 of this series!

Labor Law Posters FAQs – Update Yours For 2018

by Payroll Systems @ Payroll Systems

Wed Dec 27 12:01:47 PST 2017

Labor Law postings in workplace areas are required in every state if you have employees on payroll in those states. For example, if your company is headquartered in the Silicon Valley or San Francisco Bay Area, but you have multiple locations across the country and have employees on payroll at each location, this applies to you! First, let’s dive into the nitty-gritty and answer some FAQ’s about labor law posters.   What are labor law posters?  In the state of California, each business is required by law to have compliance postings displayed in the buildings/facilities that their employees are working. State and federal labor law postings are mandatory as they cover topics like minimum wage changes and ordinances about health & safety. Where can I get a labor law poster?  Full-sized and laminated labor law posters are available for purchase from the following locations: Staples Office Depot If you are in California, you can print a downloadable version from the State of California’s Department of Industrial Relations website: www.dir.ca.gov (there are specific regulations when printing directly from a government site; if you print without following those guidelines, your posters may not be compliant) If in a different state, all requiring agencies provide downloadable versions for free. However, there may be other labor law poster requirements that may not be included, and these posters are not guaranteed up-to-date. Payroll Systems offers a year-round labor law posting compliance solution that includes a new poster every year at no extra charge as part of our HR services. Our HR services also include real time telephone access to an HR expert, an e-library on a variety of HR topics, and video training tools for your employees. If you are interested in learning more about our HR services or how to obtain a labor law poster solution, contact us today by filling out the form below! Where do you display labor law posters?  Labor law posters should be displayed somewhere apparent to all employees on a daily basis, such as a break room or main lobby. If you have multiple locations, then each workplace should display its own posters. What is the penalty for failing to display labor law posters?  Federal and state fines are imposed by various agencies. These fines may vary. Failure to comply with posting regulations can result in fines of up to $33,486 per location (29 USC Sec.666(i) and 29 USC Sec.2005). Examples of the most common fines are: Federal FMLA $166 per offense Federal Employee Polygraph Protection Act – The Secretary of the Labor can bring court actions and assess civil penalties for failing to post. The Migrant and Seasonal Agricultural Worker Protection Act (MSPA) may bring court actions and assess civil penalties as well. For failing to post the Federal Equal Employment Opportunity is the Law Poster – You can receive a penalty that is up to $534 per violation. For failing to post the Federal OSHA poster – A civil penalty of up to $12,674 may occur. For failing to post the CAL/OSHA Poster – You can receive a penalty of up to $7,000 per violation. What if there are labor law updates mid-year? Will we be receiving new posters?  Updates are very common and need to be displayed. Payroll Systems clients on HR Services are proactively sent e-updates every time a state or federal update occurs, the compliant PDFs can be easily displayed next to their posters. Make sure your poster service is providing mid-year updates. Our headquarters are in California, but I have remote employees in different states, are labor law posters required in those additional locations?  If you own a business in California but have multiple locations across the country with employees on payroll at each location, you are required by law to have a labor law poster at those locations too! Make sure you have posters up at every location you have employees working. This applies to remote workers as well; electronic versions of these posters are great substitutes for your employees who don’t work in any of your offices/locations. Giving your employees access to what the labor laws are is what matters. However, electronic versions of the labor law posters are not good substitutes for the rest of the business. These posters MUST be posted up in a common area of your work space. Remote workers are permitted to receive electronic versions. Don’t forget to contact us if you want more information regarding Labor Law Posters!

The difference between an invoice and a statement

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 16:21:00 PDT 2018

A customer may receive an invoice and a statement from a supplier. What is the difference between these two documents? When a seller issues an invoice to a buyer, the invoice is related to a specific sale transaction where goods or services were provided to the buyer. Since the invoice relates to a specific sale transaction, it itemizes all of the information the buyer needs to know in order to pay the seller, including:

• Invoice number
• Invoice date
• Item description
• Item price
• Shipping and handling charges
• Sales tax
• Total amount payable
• Remit to address
• Payment terms and early payment discount terms (if any)

The intent of an invoice is either to collect payment from the buyer, or to create evidence of the sale (if payment was made in advance or in cash). If payment was made at the time of sale, the invoice is stamped "Paid" before issuing it to the buyer.

When a seller issues a statement, the document itemizes all invoices that have not yet been paid by the buyer, as well as partial payments. In this case, the intent is to remind the buyer that it has an obligation to pay the seller. Since the statement is more aggregated than an invoice, it provides less detailed information at the invoice level. It typically includes the following items:

• Statement date
• Invoice numbers
• Invoice dates
• Invoice totals

A more sophisticated statement will aggregate invoice totals by time bucket, so that overdue invoices are clearly shown.

Invoices are issued whenever a sale has been completed, so they may be issued every day and in significant quantities. However, statements are usually only issued at regular intervals, such as once a month, as part of a company's collection activities.

From the perspective of the buyer, the receipt of an invoice triggers an accounting transaction, which is an account payable. Conversely, the receipt of a statement is strictly informational - it does not trigger the creation of an accounting transaction.

It can be unwise to treat a statement as an invoice and pay items listed on the statement, since it is possible that the buyer already paid for those items, but the payment has not yet been reflected in the seller's accounting system. A better alternative for the buyer is to make inquiries about any invoices that are listed on the statement, and obtain more detailed information before issuing a payment.

There can be some confusion between the invoice and statement terms when dealing with credit card providers, since they issue a "statement" that is actually an invoice.

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Pennsylvania Regulations on Payroll Debit Cards and Direct Deposit

by admin @ The Delp Group

Fri Jul 21 06:29:33 PDT 2017

Effective May 5, 2017, Pennsylvania Governor Tom Wolf signed into law a bill that clarifies the Commonwealth’s law regarding payroll[...]

Exchange of nonmonetary assets

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:59:00 PDT 2018

An exchange of nonmonetary assets occurs when two entities swap nonfinancial assets. The accounting for a nonmonetary transaction is based on the fair values of the assets transferred. This results in the following set of alternatives for determining the recorded cost of a nonmonetary asset acquired in an exchange, in declining order of preference:

1. At the fair value of the asset transferred in exchange for it. Record a gain or loss on the exchange.
2. At the fair value of the asset received, if the fair value of this asset is more evident than the fair value of the asset transferred in exchange for it.
3. At the recorded amount of the surrendered asset, if no fair values are determinable or the transaction has no commercial substance.

There can be any number of variations on the nonmonetary exchange concept, including ones where some cash is exchanged, along with other nonmonetary assets. If there is a significant amount of monetary consideration paid (known as boot), the entire transaction is considered to be a monetary transaction. In GAAP, a significant amount of boot is considered to be 25% of the fair value of an exchange. Conversely, if the amount of boot is less than 25%, the following accounting applies:

• Payer. The party paying boot is not allowed to recognize a gain on the transaction (if any).
• Recipient. The receiver of the boot recognizes a gain to the extent that the monetary consideration is greater than a proportionate share of the carrying amount of the surrendered asset. This calculation is based on the percentage of monetary consideration received to either:
  • Total consideration received, or
  • The fair value of the nonmonetary asset received (if more clearly evident)
  • Nonmonetary exchanges of inventory should be recognized at the carrying amount of the inventory transferred (not their fair values).

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Should Businesses Stop Accepting Cash?

by rapid! PayCard @ rapid! PayCard

Fri Aug 18 12:08:23 PDT 2017

Visa is paying out a jackpot to vendors willing to bet against old money, and roll the dice on cashless transactions. Visa will give $10,000 to 50 restaurants that pledge to go cashless. The new initiative, what Visa executive Jack Forestall calls “a journey to go cashless,” will incentivize vendors to rip off the bandaid of paper transactions and progress to a cashless system. The money can be used for marketing and updating point of sale technology to focus payment exclusively on credit and debit cards and electronic payment. Visa will select participating merchants in August. Cash remains the predominate method of payment, according to the Federal Reserve. A report... Read More

Updated Form W-4 and Withholding Calculators Released

by Mize Houser & Company P.A. @ Mize Houser & Company

Mon Mar 05 06:11:08 PST 2018

The Internal Revenue Service recently released the 2018 Form W-4 and also the updated Withholding Calculator. Both required updates after the passing of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to…

The post Updated Form W-4 and Withholding Calculators Released appeared first on Mize Houser & Company.

2017 tax filing deadline for pass-through entities is March 15

by Martie Rison @ Mize Houser & Company

Wed Mar 07 11:35:04 PST 2018

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year…

The post 2017 tax filing deadline for pass-through entities is March 15 appeared first on Mize Houser & Company.

Important Update: IRS Releases New Form W-4 and Withholding Calculator

by Payroll Systems @ Payroll Systems

Wed Mar 07 08:27:25 PST 2018

So you may have heard…but if not, we have your back! The IRS released a new Form W-4 and Withholding Calculator to help employees and employers make an easy transition after the new tax law passed at the end of last year. Form W-4: What’s Different? In adherence to the Tax Cuts and Jobs Act, Removal of personal exemptions Increase of child tax credit Limit/discontinue certain deductions Change to the tax rates and brackets Employees who may need to revise their W-4: Those who are part of a two-income family Those who are working multiple jobs at the same time or have only worked for part of the year Those with children who claim credits such as the Child Tax Credit Those who itemized deductions in 2017 Those with high incomes and more complex tax returns “Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” reported Acting IRS commissioner David Kautter. Tips for Employers: Encourage your employees to use the new Tax Withholding Calculator to be assured that they are not over/under withheld in Federal taxes The 2018 W-4 Withholding Form is a 4 page document that the employee completes.  It is the employer’s responsibility to make these 2018 W-4 Withholding Forms available to employees. Use your HRIS platform for a paperless W-4 revision; be aware of your employees who may need to revise their W-4 by reading the above section, “Employees who may need to revise a W-4” How do you get the new Form W-4? The new W-4 is available on the IRS website, Payroll Systems website, and built-in to InfinityHR software as part of the standard onboarding module*. *Please note: InfinityHR is for Payroll Systems clients who are using our HRIS services. For more information regarding HRIS services, please contact us today by filling out the form below! All other existing Payroll Systems clients may also contact their client manager directly.

New York State DOL Revokes Regulations Regarding the Payment of Wages by Direct Deposit and Debit Card

by Bogdan Kirilchuk @ USA Payroll

Wed Feb 22 06:10:23 PST 2017

The New York State Department of Labor Revokes Regulations Regarding the Payment of Wages by Direct Deposit and Debit Card  . In a decision issued February 17, 2017, the New York State Industrial Board of Appeals (IBA) revoked the regulations regarding payment of wages by debit card and direct deposit that were scheduled to be […]

The post New York State DOL Revokes Regulations Regarding the Payment of Wages by Direct Deposit and Debit Card appeared first on USA Payroll.

Valuation account

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 13:57:00 PDT 2018

A valuation account is paired with an asset or liability account, and is used to offset the value of the assets or liabilities recorded in the account with which it is paired. The result of this account pairing is a net balance, which is the carrying amount of the underlying asset or liability. The "valuation account" term is a less-used phrase that has the same meaning as the contra account concept.

Examples of valuation accounts are:

• Allowance for doubtful accounts (paired with the trade accounts receivable account)
• Allowance for obsolete inventory (paired with the inventory account)
• Accumulated depreciation (paired with the various fixed asset accounts)
• Discount on bonds payable (paired with the bonds payable account)
• Premium on bonds payable (paired with the bonds payable account)

The valuation account concept is useful for estimating any possible reductions in the values of assets or liabilities prior to a more definitive transaction that firmly establishes a reduction.

Valuation accounts are only used in accrual basis accounting. They are not used in cash basis accounting.

Similar Terms

A valuation account is also known as a valuation reserve or contra account.

Related Courses

Bookkeeper Education Bundle 
Bookkeeping Guidebook 

FLSA Defined

by EAF @ Employers Association Forum (EAF)

Wed Jan 03 00:05:02 PST 2018

Like we discussed in our previous blog; part of the purposes of the Fair Labor Standards Act (FLSA) is to determine minimum wage and overtime payments. These items are dependent upon an employee’s status.   Exempt Status Exempt positions are excluded from minimum wage, overtime regulations, and […]

The post FLSA Defined appeared first on Employers Association Forum (EAF).

New York State Paid Family Leave

by Bogdan Kirilchuk @ USA Payroll

Thu Jan 04 17:10:54 PST 2018

The post New York State Paid Family Leave appeared first on USA Payroll.

Minimum Wage Updates for 2018

by Payroll Systems @ Payroll Systems

Fri Mar 09 00:00:24 PST 2018

Effective July 1, 2018 or later this year, minimum wage rates will increase in the following cities, counties, and states: STATE INCREASES Illinois Chicago – Minimum wage increases to $12.00 Cook County – Minimum wage increases to $11.00 Maine Portland – TBD Minnesota Minneapolis – Minimum wage increases to $11.25/100 or more employees, $10.25/99 or less employees Oregon – Minimum wage increases to $10.75 Nonurban Counties – Minimum wage increases to $10.50 Urban Counties – Minimum wage increases to $12.00 Washington DC – Minimum wage increases to $13.25 CALIFORNIA INCREASES Berkeley – Minimum wage increases to $15.00 (effective 10/1/18) Emeryville – Minimum wage increases to $15.00/55 or fewer employees, $TBD/56 or more employees Los Angeles (City and County) – Minimum wage increases to $13.25/26 or more employees, $12.00/25 or fewer employees Malibu – Minimum wage increases to $13.25/26 or more employees, $12.00/25 or fewer employees Milpitas – Minimum wage increases to $13.50 Pasadena – Minimum wage increases to $13.25/26 or more employees, $12.00/25 or fewer employees San Francisco – Minimum wage increases to $15.00 San Leandro – Minimum wage increase to $13.00 Santa Monica – Minimum wage increases to $13.25/26 or more employees, $12.00/25 or less employees WHAT EMPLOYERS NEED TO DO Consider local governing minimum wage requirements. Minimum wage must be paid at the highest rate mandated for the employer’s locale. Increase wages for employees making less than the new minimum required amount. Consider payroll processing implications when determining the effective date of the wage change.  For example, if wages are increased effective July 1, employees may have different base pays in a single pay period. Review and amend company policies that are paid at minimum wage, for example: travel pay that is paid at minimum wage. Review and amend, if applicable, pay scales for exempt staff considering all Federal, State, and local wage requirements. For example, specific California Wage Orders require that an exempt employee’s monthly salary must be at least two times the State minimum wage for full time employment.   Contact your Payroll Client Manager for assistance in updating your employees’ pay rates, if applicable. Values are subject to change – for more updates, follow our blog by filling out the form below!

Answers to 18 Payroll Questions You Are Dying to Ask

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 05 05:10:18 PST 2018

For some business owners, running payroll might be like learning a foreign language. You are a master of your business idea, not the administrative responsibilities that come with it. Because you might not be familiar with these responsibilities, you might have some payroll questions. Payroll questions and answers When you become an employer, you need […]

The post Answers to 18 Payroll Questions You Are Dying to Ask appeared first on Payroll Tips, Training, and News.

WAGE THEFT PREVENTION ACT (WTPA) – NEW YORK

by Bogdan Kirilchuk @ USA Payroll

Thu May 04 08:21:48 PDT 2017

Section 195 of the New York Labor Law, requires all employers, other than governmental agencies, to give employees at the time of hire (before work is performed), notice of the following: the employee’s rate or rates of pay the overtime rate of pay, if the employee is subject to overtime regulations the basis of wage […]

The post WAGE THEFT PREVENTION ACT (WTPA) – NEW YORK appeared first on USA Payroll.

NJ, NY and DE Employers Hit with FUTA Tax Credit Reduction, PA avoids tax increase

by Noam Yalon @ 941 Payroll and Timekeeping

Mon Nov 26 12:03:11 PST 2012

While Congress debates how to stave off the fiscal cliff, New Jersey, New York, Delaware and 15 other states are suddenly facing higher payroll taxes

Why every business should consider switching to electronic payroll

by rapid! PayCard @ rapid! PayCard

Thu Oct 05 05:37:57 PDT 2017

Due to advancements in technology, utilizing payroll checks is becoming an outdated form of payment. Automated payment through direct deposit saves time and money, enhances security1, 2 and can make payday easy for employers and employees. Yet, resistance to modern banking solutions like direct deposit and paycards prevent many businesses from progressing in the 21st century. Paycard technology is growing in popularity, and as the benefits of switching to electronic payroll compound,  it becomes more difficult for businesses to avoid trying out alternative payment methods such as the rapid! PayCard. Still not convinced? Here are 3 reasons why paycheck holdouts are making the switch to a more convenient, modern, and... Read More

What You Need to Know About a Qualifying Life Event

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 12 05:10:40 PDT 2018

Employees have a window of time each year to sign up for certain types of employer-sponsored insurance. Although this open enrollment period takes place at the end of each year for all employees, an employee can add or remove coverage at any time of the year if they have a qualifying life event. What is […]

The post What You Need to Know About a Qualifying Life Event appeared first on Payroll Tips, Training, and News.

6 Benefits of Outsourcing Your Payroll Management

by Payroll Systems @ Payroll Systems

Fri Mar 16 01:00:42 PDT 2018

As your company begins to grow, managing payroll for your employees can become tiresome, expensive, and complicated! Doing your payroll in-house requires you to calculate, file and pay federal, state, and local payroll taxes accurately, keep up with changes in tax regulations to ensure you are staying compliant with the law, cut and print your own checks, and assume responsibility for any penalties associated with tax filing omissions. But don’t be discouraged – payroll is a business function that CAN, and probably should, be outsourced. Here are some advantages to outsourcing your payroll management to consider if you are on the fence: 1. It’s cheaper Save money on overhead costs. Each pay period, administering payroll involves the following tasks: Calculate employee hours, deductions, PTO, sick leave and taxes Print, sign, and distribute paychecks and stubs to employees Process direct deposits and electronic payments Prepare and submit local, state, and federal payroll taxes In addition, the employee(s) who processes the payroll is responsible for keeping up-to-date with new tax rates/laws. This is paid time that could be allocated to different areas of their job. 2. You’ll stay compliant with federal and state law There are many tax codes and payroll regulations that you need to stay on top of and understand. Avoid any mistakes and the legal responsibility of inaccurate reporting. Hiring an outsourced payroll service can help to minimize your risk of these mistakes and wrong calculations. 3. You’re supported by experts Payroll companies have a team of experienced professionals in the payroll and HR industry who are likely staying current with the ever-changing tax codes and payroll regulations mentioned above. You’re guaranteed expert advice, resources to refer to, and answers to your questions. 4. Oh, the time you’ll save! Significant labor hours are spent processing payroll and W2s – it is not a productive use of time for your business, but it needs to get done. Your human resources or accounting personnel responsible for payroll could instantly free up their time to focus on more strategic tasks by allowing a payroll service bureau to take over this part of the job. 5. Employees have access to their own information Employees are given access to their own personal information with payroll service bureaus who also have an HRIS (Human Resource Information System) product. This eliminates any delay in getting employee information they need. They can also update their information (e.g. address changes) and enroll for benefits – saving both the employer and employee time. 6. You can focus on your core business Ultimately, with the time and money saved by outsourcing your payroll, you can focus on what’s most important – your company’s mission. It’s one less thing for you to worry about! If you’re interested in outsourcing your payroll, contact us today!

Types of financial analysis

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 14:44:00 PDT 2018

Financial analysis involves the review of an organization's financial information in order to arrive at business decisions. This analysis can take several forms, with each one intended for a different use. The types of financial analysis are:

• Horizontal analysis. This involves the side-by-side comparison of the financial results of an organization for a number of consecutive reporting periods. The intent is to discern any spikes or declines in the data that could be used as the basis for a more detailed examination of financial results.
• Vertical analysis. This is a proportional analysis of the various expenses on the income statement, measured as a percentage of net sales. The same analysis can be used for the balance sheet. These proportions should be consistent over time; if not, one can investigate further into the reasons for a percentage change.
• Short term analysis. This is a detailed review of working capital, involving the calculation of turnover rates for accounts receivable, inventory, and accounts payable. Any differences from the long-term average turnover rate are worth investigating further, since working capital is a key user of cash.
• Multi-company comparison. This involves the calculation and comparison of the key financial ratios of two organizations, usually within the same industry. The intent is to determine the comparative financial strengths and weaknesses of the two firms, based on their financial statements.
• Industry comparison. This is similar to the multi-company comparison, except that the comparison is between the results of a specific business and the average results of an entire industry. The intent is to see if there are any unusual results in comparison to the average method of doing business.

Related Courses

Business Ratios Guidebook 
Financial Analysis 
The Interpretation of Financial Statements 

DCR Strategies’ Book Drive For The Children’s Book Bank Toronto Charity A Page-Turning Success

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Thu Mar 15 12:19:56 PDT 2018

DCR Strategies teamed up with The Children’s Book Bank, a charitable organization whose mission is to provide free books and literacy support to children, to host a special book drive in order...

The post DCR Strategies’ Book Drive For The Children’s Book Bank Toronto Charity A Page-Turning Success appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

It’s time payment systems caught up with the demands of the gig economy

by rapid! PayCard @ rapid! PayCard

Tue Feb 13 16:10:28 PST 2018

Is your payment system ready for the gig economy or are you just a big wannabe? According to a Forbes article, 35 percent of the workforce have a gig, and collectively they earned $1 trillion from ad hoc work last year. But, freelance workers, who have come to expect payment as instantaneous as their work, are turning their noses up at outdated companies that can’t keep up. If you’re still mailing checks, might as well be using the Pony Express as far as tech-savvy gig workers are concerned. We are on the precipice of a major sea change, and the traditional employment model is quickly becoming as outdated as the... Read More

Employee Benefits: Consumer-Driven Health Care Plan (CDHP)

by usapayroll @ USA Payroll

Mon Sep 04 03:00:33 PDT 2017

Although Consumer-Driven Health Care Plans have been around for a while as an option for employee benefits, many employers don’t fully understand how they work. CDHPs were designed to help small to medium-sized employers pay for health care benefits for their employees. Essentially, a CDHP is a high-deductible health plan, but to help employees afford […]

The post Employee Benefits: Consumer-Driven Health Care Plan (CDHP) appeared first on USA Payroll.

Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch?

by Rachel Gray @ Payroll Tips, Training, and News

Mon Mar 19 05:10:23 PDT 2018

Sometimes, you or your employees’ personal responsibilities conflict with your business. For many small businesses, if you miss work or lose an employee for an extended period of time, there can be harmful effects on productivity in the workplace. But if you or an employee are called in for jury duty, you might not have […]

The post Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch? appeared first on Payroll Tips, Training, and News.

U.S. Department of Labor Launches Wage and Hour Self-Reporting Program

by Jennifer Budoff @ Employment Matters

Fri Mar 09 08:59:31 PST 2018

On March 6, 2018, the U.S. Department of Labor (“DOL”) announced a new pilot program, the Payroll Audit Independent Determination (“PAID”) program, which encourages employers to self-report inadvertent overtime and minimum wage violations under the Fair Labor Standards Act (“FLSA”).  The program, which is expected to launch in April 2018, will be rolled out as... Continue Reading

Consult This Employee Termination Checklist to Keep Things Running Smoothly

by Rachel Gray @ Payroll Tips, Training, and News

Wed Mar 07 05:10:00 PST 2018

Employees leave companies every day to pursue growth opportunities, accommodate personal lives, or experience change. As an employer, you hope employees won’t leave your business, but you know this is wishful thinking. When an employee resigns, you need to know what to do. The average annual overall turnover rate is 19%, according to SHRM. If […]

The post Consult This Employee Termination Checklist to Keep Things Running Smoothly appeared first on Payroll Tips, Training, and News.

Your Guide to Direct Deposit During the Holidays

by rapid! PayCard @ rapid! PayCard

Thu Nov 16 05:07:27 PST 2017

The holiday season is around the corner, which for some means eggnog and lights on display, but for others it means payroll delays. Automated payment through direct deposit is proven to be more efficient, secure and cost-effective than paper checks. Still, there are a few considerations to keep in mind when switching over to electronic payment — especially around the holidays. The holiday season is a double-edged sword: it’s likely the most expensive time of the year, but is also full of banking holidays which can affect the timeliness of direct deposit. Here’s why. What is the ACH and why does it matter? The Automated Clearing House is an electronic... Read More

Take Your Timeshare Program To The Next Level With TruCash

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Fri Mar 16 09:37:39 PDT 2018

The TruCash rewards card program is a game-changer for timeshares and holiday networks as it can be used to offer monetary rewards to tour attendees, timeshare guests, owners, or timeshare staff, all...

The post Take Your Timeshare Program To The Next Level With TruCash appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

How to Choose Health Insurance Plans for Your Company

by USA Payroll Team @ USA Payroll

Thu Mar 01 00:02:50 PST 2018

The right employee benefits assist you in attracting the best employees for your company. Although there are regulations as to the minimal requirements of health insurance for most companies, there are benefits to offering better options for your employees. For one, it helps you to compete with other companies, since higher quality candidates will choose […]

The post How to Choose Health Insurance Plans for Your Company appeared first on USA Payroll.

TruCash: The Right Rewards Program For Travel Agents

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Tue Mar 20 07:07:00 PDT 2018

The TruCash rewards program, in conjunction with participating travel programs, has been designed to help augment travel consultants’ commissions by providing a safe and efficient method to distribute cash incentives to agents...

The post TruCash: The Right Rewards Program For Travel Agents appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

Payroll records

by Steven Bragg @ Articles - AccountingTools

Tue Mar 27 12:00:00 PDT 2018

Payroll records contain information about the compensation paid to employees and any deductions from their pay. These records are needed by the payroll staff to calculate gross pay and net pay for employees. Payroll records typically include information about the following items:

• Bereavement pay
• Bonuses
• Commissions
• Deductions for pensions, benefits, charitable contributions, stock purchase plans, and so forth
• Direct deposit information
• Gross wages
• Hours worked
• Manual check payments
• Net wages paid
• Salary rates
• Vacation and/or sick pay

The information in payroll records have traditionally been stored on paper documents, but can also be recorded as electronic documents.

Payroll records can be considered a subset of the information stored in human resources records, which can contain considerably more information than items pertaining to just employee pay and deductions.

The time period over which payroll records must be retained will depend upon government requirements. The Internal Revenue Service typically states a required retention period in each document it issues dealing with payroll issues. In general, wage calculations should be retained for two years, while collective bargaining agreements should be retained for three years.

Related Courses

Payroll Management 

What Is an FEIN?

by Mike Kappel @ Payroll Tips, Training, and News

Mon Feb 26 05:10:00 PST 2018

When you run a business, you must meet many IRS requirements. You might need an FEIN to identify your business on documents like payroll tax forms. What does FEIN mean? What is an FEIN? FEIN is an acronym for Federal Employer Identification Number, also known as an EIN. This unique, nine-digit number is used by […]

The post What Is an FEIN? appeared first on Payroll Tips, Training, and News.

National Teach Children to Save Day

by rapid! PayCard @ rapid! PayCard

Mon Apr 24 07:00:35 PDT 2017

Like any company that provides technology to make life easier, we examine the millennial demographic. They are the population sector interested in options – from ways to communicate, to ways to bank. In their April 2016, article, Pew Research Center cited estimates by the U.S. Census Bureau that millennials have now “surpassed Baby Boomers as the nation’s largest living generation”. A powerful consumer force, the members of this group are working “real jobs” and building careers. They are open to alternatives. They also need them as they don’t typically comply with traditional banking methods. Per rapid! PayCard’s October 2016 article about banking options for millennials and the flexibility of getting... Read More

Employee Incentives: How Employee Appreciation Leads to Better Sales

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Wed Mar 07 10:46:41 PST 2018

When it comes to brand advocates, the biggest and best champions of your business are right in front of you: your employees. A happy, engaged employee is focused on the health and...

The post Employee Incentives: How Employee Appreciation Leads to Better Sales appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

Pay-Privacy Act: Companies Can’t Ask Job Applicants About Previous Salary

by Payroll Systems @ Payroll Systems

Fri Jan 19 01:00:31 PST 2018

Many new laws are effective this month including the prohibition of employers asking potential candidates for hire how much their previous salary was. In job applications and interviews one of the most common questions asked to candidates is, “What was your previous salary/What is your current salary?” Salary history of potential employees helps employers determine how much the candidate will be compensated if hired. To close the gender pay gap, a new San Francisco, CA ordinance effective Jan. 1, 2018 prohibits employers from asking this question. Other cities and states have already had this law in effect including Delaware and New York City. Throughout the next two years, Massachusetts, New Orleans, Oregon, Philadelphia, Pittsburgh, and Puerto Rico will also join in. How does this have any effect on gender you might wonder? If a woman is paid less than her men counterparts doing the exact same job and a new employer bases her new salary on her prior salary, gender discrimination is perpetuated. The law bans the act of asking prior/current salary verbally, in-writing, or by a third-party agency. However, if the candidate voluntarily offers this information, the employer can use this information to determine how much the new hire will be compensated. In addition, employers must provide a salary range to job seekers who inquire about how much money the vacant job will be paying. This new law signed by Governor Jerry Brown back in October 2017 is applicable to all public and private sectors in the state of California.   Some advice to employers to ease your way into this new law: Make revisions to employment applications to remove any questions that allude to asking candidates about their prior salary Make adjustments to your screening and interview processes to ensure questions about salary history are eliminated Train your hiring managers how to properly respond to requests for pay scale information and voluntary disclosure by the candidate of their previous salary Have pay scale information ready to provide to applicants when requested. To stay up-to-date with new laws that may directly impact your business, fill out the form below! 

Research Tax Credit for Small Businesses

by Bogdan Kirilchuk @ USA Payroll

Mon Apr 03 06:19:35 PDT 2017

Research Tax Credit for Small Businesses IRS Notice 2017-23, provides guidance on a new provision explaining how eligible small businesses can take advantage of a new option enabling them to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability. Before 2016, taxpayers could only take […]

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Human resource accounting

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 16:21:00 PDT 2018

Human resource accounting involves the tracking of all costs related to employees in a separate report. These costs may include the following:

• Employee compensation
• Employee payroll taxes
• Employee benefits
• Employee training

Such an accounting system can be used to determine where human resources costs are especially heavy or light in an organization. This information can be used to redirect employees toward those activities to which they can bring the most value. Conversely, the report can be used to identify those areas in which employee costs are too high, which may lead to a reduction in force or a reallocation of staff away from those areas.

A more comprehensive human resource accounting system goes beyond the simple tracking of employee-related costs, and addresses the following two additional areas:

• Budgeting. An organization's annual budget includes a component, in which is concentrated all employee costs being incurred from across the organization. By concentrating cost information by its nature, management can more clearly see the total impact of human resource costs on the entity.
• Employee valuation. Rather than looking at employees as costs, the system is redirected toward viewing them as assets. This can involve the assignment of values to employees based on their experience, education, innovativeness, leadership, and so forth. This can be a difficult area in which to achieve a verifiable level of quantification, and so may have limited value from a management perspective.

From an accounting perspective, the expense-based view of human resources is quite easy - employee costs from the various departments are simply aggregated into a report. The employee valuation approach is not a tenable concept for the accountant, since this is an internally-generated intangible asset, and so cannot be recorded in the accounting system.

Related Courses

Human Resources Guidebook 
Payroll Management 

Workforce Benefit Solutions Presents QSE-HRA: Qualified Small Employer Healthcare Reimbursement Account

by USA Payroll Team @ USA Payroll

Wed Nov 01 01:37:52 PDT 2017

Are you looking to offer benefits for the first time? Or are you tired of the hassles associated with administering your group medical insurance? There is a new cost-effective way to provide health benefits. The 21st Century Cures Act provides a new opportunity for small employers (under 50 full-time employees) to help employees pay for […]

The post Workforce Benefit Solutions Presents QSE-HRA: Qualified Small Employer Healthcare Reimbursement Account appeared first on USA Payroll.

rapid! PayCard Green Dot Announcement

by rapid! PayCard @ rapid! PayCard

Tue Jan 31 14:03:14 PST 2017

Green Dot to Acquire UniRush, LLC, Operating Company for RushCard and Rapid! PayCard Transaction Expected to Generate Significant Strategic and Financial Synergies PASADENA, Calif.–(BUSINESS WIRE)–Green Dot Corporation (NYSE:GDOT) today announced that it has entered into an agreement to acquire UniRush, LLC, and its operating businesses RushCard, a leading online direct-to-consumer general purpose reloadable prepaid card provider, and Rapid! PayCard, a leading corporate payroll card provider. The acquisition, which maps to “Step Five” of Green Dot’s “Six Step Plan” to enhance shareholder value, materially expands Green Dot’s scale with the addition of the RushCard and Rapid! PayCard installed customer bases, while establishing Green Dot as a formidable player in the growing... Read More

The Time Is Now for Automated Timekeeping

by Noam Yalon @ 941 Payroll and Timekeeping

Wed Apr 11 13:27:18 PDT 2012

Automated timekeeping is the process of electronically tracking employee work hours and pay. It is accomplished using electronic time clocks and software to collect and process the data. The electronic clocks can be setup to read fingerprints, proximity badges, key fobs, or they can be activated by computer or telephone. Streamlining payroll procedures is more valuable than meets the eye. It is an essential tool for all businesses. The compliance environment is becoming more demanding in the face of increased regulations. Companies are working with narrower margins. Automated timekeeping provides a wide array of tangible and intangible benefits that mitigate the challenging environment. Many of the advantages are both immediate and tangible.

NJ and PA Employers Hit With FUTA Tax Credit Reduction

by Noam Yalon @ 941 Payroll and Timekeeping

Tue Dec 13 11:32:14 PST 2011

While Congress debates how to enact payroll tax cuts to stimulate the floundering economy, New Jersey and Pennsylvania employers are suddenly facing higher payroll taxes.

How to Calculate a Raise

by Rachel Gray @ Payroll Tips, Training, and News

Wed Mar 14 05:10:09 PDT 2018

Employees have money on their minds. According to a Gallup poll, 59% of employees were not completely satisfied with their current pay. And, one SHRM survey found that 44% of respondents said they would leave their job to make more money elsewhere. To avoid losing their top employees, many businesses offer pay raises. Learn why employee […]

The post How to Calculate a Raise appeared first on Payroll Tips, Training, and News.

How the Recently Passed Tax Bill Affects Your Business

by Payroll Systems @ Payroll Systems

Fri Jan 26 10:46:18 PST 2018

The new tax law passed just towards the end of last year has come with major changes to company’s payroll systems throughout the United States. Corporate Tax Rate Decrease The rewrite of the tax code has brought forth a significant tax cut for corporations. The corporate tax rate has been cut from 35%-21% which is estimated to reduce federal revenue by $1.5 trillion over the next ten years. This is a great benefit to large corporations. Commuter Benefits Change Both employees and employers can still contribute funds pre-tax into mass transit and parking plans. However, for the employer, transit plans are no longer considered a business deduction! Employers can still contribute to bicycle plans as well, but it will be included as income for the employees participating in this plan. This money should be included as taxable income and subject to tax withholding and payroll taxes. Updated Tax-Withholding Tables IRS released Notice 1036 earlier this month – addressing the new income-tax withholding tables to reflect the changes in tax rates and tax brackets brought on by the new law. It is encouraged that employers begin using these tables ASAP, but no later than Feb. 15, 2018. Employers are advised to continue using the 2017 withholding tables until they begin using the newly updated tables. *Note that if you are outsourcing your Payroll, Payroll companies already take care of the adjustments for you.* These new tables have been designed to work with the Forms W-4 that workers already filed with their employers to claim withholding allowances. Please refer to this FAQ published by the IRS that should answer any questions you might have about changes made. W-4 Revision In addition to the updated tax-withholding tables, the IRS is working on revising Form W-4. This revision will reflect itemized deductions, increases in child tax credit, new dependent credit and the repeal of dependent exemptions. Though this has not been issued yet, we will expect to be seeing it very soon. Withholding Calculator Update The IRS is working to adjust the withholding calculator to assist employees in determining their optimal withholding – this is expected to be available towards the end of February. To stay up to date with tax, HR, and payroll news make sure to subscribe to our blog by filling out the form below!

Tips for More Effective Payroll Processing

by USA Payroll Team @ USA Payroll

Mon Aug 07 03:00:19 PDT 2017

We work with payroll managers to save significant time through payroll processing. As a payroll manager, how much time do you spend on payroll processing? If your organization wants to grow, payroll demands will only become more time-consuming and complex, what with new hires, employee benefits, hourly vs. salary payment methods, complex tax filing requirements, […]

The post Tips for More Effective Payroll Processing appeared first on USA Payroll.

Cook the books

by Steven Bragg @ Articles - AccountingTools

Wed Mar 28 04:57:00 PDT 2018

To cook the books means that the managers of a business are deliberately falsifying certain aspects of its financial statements to give investors a false impression of the true state of the business. Alternatively, they engage in business practices to enhance financial results that are technically legal, but which will have a negative impact on the business over the long term. A number of techniques can be used to cook the books, such as the following:

Falsification activities

• Leaving the books open past the end of the month to record additional sales within the prior reporting period.
• Not recording expenses in the reporting period, even though they clearly reflect resource consumption in the period.
• Altering the terms of leasing arrangements so that the liability appears to be held by a third party, thereby keeping the liability off the entity's balance sheet.
• Falsely recording pension liabilities lower than is really the case.
• Setting up expense reserves, such as the allowance for doubtful accounts, that do not reflect the actual loss rate.
• Recording consignment sales as though they are actual sales.
• Taking a one-time charge that is set up as a "cookie jar," which can be used in subsequent periods to write off expenses and artificially inflate profits.

Business practices

• Engage in channel stuffing to sell more goods to customers than they can realistically use.
• Grant much higher credit levels to customers in order to boost sales, even though the customers may not be able to pay off the receivables.

Related Courses

Fraud Examination 
Fraud Schemes 
How to Audit for Fraud 

A Look at Federal, State, and Local Minimum Wages

by Mike Kappel @ Payroll Tips, Training, and News

Wed Mar 21 05:30:00 PDT 2018

You can’t just pay your employees any amount you want. You must follow federal, state, and local laws that set minimum wages. What is minimum wage? Minimum wage is the lowest amount you can pay an employee per hour of work. You can pay more than the minimum wage, but you should never pay less […]

The post A Look at Federal, State, and Local Minimum Wages appeared first on Payroll Tips, Training, and News.

Benefits of Shopping With TruCash

by trucash123 @ DCR Strategies Inc. | TruCash Payment Solutions

Fri Mar 09 11:16:35 PST 2018

For 16 years TruCash has been helping members earn more and do more with their rewards, just by shopping at their favourite brands. Now, we are pleased to announce the new-and-improved TruCash...

The post Benefits of Shopping With TruCash appeared first on DCR Strategies Inc. | TruCash Payment Solutions.

What Does Pay Frequency Mean?

by Michele Bossart @ Payroll Tips, Training, and News

Wed Feb 21 05:10:38 PST 2018

When you have employees, you need to run payroll so they can receive their wages. Before paying employees, you need to decide on a pay frequency. Your industry, the number of employees you have working for you, the type of workers you have, and legal requirements determine your pay frequency. But first, what does pay […]

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How P2P Payment is Changing Personal Finance

by rapid! PayCard @ rapid! PayCard

Wed Sep 13 13:18:58 PDT 2017

Emerging Peer-to-peer payment technology is growing in popularity, and will soon make back-of-napkin IOUs obsolete. Peer-to-peer payment, also known as P2P payment, is online technology that allows users to transfer funds from a bank account or credit card via the internet or mobile phone. One study found that nearly a quarter of mobile users sent money to another person from an app in 2016 — this statistic nearly triples when it comes to the millennial generation. The growing trend of P2P payment is just another chapter in 21st century technological augmentation of traditional services. Whether it’s ridesharing, online shopping, or P2P payment, consumers are foregoing tradition, and choosing digital alternatives... Read More

Benefits Administration: Don’t Believe the Lies about Section 125 Plans

by usapayroll @ USA Payroll

Mon Oct 02 03:00:50 PDT 2017

When it comes to benefit administration, Section 125 Plans can be a challenge for some employers to understand. Essentially, these plans offer employees the option to change their taxable salary into non-taxable benefits before any taxes are removed from their paycheck. We compiled the most common misunderstandings concerning Section 125 Plans to help employers understand […]

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