Inova Payroll Blog

How to safely choose the absolute best payroll service for you and your employees

Posted by Misty Mathews on Aug 31, 2017

 

Payroll service companies can be a big help when it comes to calculating and filing your company’s payroll taxes, printing checks, and being available to answer important payroll-related questions. Industry-leading companies have streamlined processes and controls that lead to greater efficiency and fewer errors, which can save your company time and money.

When considering payroll service options, it is important to choose a reputable company because ultimately your business is responsible for paying the taxes, not your payroll company. That means you must do your homework to ensure the payroll company is compliant with regulatory standards and that your taxes are paid in full and on time.

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Topics: Payroll, Small Business, Employer Basics

Payroll Tax Rules for Employers

Posted by Grace Ferguson on Aug 10, 2016

The mazelike world of payroll taxes can be perplexing for employers. The key to breaking through the initial confusion is to identify the two categories of payroll taxes: employee taxes, which are withheld from employees’ wages; and employer taxes, which are the employer’s portion of taxes. Employee and employer taxes are imposed on federal, state and local levels – knowing which ones pertain to your business is an essential element of staying in compliance and avoiding payroll tax penalties.

This handy guide provides a basic understanding of payroll taxes, including withholding, remittance and reporting guidelines, plus important tips for employers who outsource payroll duties.

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Topics: Payroll, Employer Basics, Small Business

Top 5 Ways to Keep Your Payroll Data Secure

Posted by Grace Ferguson on Jun 2, 2016

In 2014 payroll fraud comprised 10.2 percent of global occupational fraud cases, with organizations suffering a median loss of $50,000 per year.

Social Security numbers, addresses, wages, and bank account numbers are just some of the sensitive data you will find in a payroll department. Breaches in this data can be detrimental to your company’s reputation and financial standing; small businesses, especially, may never recover.

While you cannot stop criminals from attempting to steal your data, you can thwart their efforts by following these best practices for payroll data security.

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Topics: Payroll, Small Business

New Hire Packet Essentials

Posted by Inova Payroll on Apr 12, 2016

New employees want to feel like part of the team. What better way to welcome them than with a complete new hire packet that offers all the information employees need to get started with the company?

An essential onboarding item, your new hire packet will set expectations by covering your obligations as an employer and your new hire’s responsibilities as an employee. The contents of your new hire packet will vary depending on your state, number of employees, and industry.

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Topics: Employer Basics, Small Business

The Right Way to Evaluate Outsourcing Options

Posted by Melanie Crow on Aug 21, 2015

In the beginning of a business venture, entrepreneurs wear many hats. Business owners handle marketing, sales, operations, accounting and finance often single-handedly. As a business grows it is unrealistic to maintain that level of involvement in everything from long-term strategy to personally completing all the daily tasks that make a business hum.

That’s when you begin to carefully select individuals, experts in their areas with a heart for your company’s mission and goals, to form a team to take your business even further. Inevitably members of your team urge you to the realization that it makes sense to look at outsourcing a specific business function. And they’re right!

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Topics: Small Business

You’ve Hired Your First Employee: Don’t Skip the Essential Next Steps

Posted by Melanie Crow on Jul 22, 2015

Starting your own business is an exciting endeavor that requires, initiative, discipline and the ability to answer to naysayers without letting it steer you off course. When you feel that your business is ready to bring on its first employee, it can be a milestone worth celebrating but it can also be intimidating. You may wonder, “What information am I required to collect from an employee? What notices or information am I obligated to provide? What are the rules around paying workers?”

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Topics: Small Business

8 Payroll Mistakes That Could Cost You

Posted by Kim Peco on Jun 30, 2015

Whether you own a small business with one employee or a growing company with dozens, mistakes are bound to happen. Unfortunately when it comes to payroll, those mistakes can end up costing you a pretty penny.

Did you know that in 2014 U.S. businesses were fined roughly $5 billion in payroll tax penalties? That’s a good chunk of funds to give up for unintentional mishaps. But don’t add a payroll penalty line item to your budget yet! We have compiled a list of eight common payroll mistakes that businesses make so you can avoid them…and the penalties that follow.

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Topics: Payroll, Small Business

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Thank you for visiting our blog. Please note that we do our best to fully research the blog topics you see here and present accurate and up-to-date information. We believe the information to be accurate but make no claims as such. We also want to share with you that we do not provide professional accounting, financial, legal or tax advice and we recommend contacting a licensed accounting, financial, legal or tax advisor for business advice. For any comments related to the blog, please email us at info@inovapayroll.com.