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Workers’ Comp Costs: How Small Businesses Can Save Money on Workers Compensation

by Paul AldrichJanuary 27, 2021 8:00 AM

If you own a small business, there’s a good chance you need to carry workers’ compensation insurance to cover any work-related injuries or illnesses. Requirements for workers’ compensation coverage vary by state, with some states requiring businesses with as few as one or two employees to carry workers’ compensation insurance. Applicable companies that don’t comply will face penalties ranging from fines to criminal charges.

Of course, carrying workers’ compensation insurance has some financial challenges as well. Between premiums and other factors, managing workers’ compensation has a direct impact on your business’ bottom line. Let’s break down how workers’ compensation affects your business and what you can do to lower your financial burden.

An employee using safety training to reduce workers’ comp costs and claims for small businesses. 

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Risk Management

Payroll Forms: A Guide for Small Business Owners

by Tim AustinJanuary 13, 2021 8:00 AM

Payroll forms can put a lot of pressure on business owners. When you’re in charge of a small business, it’s up to you to make sure that these forms are not only completed accurately, but on time as well. If you’re not careful, the penalties can range from $50 per faulty form all the way up to hundreds of thousands of dollars for notable violations.

One of the biggest struggles of managing payroll forms is simply knowing which forms apply to your business and what they do. We’ve compiled a list of payroll forms that you’ll likely need to know for your small business and how they work.

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Payroll

Encouraging Positive Mental Health in the Workplace

by Kayla BohuslawskyJanuary 4, 2021 8:00 AM

2020 has brought an abundance of challenges to people all over the world. It seems that when we think that things can’t get any worse, we are hit with another obstacle. With all the uncertainty, lost jobs, illness, and lack of toilet paper, it’s easy to say that this year has been anything but a smooth ride. 

Overall, this year and pandemic has taken a major toll on many people’s mental health and well-being. It is so important now more than ever to be aware of your employee’s health and be sure they are given the necessary resources to live as stress free as possible. 

An employee relaxing to help support mental health in the workplace. 

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Human Resources

OSHA Compliance Checklist: What are My Responsibilities as a Small Business Owner?

by Tim AustinDecember 28, 2020 8:00 AM

Running a business is difficult enough. Keeping track of the Occupational Safety and Health Administration’s regulations makes your job as an employer even more complicated.

It’s not uncommon for small business owners to not fully understand the OSHA regulations that apply to their business – after all, there are a lot of them. However, noncompliance with OSHA regulations can not only put your employees in potential danger, but also lead to costly penalties that will set your business back financially. 

An inspector with an OSHA compliance checklist with requirements for small business owners. 

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Risk Management

IRS Small Business Audits: 9 Red Flags That May Put Your Business at Risk

by Tim AustinDecember 18, 2020 8:00 AM

Managing payroll is no simple process. There are several different steps and responsibilities that you need to address, all of which make managing payroll for a small business both time-consuming and difficult. Of course, that process becomes even more stressful when the IRS comes knocking.

While the overall odds of an IRS audit for a small business is low, there are certain factors that can greatly increase the chances that your organization is targeted. The IRS looks for a variety of red flags to identify taxpayers and businesses that are more likely to have inconsistencies in their taxes. Here are nine small business IRS audit triggers that may increase your odds of an inspection in the future.

A person preparing for IRS small business audits. 

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Payroll

How Much Does a PEO Cost?

by Derek DudaDecember 8, 2020 8:00 AM

It’s no secret that HR management is an extremely complex and time-consuming process for any small business. That’s why many small business owners turn to Professional Employer Organizations (PEOs) to help companies take control of key HR functions like payroll and employee benefits. Of course, there’s one major question for anyone interested in these services: How much does a PEO cost? 

PEO pricing can vary greatly depending on the PEO you work with and the services you need. Regardless of your needs, it’s critical to partner with a PEO that can not only simplify your business’ HR needs, but also save your organization more money than you spend. Let’s break down how PEO pricing works and what you can expect to pay for HR outsourcing.

A notebook containing PEO costs. 

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Human Resources

How to Handle Employees Discussing Politics in the Workplace

by Tim AustinOctober 29, 2020 8:00 AM

As politics become more polarizing, small businesses can get stuck in an uncomfortable position. For every employee who can express political beliefs without creating any issues within the workplace, certain conduct can have a direct impact on your business.

Managing political discussions in the workplace is a tricky balancing act. On one hand, different opinions and an open culture can create new relationships and creative ideas. On the other hand, certain discussions can create animosity between individuals that fractures company morale and impacts productivity. Employers must also consider potential legal protections for political speech. 

With all these factors, it’s easy to view political debates in the workplace as ticking time bombs for your business. Fortunately, there are steps you can take to manage political discussion in the workplace and protect your business.

A group of employees arguing after discussing politics in the workplace. 

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Human Resources

Small Business Cybersecurity: 6 Key Tips for Remote Employees

by Tim AustinOctober 20, 2020 8:00 AM

When the COVID-19 pandemic hit, businesses of every size had to pivot to a work-from-home model for non-essential employees. While larger firms typically had some infrastructure in place to enable remote work, small businesses were left wondering exactly how to handle the situation.

While cybersecurity has always been essential, the increasing number of remote employees has made it mission-critical for business of all sizes. Fortunately, there are steps every small business can take to step up its cybersecurity game. Regardless of how long remote work lasts, here are some tips that will help shore up any security protocol.

A remote employee working from a laptop set up for cybersecurity threats.

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Human Resources

Payroll Problems: How to Manage Compensation Costs During Difficult Times

by Tim AustinOctober 13, 2020 8:00 AM

In a perfect world, small business owners wouldn’t have to worry about growing compensation budgets. Unfortunately, difficult or uncertain circumstances such as economic downturns, pandemics, or other major events can put a major financial strain on your company. 

These situations can call for creative solutions, and compensation costs are a natural place to start shedding expenses. Payroll expenses typically fall between 15 to 30 percent of gross revenue, with exceptions for more or less labor-intensive industries. Of course, making compensation-based changes requires a delicate balance between securing the financial stability of your business without losing valued employees. 

Whether you want to stabilize business expenses or need to cut costs, it’s important to take the right measures to keep your business strong during difficult times. Let’s break down what you can do to manage compensation costs.

An employee receiving a paycheck following compensation management adjustments during difficult times. 

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Payroll

The Difference Between a PEO and an ASO

by Tim AustinOctober 2, 2020 8:00 AM

Running a business is no easy task. Not only do you have to focus on how to build your business, you also have to manage all the administrative efforts it takes to handle payrollbenefits, and other complex business functions. 

Fortunately, there are ways for business owners to ease these administrative burdens. Human resources outsourcing organizations like Professional Employer Organizations (PEO) and Administrative Services Organizations (ASO) can help owners manage these crucial tasks. Of course, both types of organizations have key differences that can impact which option is best for you and your business. Let’s break down the differences between a PEO and ASO.

A small business owner deciding between a PEO and an ASO. 

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Human Resources

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