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.
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.
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.
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.
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.
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 payroll, benefits, 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.
When you’re entrusting your business’ administrative needs to another company, it’s critical that you find the right partner. A Professional Employer Organization (PEO) provides comprehensive HR solutions, but some may be a better fit for your exact business needs than others.
There are a variety of reasons why you’d want to switch – additional services, better administrative services, costs, etc.. Whether you want to switch for one major reason or a variety of issues, don’t be afraid to explore your options. Here’s what it takes to make the switch from one PEO to another.
While businesses with fewer than 50 full-time equivalent employees aren’t required to provide health insurance to employees, it can certainly be a good idea to do so. 95 percent of HR professionals named health care benefits as one of the most important benefits businesses can offer, making it a powerful tool to attract and retain top talent.
It’s not always easy to decide the best path forward when it comes to weighing health insurance options. Here are four different factors you need to consider when comparing health insurance options for your business.
On Aug. 8, 2020, President Trump signed an executive order to allow employees to defer a portion of payroll taxes until 2021. Since news of the order broke, business owners have sought additional clarity on how this payroll tax will work and how it will impact their responsibilities as employers. Let’s break down some of the specifics of the proposed pay tax deferral and what those details mean for small business owners.
Every year, GMS is happy to welcome new interns looking to learn more about the PEO industry and develop key skills for their future. A few of our interns shared their thoughts about their GMS internships and what the experience meant to them.