Review Your Balance Sheet to Determine the Health of Your Business

By Accounting, Outsourced Payroll, Payroll Processing, Payroll Tax Responsibilities, Small Business

How healthy is your business? Fortunately, the answer to this question is as simple as looking at its balance sheet. According to the Small Business Administration (SBA), a company’s balance sheet includes its assets, liabilities, and each owner’s share of equity as of the date of preparation. The owner’s share of equity should be the…

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Avoid These Common Payroll Mistakes to Save Money

By Accounting, Outsourced Payroll, Payroll Processing, Payroll Tax Responsibilities, Small Business, Time Keeping

Processing payroll manually opens your company to the risk of making common payroll mistakes that could cause a significant loss of revenue. From the Internal Revenue Service (IRS) imposing penalties to overpaying employees, these payroll mistakes are all too easy to make. We review some of the top payroll mistakes we see and how to…

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State and Federal Minimum Wage Changes for 2021

By Accounting, Payroll Processing, Reporting, Small Business

If you operate a business in South Carolina, you should know about a proposed wage increase announced in the state’s General Assembly on January 12, 2021. Introduced in the South Carolina House of Representatives, the wage increase bill currently sits with the House Ways and Means Committee. The bill to increase the state’s minimum wage…

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Is Forming as an S-Corporation Right for Your Business?

By Accounting, Small Business, Taxes

The Internal Revenue Service (IRS) defines an S-Corporation as an organization that passes credits, deductions, income, and losses through to shareholders for federal tax filing purposes. The shareholders of S-Corps then report income and losses for the business on their personal tax return. One of the biggest benefits of forming S-Corps is that it allows…

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