Accounting Archives - Palmetto Payroll Solutions

Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Reporting Small Business Time Keeping

Understanding Employee Overtime Requirements as a Small Business Owner

Under federal labor laws, employees classified as hourly satisfy their overtime requirements after working 40 hours in one week. While working overtime, employees must receive one and one-half times their normal hourly salary. This sounds simple enough on the surface, but small businesses often find themselves facing fines and other legal consequences because they do…

Palmetto PayrollSeptember 2, 2021

Accounting Payroll Processing Payroll Tax Responsibilities Small Business

How to File Required 1099 Reports Electronically

The Internal Revenue Service (IRS) requires employers to provide a 1099 income reporting form for all independent contractors who earned more than $600 in a calendar year. Starting in 2020, the IRS required employers to select one of two types of 1099 forms rather than defaulting to the 1099-MISC form used in previous years. If…

Palmetto PayrollAugust 2, 2021

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

Receive The Maximum Benefits From Your Payroll Provider

Whether you are searching for a company to perform payroll services or have worked with the same provider for years, you need to ensure you are getting the most for your investment. This blog explores questions to ask your current or potential payroll provider to give you peace of mind that your company is receiving…

Palmetto PayrollJune 14, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Review Your Balance Sheet to Determine the Health of Your 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…

Palmetto PayrollApril 30, 2021

Accounting Small Business

The Importance of Keeping Accurate Records for Your Small Business

For many small business owners, creating and maintaining an accurate recordkeeping system is one of their least favorite parts of the job. However, they also know that it’s crucial to their ongoing success. Whether you’re a one-person operation working from home or you have already hired a handful of employees, we urge you not to…

Palmetto PayrollApril 30, 2020

Accounting Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Uncategorized

When Should I Consider Using Outsourced Payroll Services?

When you first started your business, you had only a few employees and no problem keeping up with payroll. Now that your business has expanded, processing payroll for so many employees seems like one more thing you no longer have the time to do. However, you can't very well not pay your workers because you…

Palmetto PayrollMarch 27, 2019

Accounting Small Business

Year-End Payment Problems Small Businesses Must Resolve

Late payments can occur any time of year, but they seem to be more common during the final few months. While many companies see more business over the holiday season than they do during other months, they also struggle with timely payment problems. This can quickly escalate into cash flow problems. When your company doesn't…

Palmetto PayrollNovember 13, 2018

Accounting Payroll Processing Small Business

Look Out for These 5 Payment Trends Impacting Small Business

The internet has changed the way that small business operates, including how they make payments to employees, vendors, and others on their accounts payable lists. This availability of new payment methods has also increased consumer expectations. If your company hopes to remain profitable within your industry, it must stay on top of payment trends and…

Palmetto PayrollOctober 30, 2018

Accounting Small Business Taxes

Preparing for Year End: What Should Be on Every Business Owner’s Mind

Soon 2017 will be another year for the history books. Some business owners look forward to year end because it's an opportunity to implement changes and others dread it because they know it will soon be time to file a tax return. No matter where your sentiments lie, all business owners can benefit from year…

Palmetto PayrollNovember 30, 2017

Accounting

4 Massive Accounting Mistakes That Will Cost You

Most people start a business with enthusiasm and the best of intentions. While they may have an excellent business idea and the passion for their product or service, they often fail with accounting and financial planning tasks because it's not their area of expertise. You have probably heard the disheartening statistics from the Bureau of…

Palmetto PayrollNovember 16, 2017