Is This Your Situation: Concerned About Time and Attendance Tracking

What do you do to keep track of your employees: a program, old-fashioned time cards or just a yellow legal pad and a pen? No matter what you use, do you really take the time to study the results and consider whether you’re losing money due to inefficiency? Did you ever bother to calculate how much money you may be losing just in one month? It may be time to think more strategically.

First of all, you have to become more sophisticated. An automated time and attendance system isn’t a guarantee of perfect efficiency, but it’s a start. If your employees are still filling out time cards, it could be costing your business a lot more than just the cards themselves. Are you thinking a new system might be expensive? Just think about how much such a system could save you, and you might be surprised at how it might actually more than pay for itself.

Meanwhile, no matter what method you use, consider the following headaches you may be giving yourself:

Headache #1: Too much time spent by supervisors approving time sheets. Is there a way to create a more automated system?

Headache #2: Employees who don’t always write down their true time worked. How can you fix this?

Headache #3: Hand-keying issues that lead to errors and fraud. Again, automation may be the key.

Headache #4: Managing overtime. How can you keep employees from going into overtime hours before you even know about it?

Headache #5: Perhaps the worst of all, exposure from an audit or employee complaint.

A better scenario evolves when you convert to an automated time and attendance management system — and learn how to interpret the data. Consider the benefits:

  1. Classifications, labor contracts and policies are automatically applied when processing each employee’s paycheck
  2. Easier determination of benefit eligibility under the Affordable Care Act.
  3. You’ll pay employees for their actual time worked, avoiding lawsuits and back wages.
  4. Payroll errors from manual data entry are virtually eliminated.

How much less stressful would it be to run your business knowing that you are not only saving a considerable amount of money by automating, but you are also protecting your assets from potential employee lawsuits and maybe, even worse, an IRS audit?

Give us a call. We’ll show you how to choose the right system for your particular needs and how easy it is to integrate that new system into your business. Even more, we can teach you how to interpret the results.

Source: Industry Newsletters A Division of Home Actions LLC

Is This Your Situation: Trying to Gain Benefits From Outsourcing Payroll

Whether you’re a small-business owner or an HR professional in a larger company, managing payroll can be a real hassle. The rules and regulations surrounding payroll can be complex, and often vary from region to region.

Outsourcing your payroll functions to a firm that specializes in payroll may sound like just another expense your business should try to do without—but hiring a payroll firm will actually save you both time and money. Here are four great reasons to work with a dedicated payroll company.

1. Leverage the Experts

Managing and administering payroll is not as straightforward a process as we’d like. In addition to making sure all checks are cut and delivered to the right employees in a timely manner, payroll has to withhold the right amounts for taxes, monitor any withholdings for benefits, and track accumulated vacation time, sick days or advances. All of this must be in compliance with the latest local, state and federal employment laws.

Since payroll firms handle nothing but payroll, they’re experts on this topic. They’re always up to date on the rules and regulations that govern payroll, taxes and benefits, and they can ensure that every employee is paid correctly and on time.

2. Time-Saving Convenience

With all the work that goes into preparing and administrating payroll, this activity alone can consume a few days of your week. If you own a small business, you simply don’t have the time to devote to payroll—and hiring a payroll employee would be cost-prohibitive. For HR departments, all that time spent working on payroll would be better served if employees could focus on core responsibilities.

Working with a payroll firm saves your business valuable time, and time is money. Outsourcing this function also reduces the stress of having to deal with payroll—and lowered stress means higher productivity.

3. Reduced Risk

A professional payroll services firm will take on both the responsibility and the accountability for your payroll. This means your company has a reduced risk for employee lawsuits and other costly payroll-related issues, including compliance issues with state and federal employment laws.

For smaller companies, outsourcing your payroll gives you greater separation of duties, reducing the risk of fraud that occurs when just one or two employees handle all of the accounting and payroll activities for the business.

4. Advanced Technology

Payroll firms can offer more advanced payment options to your employees at a lower cost. Through economy of scale, payroll service providers have access to technologies such as direct deposit and secure electronic paystubs—programs that can be cost-prohibitive for individual companies to offer. These convenience benefits also help to increase employee satisfaction.

Finally, a payroll firm can provide additional services for your business, such as bookkeeping, accounting and tax form preparation. Establishing a professional relationship with a payroll service provider makes it easier for your company to outsource more functions as your business needs grow and change.

Source: Industry Newletters A Diviion of Home Actions LLC  

The Difference Between Full-Service Payroll vs. In-House Payroll

Many small to mid-sized companies handle their payroll in-house. When budgets are tight and the employee roster is small, business owners often want to save the money they would otherwise spend on a payroll service. While this might prove to be a smart choice for some businesses, for others, the time spent on payroll matters is as good as money lost, money they might as well have spent hiring a service. Each company ultimately needs to make its own decision regarding what serves its best interests. To make such a decision regarding payroll, it is imperative to understand the most important differences between full-service and in-house payroll options. Read more

Bracket Changes and More From the IRS

You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Give us a call, and we’ll explain how they change your tax situation. Read more

7 Employee Award Programs to Boost Morale

Part of running a successful business is keeping not just customers happy, but employees too. Good employee morale will mean more productivity, so it’s important that you design ways to show employees your appreciation and recognize their achievements. There are many different types of award programs that you can implement, but we’ve rounded up some of the most effective ways to give praise and keep employees satisfied. Read more

4 Benefits of Online Payroll Services

Let’s be honest, handling payroll in-house can be a time-consuming grind. And while it might make sense to take care of payroll when funds are tight and employees are few, that often changes. There comes a point for each business when the balance between profits, employees, and time requires calling in some outside help. Read more

Are New Sick Leave Rules Coming to Your Area?

Some municipalities are taking another look at sick-leave policies and paid time off, and are requiring employers to be more generous with such benefits than what has been historically offered. This is what Chicago and Cook County are doing — and this just might be the beginning of a trend. Read more

What You Need to Know About Online Payroll Services

Online payroll services can enhance your business in many ways. If you run a small to mid-size business, you may have handled all your payroll affairs in-house. But if this process has grown overly complex and too time-consuming to handle on your own, then it’s time for a change. It’s time to switch to online payroll services. But what does this mean exactly? Continue reading to learn more. Read more

What You Need to Know About Glassdoor

Glassdoor created a database of company reviews and CEO ratings, as well as interview and benefits information from existing and former employees who post anonymously. Details about salaries and other information regarding what it’s really like to work at a business from interview to exit are provided. The data are available to the public. Read more

What Are Payroll Services? A Breakdown of What Payroll Companies Do

When does it make sense to outsource payroll services? In recent years, this has been a popular question for companies of all sizes. Ultimately, it is a decision you have to make for the betterment of your own business. But when you hire a payroll company like LCAF Payroll to handle it, we take care of all your payroll pains and headaches. Read more