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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

Payroll 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Does the business provide all necessary tools or equipment or does the worker provide their own tools? 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. Independent contractors should have a high degree of control over their own activities.

Payroll 52
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

A business can choose to liquidate (selling something to convert it into cash) physical business assets, such as real estate, equipment, computers, and vehicles — in order to pay off debts. Balance sheet Maintaining a balance sheet is a necessity for any sized business, so it should definitely be a part of your bookkeeping process.

Finance 105
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Standard Operating Procedures: Tips for Creating Business Systems | Office Organization & Office Efficiency | OfficeArrow

www.officearrow.com

They ensure consistency of work results by creating a step-by-step process (a road map, if you will) of your responsibilities so that you are more productive. Flow Charts You might decide a flow chart will better illustrate the logic behind how your business process flows. Its that simple. Business systems are beneficial, too.