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Stay on track with this payroll compliance checklist

BMT Office Administration

Payroll compliance is no small task. Everyone knows that executing payroll accurately and on time is important, after all everyone wants to get paid for their world. However, there is also a lot more that goes into proper payroll processing including a large number of compliance functions and concerns.

Payroll 52
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5 SOP examples for your business

BMT Office Administration

A standard operating procedure (SOP) is a detailed document with step-by-step instructions on how to properly complete a task. How to format an SOP. Conduct the HR orientation to orient the new employee with the timekeeping and payroll software , necessary paperwork, and internal resources. Direct Deposit Form.

Payroll 72
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

Payroll 52
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Everything you need to know about geofencing time clocks

BMT Office Administration

At the same time, geofencing technology renders most forms of time theft useless, which is a huge advantage. Missed punches happen all the time, and they cause all sorts of problems with timekeeping and payroll processing. For instance, say one of your employees forgets to clock out due to how busy they were during the day.

Payroll 59
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

In fact, ROBS is currently the most popular form of business financing in 2023. The beginner’s business finance glossary “Our P&L report shows that our revenue is now greatly exceeding our expenses, and we’re showing a considerable profit.” “In Revenue differs from profit in that revenue doesn’t include expenses.

Finance 105
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W-2 E-filing guide: Brush up before you file

BMT Office Administration

However, mistakes can be expensive and draw unwanted attention from the IRS. Click on the radio button W-2/W-3 forms for tax year 2022 or previous tax years (EFW2). More than half the tutorial’s 27 pages are devoted to errors and how to correct them. Most employers are probably familiar with the e-filing process.

Filing 52
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Stay organized and secure with electronic records management

BMT Office Administration

Such a management system utilizes information technology to organize and store records in electronic form. Some types of business records, such as tax forms and legal documents, are relatively easy to spot. Figuring out what to keep and for how long. Another web page entitled “How long should I keep records?” OSHA forms.