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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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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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3 Smart Money Moves to Make Before Starting a Business

Success

If you decide to seek outside capital, look at your options and review the pros and cons. You could also go through the process of borrowing from venture capitalists and angel investors. Your emergency fund should contain at least three to six months of non-discretionary expenses.

Finance 345
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5 SOP examples for your business

BMT Office Administration

While every employee brings their own special talents and perspectives to their job roles, things can get disorganized when everyone is taking a different approach to completing your company’s core business processes. SOPs are an excellent tool for small business owners looking to take their business process management to the next level.

Payroll 72
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Everything you need to know about geofencing time clocks

BMT Office Administration

Missed punches happen all the time, and they cause all sorts of problems with timekeeping and payroll processing. You notice this when reviewing your employee hours for the week, and you check in with them to find out when they left. That’s not to mention all the time it takes to enter payroll data from timesheets manually.

Payroll 59
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It’s time to review (or create) your document retention policy

BMT Office Administration

Creating an effective documentation retention policy involves reviewing company and human resources requirements, state law, federal law, industry and governmental regulatory requirements, and insurance policies. Assembling a team that approaches the process from different angles and spheres of expertise can prove valuable.

Policies 105
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Some expenses may be included on independent contractor invoices, but the basic tools or programs required to complete the work are often provided by the contractor. Booth copies must be sent out by January 31.

Payroll 52