Fractional COO and Outsourcing Firm
  • Welcome
  • About
  • Business Operations
  • Blog
  • Contact Us
  • Downloads
  • Accounting Solutions

A Journey of Innovation & Transformation

What Keeps A Good Employee's Morale going?

6/20/2016

0 Comments

 

Accurate Payroll from Their Employer Is Key

Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” - Oprah Winfrey

Picture
As a business owner your current and future staff depends on you to process their payroll accurately and timely.  Therefore it is important for a business owner to decide if this process will be managed internally or externally by a third party.  Even if the vast majority of your payroll process in issuing 1099s, their must be a process outlined and defined.  In the world of Accounting, payroll refers to the amount paid to employees for services they provided during the period.  

A company's payroll is important for the following reasons:
  1. Payroll and related payroll taxes significantly affect the net income of most companies
  2. Payroll is subject to federal and state regulations
  3. Good employee morale requires payroll to be paid timely and accurately   
If your still wondering why payroll is important to your business, think about the key employee liabilities that arise and come with critical deadlines.  

Just think?  Salary usually refers to payment for managerial and administrative services.  Salary is normally expressed in terms of a month or a year.  Wages usually refers to payment for employee manual labor.  The rate of wages is normally stated on an hourly or a weekly basis.  The salary or wage of an employee may be increased by bonuses, commissions, profit sharing or cost-of-living adjustments.  

To illustrate computing an employee's earnings, assume Karen Douglas is a office manager employed by Fontenot & Associates Solutions LLC.  Karen's regular rate is $55 per hour, and any hours worked in excess of 40 hours per week are paid at 1 1/2 times the regular rate.  Karen worked 45 hours for the week ended June 10.  Her earnings are as follows:

Earnings at regular rate (40 hrs. X $55)     =                            $2,200
Earnings at overtime rate [ 5 hrs X ($55 X 1 1/2)]   =               $413
Total earnings                                                                                     $2,613

We all can agree that this is one process that can be straight forward or very complex due to the many factors such as taxes, which makes the matter very serious for all employers.  Developing an extensive business guide to support the responsible professionals with monthly deadlines and compliance regulations should be a focus for this weeks goals and significant business accomplish.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

       get our Accounting & operations Tips and News in your Inbox 

    Subscribe Today

    Archives

    March 2025
    February 2025
    July 2022
    December 2019
    September 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    February 2018
    December 2017
    November 2017
    August 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Accounting
    Accounting Education
    Accounting Solutions
    Account Reconciliations
    Business Solutions
    Entrepreneur News
    Newsletter
    Oil And Gas
    Policies & Procedures



    Author

    My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.  


      Sign up for our email newsletter

    Subscribe

    RSS Feed

we are committed to delivering unparalleled expertise

"Our team of innovative professionals use their knowledge and experience to set your business and team of professionals  up for success.  Our extensive accounting and operations skills are a start and  key tools to company growth, building team cohesiveness, establishing clear purpose and goals, and improving process  inefficiencies.  Our services are key to businesses of all sizes.  We handle providing the detail framework to your business so that you may focus on building your business.

We also additional services and support with monthly  operational and accounting task, reconciliation and training."

Contact Us

STAY CONNECTED

DREAMS & VISION IN YOUR INBOX
JOIN IN NOW
Photo from Rennett Stowe
  • Welcome
  • About
  • Business Operations
  • Blog
  • Contact Us
  • Downloads
  • Accounting Solutions