B&P Accounting Solutions

Equipping You to reach a Financial Peace of Mind from The Rain of Accounting and Taxes

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achievement adult business effect 1243524When an employer is deciding to hire an employee, they must consider the true cost of payroll.  Your employer must pay you more than your hourly rate or salaried rate.  Business owners must determine if they can afford an employee.  Business owners need help, and people need income, but what can your company afford to pay?  The next question is what the employee can afford to earn.  Many employees take a position below what they need because they need a job.  Many business owners take a customer offer below what they need because they need a sale.  However, in the end, there can be some resentment because of the struggle. 

Let’s look at the true cost of payroll.  Can you afford to hire an employee?

 

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Invoice and hand with time is efficent stampMany business owners include labor in their pricing. If you don’t know how long, it should take to complete a task; you will find your self overworked and underpaid. Or your clients will feel like they can’t trust the number of hours it takes. I have two favorite time tracking tools.

Your labor rate is what you will pay yourself and others. Remember because time is money you need a time tracker always available and use that tracker. Find ways to complete more work in less time or efficiency. I can serve more clients and still take time off without worry.

 

Time Tracking Tips:

  Have a plan for a meeting

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A habit that plagues many business meetings is the point of talking without action.  What happens when we want to talk it out, but no one acts.  I have attended many meetings that quite frankly went in circles, and when I did take action, many were surprised because apparently, we were supposed to talk it out for at least two more meetings. Although I know talking is important and I enjoy talking, I also understand we have to  complete the goal or goals. Go into the meeting asking the questions you need so you can plan your next steps.

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When are payroll tax liabilities due when processing payroll for the first time?

 Many understand payroll is one of the most substantial expenses.  Many business owners understand they will have to pay taxes, but many fail to realize that tax liabilities begin immediately with the first payment to an employee regardless of the size of your business.  Payroll taxes accrue or accumulate starting with the first payroll. 

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