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Payroll processing inside your business is time-consuming and can be costly. After working with small business owners for over a decade, I've seen the challenges they've had when performing payroll inside their business and the benefits when they choose to outsource their payroll. Today, I'll reveal just a few of the perks of outsourcing your payroll.
#1 – Time Savings
Regardless of the number of employees you have, processing payroll demands time and attention to detail. By outsourcing payroll, business owners have more time to focus on what matters most to them.
#2 – Cost Reduction
In-house payroll processing can be costly for many small to medium-sized businesses. When you consider the time and costs of processing payroll, you'll realize the time you can save by outsourcing this task.
#3 – Avoid Mistakes and Penalties
Complying with government and IRS regulations is essential for your business. These rules and regulations are highly technical and penalties for errors, omissions or late payroll tax filings can be very costly. When you work with a trusted outsourced payroll provider, you can be sure that all information is accurate and filed on-time.
#4 – Team of Experts
Our team offers an advanced payroll system for your business, plus our payroll solution is customizable and seamlessly integrates with QuickBooks. As an Intuit affiliate, we can provide our clients with low rates for our full-service payroll option. We also offer the added benefit of pay-as-you-go Workers Comp. Capri makes payroll and payroll taxes simple and it synchronizes with all versions of QuickBooks.
Contact me to learn how we can help with your payroll.
–Natalie Foydel, Bookkeeper email@example.com
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One of the most essential steps to building a successful small business is having the right team working along side you! Here at Capri Bookkeeping Solutions, our team is poised for success and it's for good reason. I believe in hiring a staff that shares my values both personally and professionally. I also know that setting up my team for success is in my business's best interest and my clients. Today I'm sharing some of my tips for building a winning team within your small business.
Hire the Right Team
The first step is to identify and understand the culture you are building within your company. What are your priorities as a business owner? What are the qualities that resonate with you and your business? Once you've identified the company culture, you can choose qualified candidates that fit perfectly within your values.
Empower and Motivate
After onboarding your new team members and acclimating them to your company process, it's important to check-in, provide feedback and encourage them. Offering advice as well as motivating your team is part of being a good leader and a way to create an environment for success.
Invest in Your Team
To successfully grow your business, you need to invest in your team. It's a win-win for both you and your staff. As you provide new outlets, projects and responsibilities to team members, they can flourish within their careers and your business thrives.
–Ethan Capri, Founder and CEO, Capri Bookkeeping Solutions
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If you think bookkeeping begins and ends with organizing invoices and recording transactions, you need an update on the role of a bookkeeper and the critical functions they provide for your business. Sure, keeping organized records and transactions is an essential responsibility, but bookkeeping offers so many more benefits! Today, we review a few ways bookkeeping is more than just record-keeping.
Our bookkeeping team is updating your books and reviewing financial data daily. We analyze and interpret your financial statements and take a proactive approach to make changes based on your financial needs.
We also monitor cash flow, the payments being transferred into and out of a business. With expert eyes on your cash flow throughout the year, we help with your budget to maximize your business and meet your business goals.
Tax and Audit-Ready Financials
With accurately categorized expenses and organized records, you will be ready for tax filing or if your business is audited. You'll have peace of mind, knowing that at any time, your books are in safe hands.
Cost and Time Saving
Outsourcing your bookkeeping will save you time and ultimately money. By paying an outsourced certified bookkeeper, you automatically increase the value of your firm. It means you don't have to pay for things like payroll taxes, overhead and, sick leave. Plus, you'll be able to focus on other areas of your business instead of being behind the desk balancing the book.
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The U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, recently released additional Paycheck Protection Program (PPP) Loan Forgiveness guidance in the form of the PPP Loan Forgiveness Application, which includes important definitions and detailed instructions for the new application. This new guidance provides more insight on what the forgiveness process is going to look like.
From the SBA:
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
#1 Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
#2 Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
#3 Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
#4 Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
#5 Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
The most notable updates are the new options for borrowers to calculate payroll costs using an “alternative payroll covered period” (if more favorable) and the more specific definition that allows both phone and internet to be considered a “utility” towards the loan.
Download the new PPP Loan Application with new guidelines here and refer to all of the COVID-19 resources available to small business owners here. If you have any questions about the new guidelines please feel free to reach out to us.