Tag: Benefits
-
Payroll – Introduction to Basic Concepts
Payroll is envisioned as the simple employer employee agreement related to compensation for services. I often think of this as the simple handshake whereby the employer agrees to pay the employee a set rate per hour of work. This was true a hundred or more years ago, but over time; history and governmental regulations complicated this…
-
Simple Retirement Plan – Section 408(p)
There are several different retirement plans available to the small business owner. But no plan offers so many advantages to small business as the Simple retirement plan. The positive attributes include: 1) Easiest to understand, 2) Least amount of paperwork, 3) No compliance reporting and 4) Plenty of flexibility. If you are in business and have less…
-
Accrued Payroll – An Explanation
Accrued payroll is a current liability comprised of four sections. The first is the amount of payroll earned by staff and not yet processed or paid. The second is the dollar value of personal time off accumulated for each employee aggregated into one number.
-
An Introduction to the Employee Manual (Handbook)
The employee manual is a guidebook and a tool to explain the policies and procedures for the small business operation. It addresses the basic expectations for performance and conduct of the employee. The manual is only a guide and the employee needs to understand its importance in the overall corporate policies and procedures hierarchy.
-
The Different Forms of Compensation
There are two different forms of compensation provided to employees; direct and indirect. Direct forms of compensation have a multitude of types or methods, from salaries to bonuses. Indirect compensation is primarily the various types of benefits and long term incentives. This article is an introduction to the terminology of compensation. One of the forms of compensation…
-
The True Cost of Labor
Labor costs are more than just gross wages and benefits. It should include the costs of insurance, employer taxation, human resources management and incentives.
-
Introduction to Human Resources Management
Matching the right person to the right job is the primary objective of any human resource manager. If you had a company of highly trained, well informed, and happy staff, you would control the best place to work in the whole wide world. To me, the best place to work is Santa’s Workshop.
-
Service Equals Timeliness and Accuracy
In the world of accounting, we stand on two principles; timely and accurate information for the client. Without either, the client can’t make good decisions. As accountants our job is to record economic transactions and report this information in a financial format. For the client it is imperative that the information is provided in a reasonable period of…