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Small Business Tax Implications of Hiring Independent Contractors

Small Business Tax Implications of Hiring Independent Contractors

Independent contractors are self-employed individuals, sole traders, or companies that complete work for your small business. They aren’t directly owned or employed by your entity.  Instead, you pay them an agreed fee for work like IT handling, cleaning, or maintenance. Although they work with your businesses, you don’t hold the same tax obligations as you do with employees.  Let’s figure…

The Tax Implications of Offering Employee Benefits for Small Businesses

The Tax Implications of Offering Employee Benefits for Small Businesses

  Appealing employee benefits, like financial initiatives and memberships, retain existing employees and entice new talent. It enables you to “give back” to your employees, fostering a positive, supportive workplace culture.  Although sustaining high employee morale is key to productivity, a decent benefits program can impact your annual tax bill. Follow this guide if you want to balance the benefits…

How To Handle Small Business Payroll

How To Handle Small Business Payroll

Generally speaking, having a clear process to handle your business’ payroll not only means your employees are being paid properly and promptly, but it also helps you stay compliant with tax and legal regulations throughout the country. Still, depending on how many employees you have, it can be easier said than done to have effective payroll management.  So, we’ve put…

The Importance of Good Record-Keeping for Small Business Owners

The Importance of Good Record-Keeping for Small Business Owners

Record-keeping procedures involve tracking and storing manufacturing, financial, research, and legal information. Effective record-keeping management protocols can streamline key responsibilities, such as filing taxes, where the legal implications of submitting incorrect figures could be detrimental. Review the importance of good record-keeping to prevent bad habits from manifesting. Ongoing Tax Compliance Accurate record-keeping enables you to share the correct amount in…

Tips for Managing Your Small Business Inventory

Tips for Managing Your Small Business Inventory

Small business inventories store collections of raw materials, components, equipment, goods, and products you use for production, sale, or distribution. Sufficient stock levels that meet customer demand rely on good inventory management. Establishing efficient operations and forming positive supplier relationships maintains excellent service. Review four actionable tips on good inventory management. Perform Regular Audits Quarterly or annual audits ensure your…

The Pros and Cons of DIY Small Business Accounting

The Pros and Cons of DIY Small Business Accounting

DIY, “Do it yourself,” accounting occurs when a small business’ designated individual manages all accounting tasks, like filing tax returns and recording expenditures, internally. Accounting entails many responsibilities, so you may evaluate whether to spare your time and resources for these demanding duties as a small business owner. Review the following list to help you make an informed decision. Pros…

How to Use Accounting Software to Manage Your Small Business Finances

How to Use Accounting Software to Manage Your Small Business Finances

Accounting software facilitates proficient financial management, saving valuable time on other meaningful tasks. Automation, report generation, and accurate data entry are just a few beneficial functions.  Read on for guidance on how to use key accounting software features to support your small business’ finances. Manage Financial Transactions Categorise transactions into assets, equity, revenue, expenses, and liabilities by creating tabs or…