Contract Employees, Keep Them Happy

Why Contract Employees?

There can be a great benefit to hiring contract employees instead of hiring staff. The best part, less work and responsibility for you, in the business sense.

Seasonal/Specific Hiring

Contract employees or independent contractors are often hired for a specific time or job. Being able to bring on this worker (without needing to find hours for them later) will actually benefit both of you by knowing what the terms are ahead of time. Seasonal workers can hope for a permanent hire position often being laid off or let go after the rush. A contract employee can set up their next job while finishing yours out. Creating a win/win for both.

man-1342457_1920.jpg

Benefits

As a contract employee, they are not added into your required benefit package for employees. Whether an independent contractor or one working for a contracting company, their benefits are coming from another source saving you time on paper work and money of benefits.

Keeping Them Happy

A few things you should do in order to keep contractors happy.

First, Keep their information up to date. End of year is coming and you will be required to send 1099’s in for any contractor making over $600.00(check the IRS website for updated information yearly.) Their personal info needs to be gathered in a W-9 form prior to your bookkeeper being able to send in the 1099’s. The sooner you get those in the sooner the 1099’s can be filed. YES, there is a due date for this! Check the IRS website for yearly dates.

Second, with the savings you are making by not hiring a full time employee, consider paying the contractors a little more. Setting up a great relationship will allow them to keep you in mind again and pass along the opportunity to other contractors you may need later.

Not for Everyone

Contractors are not the answer for ever business. Self access your business and check the IRS website for more details on requirements for contract employees.

Mid Year Assessment, A Blog Post by The Artisan Bookkeeper

laptop-2838921_1920.jpg

Checking in on your business throughout the year.

     It's mid year and time to review your business. If you were prepared, you wrote budgets and goals to meet this year. If you weren't  prepared, it's a great time to take a moment and look at where your business is and determine what you need to do to make/keep it successful. 

Goals and Budgets

     The first item to check is YOU! After spending time on making budgets and goals, it's time to see how you committed to them? Have your bookkeeper run Year-To-Date reports and see if you're making those budget goals. If not, regroup and adjust your daily business routines to head in the right direction. 

    At the same time check on those goals. I can only imagine what kind of marketing, organizational and personal goals you made. How are those going? Do they need adjusted? It's OK to work toward a goal and realize that you over or under planned. Don't give up on the goal, make changes and keep moving forward. 

Marketing

     Next, check your marketing material and website. Is all the information still up to date? Did you adjust information with Summer changes? Many businesses have special promotions and shop times during the summer. Your website should keep the customers updated, wrong information is very frustrating and has the potential to lose customers. 

Receivables

     Take a minute to see who owes you money. Many businesses find it hard to ask for the money that is owed to them. It's a business transaction not a personal favor, don't let it intimidate you. For those pay first businesses, check your profits and margins. Are                                                                               they set right and competitive? 

Expenses

     Compare what you spent last year-to-date to what you are already spending this year.  How do they compare? Do they rise and fall with your sales? Check and see where you spent the most and if that amount looks valid. 

Mid Year Inventory

     It's everyone's favorite task! I know, that's not exactly right but it IS needed. Taking this time to make sure your inventory is correct should really be done monthly but at least twice a year. No one wants a big surprise at the end of year when you find out you were charged for items that never came. Also, keeping an eye on company theft is important. We don't want to believe it could happen but it does. 

Instagram

     Check out my Instagram for more tips and secrets!  Click Here 

 

A Blog Post by The Artisan Bookkeeper

Business Owner Responsibility - Taxes

Starting your dream business was the first step. Keeping up with the day to day running of the business is enough to keep you on your toes. However, when the daily tasks keep you busy, you still need to look at the big picture. That includes TAXES.

blogging-336376_1920.jpg

Do it right the 1st time. 

Keeping up with your bookkeeping monthly is the best practice. Eliminating stress by reconciling timely is the fastest way to get ready for tax season. This is often the first place that business owners fail. I get it. You’re busy but this is IMPORTANT. Running a business means performing all the tasks not just the ones you want to do.

Taking care of your people.

Getting your employees or contractors their W-2’s or 1099's efficiently is EXTREMELY important. Yep, again, part of doing business. Put on your big kid pants and have these out on time. If you are doing your monthly bookkeeping, it really isn’t much of a time stealer.

Untitled design.png

Tax Day is REAL.

Tax Day is an actual deadline, not a suggestion or goal. Happening every April, it’s a pretty regular thing. Barring any surprises, every business should be able to have their paper work ready on time. OK, lots of things happen that keep business owners from reaching this every year.  It happens. Requesting an extension is easy. You just have to remember the due date for requesting is also Tax Day.

The Foul

I really don’t understand those businesses that don’t turn in their taxes. You do realize that there are fines and penalties assigned when not filing. They add up and aren’t cheap. For each year you don’t file they keep adding and can quickly get out of hand. There are enough forces out there making running your business more difficult. Why add owing the IRS to your list?