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3 Reasons You Should Outsource Your Payroll Processing

This is a question I am asked by almost every client, and may be the easiest question to answer. The answer is a resounding YES, YES, YES!

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Payroll is one of the trickiest parts of a small business, and can lead to more problems than you might expect. Here are three reasons I think it’s smart to outsource it:

1) You don’t know how to do it. Yes, you are a smart entrepreneur. You know your product or service better than anyone, and will make millions of dollars selling it. But, unless you have been specifically trained in payroll, you have the potential to make big mistakes that can cost you thousands.

2) You don’t have the time. If you are a small business owner, you should spend your time working ON your business, not IN your business, as Michael Gerber says in his book “The E-Myth”. Focus on your strengths, and hire out your weaknesses.

3) It shifts your liability. When you contract with a payroll service, they take on all responsibility for tax deposits and tax form filing, including filing all forms W-2 at the end of the year. They handle it all.

Now that you are convinced, who should you use? There are several reputable firms out there. But, if you are in the central Arkansas area, two of my favorite options for small businesses are Complete Payroll Services and Paychex. I have used both many times, and have found them to be very professional and conscientious.

If you are out of the central Arkansas area, or would like additional options, shoot me an email, and I would be happy to discuss it with you.

What has been your experience with payroll? Share your horror or success stories below.

 

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Leaders Are Readers

Did you know the average millionaire reads one nonfiction book every month? Now, I wouldn’t say that reading one nonfiction book every month will make you a million dollars. But I do know that if you do what rich people do, you tend to become rich. Conversely, if you do what poor people do, you tend to become poor. So, break out of mediocrity, put down that remote, and pick up a book. Who’s with me?

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What are some of your favorite nonfiction books? Leave a comment below, and don’t forget to share this post!

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Which Accounting Software Package Should I Use?

I am often asked this question. The answer, like most answers, is it depends.

How large is your company?
How much do you want to spend?
How sophisticated is your accounting knowledge, or the knowledge of your staff?

I could discuss many options here, but to focus on the small businessperson, I will discuss two options that I find are viable and easy to use.

QuickBooks

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QuickBooks comes in various “flavors”: Pro, Premier, Enterprise, even Online. All are similar in features, and are very easy to use for the beginner. It could be the best option for people with limited accounting knowledge, if you have someone to check it over.

Sage 50 (formerly Peachtree)

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Sage 50 also comes in various versions: Pro, Complete, Premium, Quantum, and Accountant. Most of the difference between the versions is the more you pay, the more advanced features you get. Sage works better with a little more accounting knowledge, but it is a very robust system and would work well for most small businesses.

The bottom line:

You should seek assistance with any new accounting system, to make sure you are setup correctly from the start. Or, if you are converting from something else, to make sure you start off on the right foot. If you need assistance, give me a call at (501) 539-3043, or any of the contact info on the site.

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Parental Guidance Suggested: 3 Ways to Keep Internet Access Safe For Kids

I have teenagers. They are good kids, and I expect only the best behavior from them. However, we all know that with all of the tech gadgets and social media sites out there, sooner or later even a good kid (or grown-up) will run into temptation. Here are a few ways you can help keep unwanted content from entering your house.

1. Use OpenDNS. OpenDNS simply routes internet traffic through their servers, and applies content filters that you select on that traffic. You can explicitly add or forbid types of content from their website, or they have a pre-packaged setup that you can use. Setup is dead simple, and it can even speed up your internet service! My favorite thing about OpenDNS is that it applies to anyone using your home network. This minimizes any shenanigans by any visitors.

2. Turn off Safari on your children’s iDevices. On the device, go to Utilities->Settings->General->Restrictions. Select Enable Restrictions, add a passcode that only you know, then just shut off Safari, or any other application you don’t want them to have access to.

3. Perhaps the most important – Make them turn in any electronic devices at a certain point in the day. We have a small table in the corner of our bedroom, next to a power outlet. The kids are required to plug into their respective chargers and power the device down every day. No exceptions. Make it a place they can’t get to easily without disturbing you, to minimize the temptation to sneak it away.

While no solution prevents all bad behavior, I am a firm believer in making it difficult to do the wrong thing. The most important part of any training of your child is to set expectations for them, and communicate often. The more sensitive the topic, the more you should talk about it.

What are some ways you have dealt with the abundance of technology in your home?

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Motivation

I am struggling. Over the past 9 years or so, I have been involved in endurance sports. I have participated in multiple marathons and triathlons, including finishing 4 Ironman triathlons. I have watched my body change from a soft 34 year old accountant’s to a fit 40 year old athlete’s.

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The problem is, I am now 43. And a half.

Since Ironman Arizona in November of 2011, much of the softness has returned, and with it, a lack of motivation. I have had a few good starts, but the day to day drive to move my body out of the bed and over the ground (or water) is proving difficult to rekindle. I know what to do, I just don’t do it.

So here is what I need: accountability. I am committed to three races in 2013: the Little Rock Half Marathon in March, Memphis in May Olympic Distance triathlon, and Ironman Florida in November. I have my training plans laid out, and I need voices cheering, jeering and encouraging me to finish strong. Jump in with me, and let’s do this!

In what areas are you having trouble getting motivated?