Benefits of Outsourcing Payroll for Your Small Business

Nov 21, 2022 8:30:00 AM / by Brian Paulson posted in small business payroll, small business operations

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If you manage your small business's payroll in-house, you're probably one of the many payroll software users out there. While the software offers the necessary features to comply with payroll regulations, it can fall short because it lacks the intuition that only a trained payroll specialist can provide. In fact, there are many downsides to doing your own payroll.

So what's the alternative? Outsourcing your payroll!

At CSI Accounting & Payroll, we've worked with small businesses for more than 50 years. For the first few decades, we only handled small business accounting needs, but due to popular demand, we opened our payroll department in the 2000s. We fully understand that there are many benefits of outsourcing small business payroll, such as:

  • Better compliance and accuracy
  • Time saved
  • More cost-effective

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Why Doing Your Own Payroll is a Huge Mistake

Nov 16, 2022 7:02:00 AM / by Bret Asmussen posted in small business payroll, small business accounting, small business operations

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What makes you want to do your own payroll? If your answer is along the lines of, “I want to save money,” you may see avoiding expenses as a safer option than making an investment. This is not true for every situation. While we can admit that some situations may benefit from doing payroll in-house, for many small businesses, it's a mistake.

At CSI Accounting & Payroll, we’ve spoken with thousands of small business owners over the past several decades, so we know what commonly drives people to want to do their own payroll. However, when you do your own payroll, you need to consider the following hazards:

  • Difficult-to-use software
  • Ongoing software fees and other expenses
  • Extra time required
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3 Ways an Accountant Can Help You Secure a Small Business Loan

Nov 9, 2022 4:56:00 PM / by Brian Paulson posted in small business taxes, small business accounting, small business operations

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Many small businesses take on loans to purchase a large piece of equipment, obtain another business, and even just to get cash flow money so they can expand. It can be a daunting process. Even if you're prepared to show forecasts and solid research to support your loan application, that won’t always be enough to guarantee success. What do you do then?

When you're looking for a small business loan, you don’t have to go into it alone. Turn to your accountant to help you secure a small business loan! Here are the steps an accountant can help with:

  • Loan planning
  • Preparing and gathering financial data
  • Creating an ideal presentation

At CSI Accounting & Payroll, we've helped many of our clients obtain loans over the past 50+ years. Do you know what your accountant can do for you? Here are three steps an accountant can take to help you secure a small business loan.

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Who is a Bad Fit to Work With CSI?

Oct 26, 2022 10:33:16 AM / by Brian Paulson posted in small business taxes, small business payroll, small business accounting, small business operations

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When you’re searching for an accounting or payroll service for your small business, you don’t have the time to sit through consultations from services that aren’t a good fit for your business. After all, isn’t wanting more time back in your day a big reason why you wanted to outsource in the first place?

On that same note, CSI Accounting & Payroll consultants would also love to get some time back instead of meeting with small business owners who aren’t a good fit for our services. We’re not going to be a perfect match with everybody! Continue reading to learn about the technical components and values that it takes for us to be a bad match.

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5 Bookkeeping Tips For Small Businesses

Sep 21, 2022 10:34:00 AM / by Brian Paulson posted in small business bookkeeping, small business operations

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When you own a small business, one of the most important things you need - timely, accurate financial accounting records - tends to fall to the back burner while many of your other responsibilities take precedence. How can you possibly expect to juggle it all efficiently?

As if things weren't overwhelming enough already, at tax time, your annual tax accountant tells you how much you owe. Often, you're not prepared to hear this number - and if you filed for an extension, the timeframe between finding how much you owe and the time the money is due is greatly reduced. When the profits from your small business are such an important part of your life, it's helpful for you to be able to anticipate your tax liability.

CSI Accounting & Payroll has worked with thousands of small businesses over several decades, so we know that it is essential that your bookkeeping and accounting services are organized, up-to-date, and handled on a monthly basis. This will avoid tax surprises and ensure that you always know where your business is and where it is going financially.

Follow these five tips to help increase your efficiency and organization - and hopefully relieve a bit of stress, too.

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Are Remote Workers The Answer?

Sep 13, 2022 10:59:00 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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With the rise of remote and hybrid work over the past few years, some excitement - and confusion - has grown around the idea.

Remote work was originally thought of as only possible for large businesses or the self-employed, one-man show. Now, even some small and medium-sized business owners have begun to adopt this work style if it's possible for their industry.

As a business owner, you may have questions about remote and hybrid work. CSI Accounting & Payroll supports many small and medium-sized businesses with this work style, so we're familiar with the answers to these commonly-asked questions:

  • Will having remote employees cost more?
  • What are the benefits and downsides of remote employees?
  • How are remote workers taxed?
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Don't Delay Compliance With Sick & Safe Time Requirements

Jun 24, 2022 10:14:00 AM / by CSI Accounting Staff posted in small business payroll, small business operations

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Are you aware of the Earned Sick and Safe Time ordinance? If you’re a business that’s located in or that has employees working in the Minneapolis or St. Paul city limits, this directly applies to you – and there are consequences if you don’t comply. 

(If you’re located elsewhere, there are now many places across the U.S. on a local or state level with similar requirements. Please consult your local or state government’s website to see your specific laws.)

CSI Accounting & Payroll has monitored laws that affect small businesses for over 50 years, and we help our clients stay on top of them. We know that you don’t need to know the nitty gritty details, but here’s what you do need to know about sick and safe time:

  • What is earned sick and safe time?
  • Does sick and safe time apply to you, and what do you need to do? How can your employees use it?
  • Are there still warnings for being out of compliance for sick and safe time?
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How to Get Small Business Employee Benefits

Jun 5, 2022 9:57:35 PM / by Bret Asmussen posted in small business operations, how to

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If you were an employee of your business, ranging from entry-level to management, would things like paying for health insurance or saving for retirement be achievable with your pay alone? If not, offering benefits is a great place to start improving your employees’ quality of life.

Whether you’re a new business looking to offer employee benefits off the bat or you’ve been around and have just gotten to a place where you’re comfortable exploring this option, you might still feel a little lost with all of the options out there.

CSI Accounting & Payroll has talked to thousands of small business owners over the past 50 years, and many of them wanted to know:

  • What are employee benefits?
  • Why should a small business offer benefits?
  • How do I start offering my employees benefits?

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How Do I Get a Workers’ Compensation Insurance Premium Quote?

May 31, 2022 9:30:00 AM / by Bret Asmussen posted in small business payroll, small business operations, how to

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What does workers’ compensation insurance have in common with car insurance? Since most states require small businesses to have workers’ compensation insurance (just like car insurance), there are also similarities in finding quotes - meaning you’re generally looking for the lowest price. 

If you’re looking for workers’ compensation insurance, it might be your first time, and you’re confused about how to get started or nervous about what it might cost - or you already have it, but you’re unhappy with the cost or processes of your current carrier.

CSI Accounting & Payroll has been working with small businesses for over 50 years, so we know how many owners feel when they’re looking for workers’ compensation insurance. Our insurance partner takes the weight off your shoulders by finding you the best quote from a range of carriers.

Other small business owners whom we talked to wanted to know:

  • How do I get a quote?
  • What details do I need to provide to get a quote?
  • How do I get matched with the best quote for me?

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Can a Small Business Payroll Service Offer Retirement Plans?

May 3, 2022 2:41:46 PM / by CSI Accounting Staff posted in small business payroll, small business operations, how to

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We’re all trying to retire. It doesn’t matter how much you love your job or feel a responsibility to run your business; everybody reaches the point when it’s time to place more value in the little things and enjoy the fruits of your labor.

Retirement plans and payroll services go hand-in-hand. When you’re searching for a payroll service, a big question that you should ask yourself is if they’re able to manage your employees’ existing plans

Maybe if you’re a newer small business, you’re looking for a payroll provider who can offer your employees retirement plans, but you’re concerned about what it may cost you - in time and money. Is it even possible for a small business to provide this kind of employee benefit?

While this article is specific to CSI Accounting & Payroll, you will find that many payroll providers follow similar processes with managing your retirement plans. However, the specific offerings through our 401(k) partner are not consistently found through other payroll solutions. Keep reading to learn:

  • If a payroll service can maintain your existing retirement plans
  • If it’s worth it for small businesses to offer retirement plans
  • If payroll services offer their own retirement plans

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