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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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Should My Small Business Be a Corporation or an LLC?

Apr 19, 2022 10:00:00 AM / by CSI Accounting Staff posted in small business operations

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When you own a small business, you want to make sure it’s structured and categorized correctly for legal and tax purposes. You probably hear suggestions for your business all the time from unreliable sources, and you may be picking up keywords and are unsure of what they mean or if they apply to you. This is especially true with business entity types and legal structures.

In CSI Accounting & Payroll’s more than 50 years of meeting with small business owners like yourself, we’ve been asked more than a handful of times if a small business should be an LLC or a corporation. Here’s how we address that question:

  • What is a corporation?
  • What is an LLC?
  • What is the difference between a business entity and a legal formation?
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What Is an S-Corp, and Is It Right For Your Small Business?

Mar 4, 2022 11:19:38 AM / by CSI Accounting Staff posted in small business taxes, small business operations

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As a small business owner, you probably hear suggestions for your business in passing all the time - and the sources aren’t always the most reliable. These days, it might seem like everyone has an opinion on whether or not a small business should become an S-Corp. Regardless, once a hot topic is thrown into your brain, you start to ask yourself if it’s something you need to look into. 

After all, S-Corps are the most common type of corporate business entity, but they aren’t the only one. In fact, there are three types of business entities: sole proprietorships, partnerships, and corporations. 

Small business owners like you dig right into the different business entity options. Here at CSI, S-Corps make up a very large portion of our client base. We mostly work with clients who have revenue in the $350,000-$5 million revenue range, which is a sweet spot for S-Corps.

In this article, we’ll cover:

  • What an S-Corp is
  • The advantages and disadvantages of being an S-Corp
  • How we have this conversation with our clients

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What Services Does CSI Offer?

Jan 24, 2022 7:00:00 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business bookkeeping, small business accounting, small business operations

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When you’re passionate about your small business, you care about its profitability and growth. If your current business services are either unaffordable or aren’t meeting your needs in some way, then it’s time to start looking for an alternative. You're here for a reason, and that reason is because not all professional services are made equal.

At this point, you’re probably asking yourself, "What makes CSI Accounting & Payroll so special? What do they do that my current bookkeeper and annual tax accountant don't? What about my payroll provider?"

We acknowledge that our services are not the best solution for every business, much like how not every business is an ideal client for us. Continue reading to see if we can be a good match for each other. This article will cover the services we offer, as well as how they vary from other solutions.

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Who is a Good Fit to Work With CSI?

Jan 20, 2022 8:15:00 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business bookkeeping, small business accounting, small business operations

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While we’d love to work with everyone, we know that it’s not so simple.

If we onboarded every person who showed an interest in our services, we’d spend too much time trying to make them into the right fit, and we wouldn’t have enough time to provide quality service to the people we’re supposed to be here for. Plus, working with the wrong person isn’t beneficial to them either; signing a contract to pay for services that aren’t a good match for their business is no joke!

We acknowledge that our services are not the best solution for every business, much like how not every business is an ideal client for us. However, when working together is the right fit for both parties, we can come together to use monthly financial statements to monitor and grow your business, run your payroll efficiently while you maintain as much or as little control as you like, or both! Continue reading to learn about the technical components, values, and beliefs that it takes for us to be a good match.

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How Do I Pay Myself in Owner's Compensation? How Much, When, and Which Method?

Oct 26, 2021 2:53:37 PM / by CSI Accounting Staff posted in small business payroll, small business operations

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Running a business is a lot of work! When you're just getting started, one of the things you need to consider is owner's compensation - or how to pay yourself for your time and effort. How should you take the money? When should you start paying yourself? How much is too much or too little? We consider these questions here.

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How Do I Find My Small Business's Break-Even Point?

Oct 18, 2021 3:53:31 PM / by CSI Accounting Staff posted in small business accounting, small business operations

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To succeed, your company must be profitable. When you own a small business, you need to be aware of your financial health, and this is done through tracking KPIs (Key Performance Indicators).

An important one that's easy to calculate on your own is your break-even point. In this blog, we cover:

  • What is a break-even point, and why is it important?
  • How do I conduct a break-even analysis?
  • What are other crucial KPIs, and how can I track them?

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