single entry bookkeeping

Single Entry Bookkeeping

Single Vs. Double Entry Bookkeeping

Bookkeeping is a requirement for all businesses, whether your company is a new venture or well established with many employees. Even though the idea of getting your bookkeeping up and running can be overwhelming, it remains key to a successful business. One important question to answer is whether you want to set up single entry bookkeeping or double entry bookkeeping.

Ultimately the answer will be determined by your company’s bookkeeping needs. Whichever you choose, you want to make sure to keep your bookkeeping transparent and balanced.

Single vs double entry bookkeepingWhat is Single Entry Bookkeeping?

With single entry bookkeeping, you make one entry per transaction similar to what is done in a personal checkbook. This is done with a two-column ledger, one column for income and the other for expenses. It is a single entry due to one line being used for each transaction.

Single entry bookkeeping is a record of basic things to keep track of for your business like cash, tax-deductible expenses, and taxable income. However, single entry cannot be used to develop a balance sheet or to track the asset and liability accounts.

What Account Types are used in Single Entry Bookkeeping? 

  • Income accounts represent all money received like interest income and revenue.
  • Expense accounts show money that the company spends, including purchased goods for sale, payroll costs, rent, or advertising.

What is Double Entry Bookkeeping? 

Double entry bookkeeping has two columns for each account and each transaction is located in two accounts. Two entries are made for each transaction placing a debit in one account and a credit in the second account.

All money must be accounted for so the total amount of the entries for each account must balance. Usually debits are noted on the left of the ledger with credits on the right when using double entry bookkeeping.

While keeping the books balanced, double entry bookkeeping shows a true financial picture of the company’s finances. That’s because this method relies on the use of the accounting equation Assets = Liabilities + Equity.

Companies must follow the accounting rules and regulations by generally accepted accounting principles (GAAP). These principles apply to public companies as well as to private companies, non-profits, and state and local governments.

What Account Types are used in Double Entry Bookkeeping? 

  • Asset accounts show money associated with what a business owns, such as the dollars in its checking account or the price paid for properties.
  • Liability accounts are exactly as it sounds. These accounts show what the firm owes like credit cards, rent and other expenses.
  • Income accounts represent all money received like interest income and revenue.
  • Expense accounts show money that the company spends, including purchased goods for sale, payroll costs, rent, or advertising.

Which Bookkeeping Type will Work best for Your Company? 

Overall, single entry bookkeeping works for a small business with limited transactions.

You can use single-entry bookkeeping to calculate net income, but it cannot be used to develop a balance sheet or track your asset and liability accounts. As stated, it is much like keeping a checkbook register for a personal account.

Most businesses end up using double entry bookkeeping for their accounts mainly because it affords you the flexibility to have an overall, big picture view of your business accounts. Double entry can track liabilities and assets, as well as allow you to keep watch on profits and losses.  This enables you to produce accurate financial statements, which can be prepared directly from your bookkeeping.

Even though double entry bookkeeping doesn’t stop mistakes from happening, it does produce a system that flags errors and makes it much easier to trace before they can wreak havoc on your overall bookkeeping system.

Making the Best Choice for your Company

When you contact us at Slaton Financial Services regarding your business bookkeeping, we can help you make the best choice!  We have an expert staff that can provide all of the answers to your questions and take on the work of your bookkeeping needs.  When outsourcing bookkeeping, keeping it local is easy with Slaton.

We also are aware of any changes in state and federal tax guidelines that are important to your business. It is an added bonus serving you and your business’s bookkeeping needs knowing that we are helping one of our very own in the north Texas community to succeed!

Call Slaton Financial Services today and let us take on the responsibility of your bookkeeping so you can focus on doing what you care most about – growing your business.

Take Advantage of Home Owner Association Services

Many residential neighborhoods in Dallas, Texas, and surrounding areas have homeowner’s associations (HOA). A large portion of overseeing these organizations consists of skillful, hands-on HOA management. Slaton Financial offers home owner association services by well-trained staff members to keep your HOA finances running smoothly and free of costly errors.

Be Mindful of Your HOA Management Obligations

In order to keep a well-run HOA, managers must be up to speed on required financial obligations. This includes preparing and balancing budgets, bookkeeping, dues collection, and keeping accurate records.

We can assist you with all HOA financial requirements. We will make sure your documents like the balance sheet, income statement and cash flow statement, general ledger, accounts payable report – just to name a few you will need – are in proper working order.

Adhere to HOA laws and statutes

Managing HOA’s is a significant job for anyone to tackle especially in Texas where HOA requirements often change. Many bills were passed in 2019 that could end up having a major effect on the laws governing Texas HOA’s. At least eight have already been enacted.

It is Slaton’s business to stay aware of Texas HOA rules that you must adhere to in order to avoid costly errors or issues. Our goal is to help you meet the rules and regulations in Texas through precise record keeping therefore avoiding any missteps.

Streamline Collection of HOA Fees

Collecting HOA fees is a very time consuming task. Allowing for online payment provides benefits to the HOA manager and the homeowners. Slaton Financial Services provides a private portal for client access to documents and an easy way to pay dues. With these streamlined services, residents can be confident that the financial duties of the HOA are not only being handled accurately but quickly as well.

Create a Budget Each Year

One of the most important jobs in HOA financial management is producing and maintaining an HOA budget. This may seem like a monotonous task because the finances may not change much from year to year. However, creating a budget at the start of each fiscal year will reflect any changes needed. This is also important for managing your HOA accounts accurately.

Budgeting carefully, taking regular and unexpected expenses into consideration while assessing the HOA income, is important for avoiding problems and safeguarding financial health for your organization.

Track HOA Financials and Operating Costs

HOA income and expenditures must be monitored on a consistent basis.  Tracking financials and costs on a monthly and yearly timetable is key. This can certainly be an overwhelming task.

Some HOA’s turn to software systems, which can be used to customize data tracking to fit your association’s needs but this can be a costly solution. Why invest in expensive, complicated software that is difficult to use? There is no need! We already have the software and know just how to make it work for you and your HOA. Let us keep track of all your HOA’s financial and operating costs.

Monitor your Vendor lists and Contracts

Maintaining good relationships with vendors is important for HOA’s. You want to have a list of trusted vendors for all of your HOA needs, and you want them to trust you. This will include staff, gardeners, contractors, plumbers, electricians and more.

Part of managing an HOA is keeping those lists updated and accurate and keeping those vendors paid on time. You may be curious as to how this applies to your financial goals. Long-lasting relationships with trusted vendors will save you money, as you are able to negotiate better deals and discounts on services.

Avoid HOA Financial Irregularities

Unfortunately it can be fairly common for HOA’s to face issues ranging from costly errors to legal jeopardy. Most HOAs require an annual audit and this can be a daunting task if you are not up-to-date on all of your documents.

Slaton Financial Services will make sure you have everything you need for required reports. Your HOA’s long-term financial health is important to us.

File Tax Returns Annually

You will need to file your HOA local and federal tax returns annually and on time. This is another part of HOA Financial Management that can seem like a lot of work – and it is!

Keeping abreast of all of your financial documents and duties will make this task easier each year especially with us on your side. We will keep you on target so that each year you are ready for this annual requirement.

Let Us Take the Burden

HOA financial management requires efficient organization of many time-consuming tasks. With an ally like Slaton Financial Services, you can be sure to keep it all running smoothly helping to create a trusted environment for your homeowners and their families.

Contact us today and let us help you reach your goals for quality HOA management.

Bookkeeping services for small businesses is vital to success

Running a small business in Dallas and North Texas can be a rewarding venture, but all of the details required may take some getting used to in the beginning. One of the most important parts of the venture is setting up bookkeeping services for your small business. This is true whether your enterprise is a boutique, church, homeowners association, start-up or non-profit. No matter the category, Slaton Financial Services can help you find the right bookkeeping fit for your business needs.

Bookkeeping Service Basics

Those designated to do bookkeeping for your venture will be responsible for your accounts, recording all transactions while keeping track of costs and income. According to the U.S. Bureau of Labor Statistics, the average pay is over $40,000 for someone starting out in bookkeeping. It’s no wonder.  Depending on the size of the company, this can be a massive job.

Bookkeepers produce financial documents and other statements in addition to preparing deposits and checking receipts. They handle staff payroll, invoices, purchases and keep track of all accounts. These responsibilities are not only required for running a business, they will aid business analysis as you grow. It is important that all bookkeeping documentation is done in a timely manner without errors.

Yet most small businesses and start-ups don’t have money to pay that $40K salary or benefits.  The good news is that you can get the same services and save money with Slaton Financial Services.

Small Business Bookkeeping Overload

One of the biggest mistakes small business owners make is trying to handle their bookkeeping all by themselves. The responsibilities can be overwhelming and the business begins to suffer the consequences. The start-up years of a venture are a make or break time period.  If you get backlogged in your bookkeeping, it only gets worse.

Turning the duty over will make sure that costly errors are caught quickly and your business operations overall will be more efficient.  We can be those extra hands to keep your bookkeeping up and running as well as up to date. Plus, it will be cheaper than that $40,000 salary you’d pay staff.

Outsourced Bookkeeping

Slaton Financial Services is your resource for quality affordable bookkeeping in the north Texas area. We have a team of bookkeepers to handle ventures of all sizes and kinds. Having been in business for many years, our outsourced bookkeeping is ready to go from day one and we have the ability to continue to work with you as you grow. In addition, outsourced bookkeeping can be a less daunting task, especially financially, than hiring someone in house.

If you talk to others in small business, you will find that many recommend outsourcing especially if you lack a strong background in bookkeeping and don’t have tax law knowledge. There is another great advantage to outsourced bookkeeping! It gives you the time you need to invest more of your energy in the future and success of your business.

Keep Texas in your Bookkeeping

One of the main advantages to choosing Slaton Financial Services for your small business bookkeeping services is we know Texas! We have an expert staff that stays current on the laws and regulations of Dallas and surrounding areas.

It is our responsibility to be aware of any changes in state and federal tax guidelines that are important to your business. It is an added bonus serving you and your business’s bookkeeping needs knowing that we are helping one of our very own in the north Texas community to succeed!

Call Slaton Financial Services today and let us take on the responsibility of your bookkeeping so you can focus on doing what you care most about – growing your small business or venture.

payroll processing

Payroll Processing Accuracy During the Covid-19 Crisis and Beyond

Covid-19 and the accompanying quarantine have hit North Texas and the Dallas area hard. Some workers have been furloughed or let go. Others are working from home for the first time. Still others are working on site, but with fewer team members and more demands. This can wreak havoc on a company’s ability to handle basic duties. Most especially, it can lead to problems with payroll processing.

As always, payroll accuracy is important to businesses. Even ones that are teetering on the verge of bankruptcy must keep paying their employees. Equally important, they must do it right or risk backlash if federal withholding has been done improperly.

The virus has knocked the economy for a loop. There’s no doubt that it will take some time for life to return to normal. For some, it may never be the same as it was. While this has been extraordinary, it does point to a reality of business life. There are economic ups and downs. There are problems that come out of nowhere. It is essential to have a contingency plan in place for these times, whether the crisis is natural or manmade.

Covid 19 and payroll processingOutsourcing Payroll Processing Covers Your Obligations

When you outsource payroll processing, you have more flexibility when a crisis hits. This is true especially if you outsource locally to a firm such as Slaton Financial Services. We can be your partner when the going gets rough.

Our payroll processing team keeps a sharp eye on the details, making sure you aren’t spending a dime more than you promised. We are also focused on withholding the proper amounts for such things as federal taxes and retirement funds. Accuracy is key to everything we do for you.

As bookkeepers, we know the importance of maintaining a sense of normalcy even when there’s chaos in the economy. Payroll continuity is central to that effort.

Covid 19 and North Texas Business Concerns

Businesses are dealing with a lot right now. They are experiencing delayed payments, delayed shipments, and missed contractual obligations, according to Bloomberg Tax news. At the same time many have reduced staff, the remaining staff is dealing with technological and communication difficulties as they work from home.

Employee morale and productivity have suffered as much from the quarantine as the fear of the illness itself. Difficulties at home, such as dealing with children while trying to work, has taken its toll. Unpaid furloughs, however temporary, can be financially difficult for even the best-paid workers.

Dallas area owners and managers have been caught off guard like the rest of the world’s population. There’s a need to find resources and find them quickly. Owners and managers need to give up burdens that others can carry. When they do that, they are freeing up their time and energy for the fight ahead.

How a Crisis Directly Affects Payroll Processing

Payroll processing is a dynamic process. There are different requirements for salaried employees and hourly employees. Calculating overtime is essential when certain types of workers may be putting in more than their regular shifts. Then there are workers who are cutting back hours, taking unpaid leave, or waiting out a furlough.

Despite all the confusion that this can cause, this crisis doesn’t allow employers to retreat from any regulatory obligation. This brings up issues for both FLSA-nonexempt and FLA-exempt workers. Each type of worker must be paid correctly, according to the Fair Labor Standards Act.

Furthermore, in natural disasters, such as the tornados and hurricanes that have plagued Texas and the U.S. South, employers may lose their business and with it, their entire computer database, including backup files. Contingency planning can mitigate these losses.

Contact Us

If you utilize our services, our team will have all of the data and information that you could need. We provide regular reporting, keeping you informed about payroll matters. Since we are a team of professionals, we can act quickly to deal with changes in salary or hours as well as alterations in employment status. Considered an essential business, due to our work with health care, our team has been working when others have not.

Ready to lift a burden from your shoulders? Get expert payroll processing help by outsourcing locally. Contact Slaton Financial Services for professional advice and short-term or long-term assistance with your payroll needs.

Drug Test Kits

Lab-Based Drug Test Kits at Affordable Prices for Your Business

When you need to screen your employees for drugs, you don’t need any additional hassle. There are three ways that Slaton, working with the NCF, can help you with lab-based drug testing. These drug test kits are perfect for testing on demand for employees in trouble and as needed for potential hires.

Three Types of Drug Test Kits Provide Flexibility

There are three types of testing possibilities. Urine drug testing can be done with lab-based results or onsite results with negatives confirmed by MRO review. The third method is called oral fluids testing, and it has been gaining in popularity. The best part is that these drug test kits aren’t very expensive.

1. Lab Testing

Your employee or potential employee goes to a collection site near your worksite. There are two kinds of tests, as you may know. The 5 panel test checks for Amphetamines, Cocaine, Marijuana, PCP and Opiates. The 10 panel test adds the capability to test for Barbiturates, Benzodiazepines, Methadone, Propoxyphene, and Methaqualone.

The results are fast. Lab testing services can report negatives in around 24 hours and positives in 48 to 72 hours. You can specify DOT or non-DOT lab testing.

2. Onsite Screening

Sometimes you need to act fast. For that, you can have onsite or clinic testing that gives you results in as little as ten minutes. If a positive is determined, a SAMSHA/NIDA approved laboratory will do a backup test using gas chromatography and mass spectrometry.

To prevent cheating, this test includes the LabCorp Split Cup. A chain of custody form goes with each test. To confirm the positives, there’s overnight air delivery of all samples. A typical 6 panel test looks for amphetamines, cocaine, marijuana, methamphetamines, opiates, and PCP.

Drug Test Kits Affordable Prices3. Oral Fluid Testing

Using a Quantisal collection device, a gender-neutral specimen is collected. Overnight air delivery ensures fast testing for all samples. Positives are first confirmed by GC/MS testing. If a positive is found, there is an MRO review. This six panel test kits show the same six drug types as the onsite urine screening 6-panel test. Results come in as little as 24 hours and generally no later than 48 hours.

Contact Slaton Financial Services

If you need drug testing done for your employees or potential hires, this is the way to do it. The process is simple, the chain of custody is confirmed, and the lab is accredited. You’ll get results that you can trust.

HOA rules and regulations in Texas

Texas HOA Laws Change Every Year, But Good HOA Bookkeeping Keeps Things Steady

HOA rules and regulations in Texas are always changing. The legislature passed a number of changes in 2019 alone. It can be hard to keep up with all of this. One thing that won’t change is the need for good financial records. Whether it’s the HOA management, board or members, HOA bookkeeping keeps everyone on track. Homeowners’ Associations cannot afford financial mistakes. Texas HOA rules don’t have to complicate matters.

At Slaton Financial Services, our well-trained staff manages your books, keeps your financial records, and assists with bill payment and collection. We provide online portals where you can get documents you need and members can pay their dues. Our goal is to help you meet HOA rules and regulations in Texas through accurate record-keeping.

Texas HOA lawsWho Should Handle Your HOA Bookkeeping?

Generally the bookkeeper duties are handled by a board treasurer. This is a big job even without concerns over HOA rules and regulations in Texas. Some HOA treasurers don’t have enough experience with complex financial management. Others are busy with their regular work in important paid positions where they don’t have time to handle the nitty gritty, day-to-day demands of HOA bookkeeping.

If you are wondering whether to engage outside help with financial record-keeping, consider this. Disorganized books can make it hard to prove your HOA is in compliance with its own rules. Uncollected dues are a missed opportunity for the HOA. Missed bills can result in late fees and a bad reputation for your organization.

What Is HOA Bookkeeping?

Bookkeeping for a Homeowners’ Association includes recording, classifying, and retrieving all HOA financial transactions. This system should ensure that it is easy to measure your community’s financial health in the past and at the moment. A tidy accounting of your expenses and accounts receivable are essential to planning the future.

What is an HOA Balance Sheet?

This important list shows where your money is and where your debts are. The HOA balance sheet provides a look at the current status of the HOA bank accounts as well as HOA equity, assets, and liabilities.

What is HOA Accounts Receivable?

Accounts Payable and Accounts Receivable are important records that should be part of your HOA balance sheet. Accounts Payable keeps track of such ongoing expenses as utility bills and municipal fees. It tracks budget items such as maintenance costs. HOA Accounts Receivable is the other side of the equation. It explains who owes and what they owe the HOA. This includes homeowner association dues and other income sources.

What is an HOA General Ledger?

When kept properly, the HOA General Ledger shows the association’s finances. It is also useful for detailed understanding of financial transactions.

What is Cash Disbursement?

This is more than a check register. It certainly lists the check, date, and recipient, but it also includes the invoice, the specific account from which the money is drawn, and other relevant information.

How can Slaton help your HOA?

Here’s an idea of what we do for our many HOA clients daily, weekly and monthly. Let us know how we can help your HOA handle its financial responsibilities.

  1. Record all expenditures and receipts cleanly and quickly.
  2. Handle the General Ledger, accounts payable, accounts receivable and cash disbursement.
  3. Pursue missed dues and other overdue accounts.
  4. Pay bills on time.
  5. Save you money by avoiding late fees and ensuring prompter remittance of monies owed to the HOA..
  6. Provide accurate reports at regular intervals and upon request as needed.
  7. Keep records ready for annual audits.
  8. Offer expertise about financial matters pertaining to the HOA.
  9. Ensure awareness and application of Texas HOA requirements.
  10. Relieve you of the burden of day-to-day tasks.

Call us and let’s get started. We’ll help you keep your HOA on track.

Outsource Bookkeeping Locally

Four Reasons to Outsource Bookkeeping Locally

The word outsourcing can make some people think of sending jobs overseas. Yet it is common to outsource bookkeeping right here in Dallas TX. Years ago, organizations discovered that they could do better with an independent bookkeeper, and that thinking hasn’t changed for many businesses, churches, private schools, homeowners associations, and others. Here’s why.

#1 Local Bookkeepers Know Texas

Staying local is key. As local bookkeepers right here in your area, we know the laws and regulations of Dallas, other North Texas municipalities, the state of Texas, and the United States. We keep up-to-date on the big and small tax changes that are important to your business.

You can be sure we won’t miss an important local or state tax law change that could affect your bottom line. We understand how your business structure affects your taxes and will ensure you have the reports you need to determine your fiscal obligations. Our detailed bookkeeping will help you keep up with your local, state and federal tax burdens.

#2 Local Business Has a Responsibility to the Community

Since we are nearby, there’s no language barrier or time zone difference. We can work with you in person when the need arises and field questions from anyone on your team.

Most importantly, our team feels a responsibility that goes beyond financial. Our reputation is on the line. We are responsible not only to you but to the local chamber of commerce and civic leaders. Plus, we are your neighbors. Your success helps all boats rise.

#3 Local Outsourcing Buys an Independent Voice

When you choose to outsource bookkeeping locally to a firm like Slaton Financial Services, you are getting an independent voice. We have no reason to sugarcoat our results or fudge our reporting. You get the news, whether it is good or bad. We have no agenda other than accuracy.

You will have reports at your fingertips, and you will have access to a knowledgeable staff member who can explain anything that is confusing to you. While we aren’t in the same building, we are just as accessible as if we were down the hall. A quick phone call, text or email will get our prompt attention.

#4 There are No Unpleasant Surprises from Local Bookkeepers

The national payroll firm, MyPayrollHR, went from seemingly successful to a bust overnight. The office closed, the funds went missing, and companies across the U.S. were faced with difficult payroll shortages. This is far less likely to happen when you deal with a local reputable firm with a long history of bookkeeping service.

Slaton Financial Services dates back to the 1980s, and it has grown over the years to include clients from many different types of businesses and organizations. From accounts receivable to the general ledger, each aspect is handled with professional care.

Give us a call today and find out if it is a good idea to outsource bookkeeping. We think you will agree that Slaton Financial Services has the skill and dedication to be a good partner for your business.


Improve Your Payroll Expenses with Modern Employee Time Keeping Method

Timekeeping could be called a natural offshoot of the Industrial Revolution. When factories were formed, employee time keeping methods became important. Businesses needed to know when workers arrived and when they left. Timekeeping tools have changed, but the need remains the same.

At Slaton Financial Services, we see timekeeping as vital to the businesses we serve. That’s why we offer automated timekeeping that can simplify your record-keeping and reduce associated costs. You may want to watch this automated time keeping video.

History of Employee Timekeeping Methods

The first employee time clock was invented in 1888. Employers quickly saw that official timekeeping was a good way for monitoring attendance. It couldn’t tell you if the person was efficient, but it could tell you when they arrived and when they left. If you think about, there was a logic to using a machine to monitor the people who worked the business machinery.

Buddy punching probably came along with the first timeclock. Friends started helping out friends by punching them in when they were tardy or out when they left early. It’s just natural that people would have each other’s backs. Unfortunately, there are always a few who take advantage of the system over and over. Those cheaters cost employers money.

timekeeping methodsAutomation is the Future of Employee Timekeeping Methods

Computers, smartphones and other smart devices have made it possible for timekeeping to become more refined. If you think about it, this is a natural step for businesses that rely on computer technology in so many areas. Why not put technology to work for timekeeping?

Electronic timekeeping reduces the chances that a buddy can make it look like an employee is present. It allows for precise exit times, allowing employees to be paid only for the time they were at work. If they shave off 15 minutes, the system will report it as such.

Our system provides the technology and organization you need to keep tabs on your employees without stressing them out or stressing out management. There’s no way to cheat, and there’s nothing management has to do to keep up with attendance.

Automation works for you. It produces meaningful reports that can be used for payroll and organization. And, while employees may want to argue, it’s hard to debate attendance when the system shows clearly who was and wasn’t on time. This also comes in handy when dealing with labor laws.

If you want to improve timekeeping at your business, talk to Slaton Financial Services. Call us for more information about timekeeping, scheduling and payroll services. Take our timekeeping survey.

what makes a small business

What Makes a Small Business Dallas TX?

If you are looking for help with commercial financial services, we’d like to assure you that the Slaton team is well aware that “one size fits all” cannot be said for North Texas small businesses and their owners.  What is a small business Dallas TX? Is it limited to the SBA small business definition?  There are so many layers to this question.

How Small is a Small Business?

Today the words “small business” are thrown around a lot.  Many owners don’t see their growing concern as something small. Millions of dollars may be involved. Yet their business may be classified as small by some definitions.

The Small Business Administration basically determines what you should call your company. They have size and financial standards that help categorize businesses. It’s most important to know the SBA small business definition if you want help from the agency or you want to qualify for a government contract.

At Slaton, we aren’t particularly focused on small business criteria, except as it affects taxes or regulations. Our clients may be start-ups, restaurants, service providers, health care administrators, or manufacturers.  Regardless of business size, the owners we serve are serious entrepreneurs who work hard to accomplish their goals. It is our pleasure to assist them.

sba small business definitionSBA Small Business Definition

The Small Business Administration focuses resources on what it considers to be vulnerable companies.  Basically, it tracks businesses with less than 100 employees. It considers these to need help the most.  We see that as well. Critical bookkeeping and payroll services help our clients get the expertise they need.  There are many ways we help reduce overhead and ensure that our clients have what they need.

For the purposes of government contracts, a manufacturer can actually have as many as 500 employees and still be classified as a small business.  This very modern definition of small continues with the rule for non-manufacturing businesses. Until it goes over $7.5 million in annual receipts, it is considered small.  We tailor our services to help these businesses keep costs down with affordable human resources materials and background checks.

More Small Business Definition Information

Here are some interesting statistics from the National Federation of Independent Businesses (NFIB).  S corporations comprise 42 percent, the largest group among small businesses.  One-fifth are registered as LLCs. Sole proprietorship comprises slightly less than one-fifth. About 17 percent are C Corporations. Partnerships comprise only 3 percent.

It’s important to know that business owners are different too.  According to NFIB, most (64 percent) own just one company. Some (20 percent) have an ownership share in a second business.  A stake in three or more businesses is common for about 14 percent of small business owners. Of those owners, their business concerns tend to be larger overall.

For many business owners, a big part of their stress is the fact that business earnings are tied directly to their household income.  Add to that, the business represents a substantial amount of their net worth. We recognize that leads to a high level of owner stress, and our goal is to help reduce it by providing expert help. Our team has the knowledge needed to help with many types of business accounting and tax issues.

Slaton is well aware of the burden caused by local, state and federal regulations and taxes.  We also know that it isn’t easy to keep up with everything that laws require. This is especially true when the laws keep changing.  Often those who are least familiar with the requirement are the ones most affected by it.

Commercial Financial Services Are Tailored for You at Slaton FS

For more information about how we can help your business, please be in touch by phone or email.  Put our expertise to work for you.

Four Reasons to Invest More in HR Support Dallas TX

In many businesses, human resource policies are ignored.  Yet you can’t afford to be seen as negligent. Slaton Financial Services offers HR support Dallas TX businesses and organizations can afford. There are four main reasons to invest wisely in human resources.

#1 Governmental Rules and Regulations

If you don’t have proper HR support for your business, it can become a big problem. There are governmental rules and regulations to consider.  For instance, businesses that ignore HR are more likely to deal with these problems:

  • A Fair Labor Standards Act violation may trigger a $1,000 fine.
  • Inaccurate record-keeping on safety can trigger fines.
  • A failure to post safety notices can result in a $10,000 penalty.
  • The Federal Immigration Reform Act carries fines of up to $1,000 per employee.

#2  Be Prepared for Lawsuits

If your business faces a lawsuit, a lack of proper procedures or proper policies can hurt you in negotiations.  For instance, a work accident can trigger a lawsuit, and the lack of record-keeping can harm your defense even if you have been following safety protocols. Furthermore, if a personnel problem triggers a lawsuit, your human resource policies will be under scrutiny.  These lawsuits may uncover areas where the business isn’t in compliance with government regulations.

#3  Maintain a Happy Workforce

To maintain your workforce and to keep it productive, you need a strong HR presence.  Poor HR has been associated with high turnover in companies nationwide. When you lose an employee, you essentially pay from 50 percent to 150 percent of their salary to replace them.  This is due to lost productivity in that position, the training process for a replacement, and management’s time and effort in hiring a replacement.

#4  Satisfy your Investors

If you have investors, shareholders or a board of directors, you will need to demonstrate that you are handling human resources in a professional manner.  You can be they are concerned about the potential for lawsuits and government fines, even if they aren’t truly focused on the needs of the workforce.

The Importance of HR Support for Business

With human resources support from Slaton Financial Services, we can help you bring your HR up to code.  We provide two levels of HR support.  You’ll be surprised at how affordable it is for your company or organization.

You don’t have to reinvent the wheel.  We’ve got you covered with the materials you need to be successful.  There should be a certain uniformity in personnel hiring, reviews, compensation, and discipline.  Well-written, clear guidelines help management and employees when the situation is tense.   We provide unlimited document customization. This includes:

  • Handbooks
  • Guides
  • Checklists
  • Monthly Newsletter
  • Access to an HR Pro (Advanced Plan)

Take our Three Minute HR Audit

In today’s busy world, organizations often need to conduct a human resources audit to determine if they are hitting the right marks.  Policies and procedures become outdated. Our online audit can help you see where you stand in just three minutes.  You could pay big bucks for an audit, but chances are good that this simple Q&A can reveal basic problems.

Put our simple HR plan to work for your business. Talk to Slaton Financial Services about how easy it is to get started.