payroll

How to Run a Business Payroll

How To Run A Business: Payroll Edition

It can be exciting to open a small business. It starts with the germ of a great idea which grows into a business plan. If you are considering doing this in our home state of Texas, it is good to know that the Texas economy is the ninth largest in the world. In addition, according to the Texas Department of Economic Development, Texans enjoy one of the lowest tax burdens in the U.S.

Payroll begins with the hiring of your very first employee. It refers to paying your employees which includes keeping financial records for payroll, calculating employee paychecks and yearly records of your employees wages.

Ultimately, payroll is a complicated process and can be your largest expense. You have to keep up with each part of payroll as well as be up to date on all of the federal and state labor laws and tax laws. Whether you choose to hire an experienced payroll manager or choose to outsource your payroll with Slaton Financial Services, it is good to know the basics.

Employee Identification Number

Before you hire any employees, you need to secure an EIN or employment identification number from the Internal Revenue Service (IRS). The EIN is usually called your Employer Tax ID. You cannot report taxes or other important information to the IRS without the EIN. You can apply online or contact the IRS to obtain the number.

Employee Paperwork

You will want to make sure you have basic contact information on each of your employees including their legal name and social security number. In addition to this each employee must complete a W-4 form, which is the Federal Income Tax Withholding Form. Without this, you will not know the correct income tax to withhold from your employee.

Know Your State Requirements

When you are an employer, you have to become familiar with changing requirements for business like overtime rules, sick pay and other regulations. Texas state requirements may be more lenient than some states, but they are still a legal hurdle you have to jump.

compensation and benefitsPay Periods

You have to set up a monthly or bi-monthly pay period for your employees according to your state’s requirements. There are many rules that you need to know. For instance, the IRS requires employers to withhold income tax for the pay period even if the worker doesn’t complete the pay period.

Payroll System

You can manage your payroll in house or you can choose to outsource it. If you choose in-house, you will need to research the many options for a payroll system. Take time to ask other owners the methods they rely on and what tips they would recommend. There is no need to reinvent the wheel for your small business.

After you have all of your employees’ information, you can begin the process of running payroll. You can enter it into the payroll system you chose or with outsourcing, give the information to Slaton Financial Services.

Payroll Taxes

You will need to be familiar with the IRS Employer’s Tax Guide for your federal tax requirements as well as your state’s guide for their filing requirements. You have to provide reports throughout the year. Paying attention to detail and accuracy is very important when filing your employee tax information. Not only can mistakes cost time, they can also cost money.

Process Payroll

With the basics of payroll understood, you can choose to run payroll manually or outsource it to a payroll service provider. Manual can be a typical choice for small businesses. Be aware that the process can be very time consuming and complicated. Finding this to be true often leads to the realization that manual payroll may not be best for your business.

Outsourcing payroll can be done with us at Slaton Financial. This option will give you more time and money to focus on your business without having to learn what our North Texas area experts are paid to know — all of the changing rules and regulations for Texas payroll and tax preparation. We already have our experienced financial staff along with expensive software at the ready to take care of your payroll needs.

Contact us today and let us discuss payroll options for your business, small or large, as well as other needs you may have that we offer. The goal is to save you time and money, so that you can focus on growing your successful business. We look forward to talking with you!

 

 

 

 

employee scheduling techniques

Employee Scheduling Techniques For Your Business

As your business grows, one of the many things to keep up with is your employees. You must keep proper records, do payroll, schedule employees and more. You have to determine whether to use a time clock and/or automated scheduling. Learning employee scheduling techniques will help you make this task easier.

As a business grows, scheduling becomes more complicated as more people are hired. More employees translates to more schedule changes and time-off requests. With employee scheduling assistance at Slaton, many Dallas area employers have been able to find assistance with dealing with this frustrating issue.

Five Tips For Employee Scheduling

Scheduling is never as easy as it looks to someone who has never done it. Employees will complain about it, but until they are the manager in charge of balancing work schedules, they really have no idea.

Setting up a schedule for your employees can be like putting together a puzzle. You have many factors to consider. In the end, it must all work together to ultimately benefit your business. It helps if you spend some time considering what is needed for your business to work at its optimum level and spend time getting to know your employees and what works best for them as well.

Consider Your Business

When building an employee work schedule, it is important to keep in mind your business needs. This includes your overall budget, what employees are paid, and what times you need staff to be at work, and how many hours they will work. The biggest deciding factor will be what type of business you own. Restaurant shifts, for instance, will differ greatly from shifts at retail shops. Time keeping may be a big factor for ensuring your employee shifts begin and end when you want them to.

automated schedulingCreate A System For Communication

Since all of your employees are likely to have computers, phones or tablets, then email or texting should be an effective communication tool. A small business might use sticky notes or a bulletin board in a certain place to communicate with the next shift of workers. Whatever you choose, communication is key to an enjoyable, productive work environment. One helpful source for your business is the Texas Guidebook for Employers which has a section on employee scheduling.

Know Your Staff

Schedules that work well for your company should benefit your employees as well. You can simply plug names into needed shifts, but spending some time getting to know your employees and their preferences will help your business to be successful. When you take into account your staff’s skills and work preferences, you will build a schedule that benefits both your employees and your business.

Assess Your Employees Skill Level

An effective schedule for your company will require more than just knowing what slots need to be filled and when your staff can work. Your schedule should be made with an understanding of your staff’s skills in order to ensure you have the right team working each shift at your business.

This requires that you know what your employees are qualified to do and strive to strike the right balance for each shift. Slaton Financial Services, which handles payroll processing for many Dallas businesses, can help you schedule smarter and stay on budget more easily.

Choose Tools Wisely

There is so much to consider when scheduling your employees, if you want to do it well. Once you get the hang of it, one guarantee is you will have to make changes due to time off, sick days and new hires. A schedule is usually changed on a weekly basis.

At Slaton, we can offer you the top tool for employee scheduling that every Dallas area business needs. There is no need to create your own paper schedule or use a computer spreadsheet. We can provide an employee scheduling program which will benefit both you and your staff.

CONTACT US today so you can put your staff knowledge to use with our program to easily schedule your employees. Knowing you have the best schedule for you and your employees allows you to focus on what is most important – growing your business.

Human resources

Have You Considered Outsourcing Your HR Department?

Human Resources is an integral part of any business, large or small. It begins the minute you hire an employee. Just a few of the things that the department is responsible for are new hire onboarding and orientation, work environment, and employee compensation and benefits.

Covid 19 is causing a number of changes in workplaces throughout the Dallas area. It looks like over 85% of businesses are going to continue remote work even after the pandemic wanes. This puts more responsibility on a human resources department to oversee employee involvement and work environment to check employees well-being, ensuring that they remain connected to the company and are productive.

If your company is having HR issues tied to Covid 19 or other reasons, our team of professionals are on call to help. Our materials and on-call HR expert can make sure your employees are supported and that your company remains in compliance with the required human resource standards.

compensation and benefits5 Benefits of Outsourcing Human Resources with Slaton

No business can afford not to have a human resources department up and running. Our HR support services are designed to cover many types of businesses with a host of different subjects. Slaton’s Financial Services offers inexpensive human resource support that can help you get the job done without paying a big salary to an HR expert.

  1. Reduce business overhead costs.
    Small businesses, especially, can have issues with having the money for a HR department. With our plans, you can rely on us to have the knowledge you need for all of your HR questions. We give you access to materials and resources that will help you properly manage your human resources responsibilities without a big expense.
  2. Receive checklists, handbooks and a monthly newsletter.
    We offer a number of checklists, handbook options and a monthly newsletter to fit the needs of your business. Your employee can customize these print items, download and reproduce them, having them ready to distribute for your company.
  3. Educate their employees on key issues.
    We have all the materials needed to educate your employees on key HR issues. Our materials include: Clear guidelines for management; Instructive guidelines for employees; Plainly stated rules or regulations for your specific needs; and Updated codes of conduct.
  4. Minimize the possibility of HR related issues.
    Our materials help you educate your employees regarding codes of conduct. After personalizing these handouts to your business, you have the resource you need to explain the rules regarding interactions between managers and subordinates as well as between one or more employees. Our service is an inexpensive, but effective shortcut you can use to minimize the possibility of any HR related issues including lawsuits.
  5. Access to expert help for your HR goals.
    With our advanced plan, we provide access to a human resources expert from whom you can get recommendations for your business to have effective HR plans in place as well as keeping personnel issues to a minimum. We are experienced with many types of businesses and disputes. Let us help you with the knowledge we have gained with years of HR experience.

With Slaton, Dallas are Human Resources support is Affordable

Simple, straightforward HR support is affordable and scalable with our regular and advanced plans. Call Slaton Financial Services today and let us help you with all of your Human Resource needs so you can focus on growing your successful business.

financial health

The General Ledger and your Business Financial Health

No matter the size of your business, bookkeeping is a requirement that remains constant and is also what allows you to know the financial health of your company. This is a job that has to be maintained on a regular basis with accuracy and efficiency.

The general ledger for your business is key in knowing the financial health of your company. If your staff isn’t keeping up with general ledger entries, this can affect your business in significant ways. Here at Slaton, we have a team of professionals who are ready to help you with all of your bookkeeping needs.

What is a General Ledger

Think of your general ledger as the foundation for all of your bookkeeping. It is here that you record debits and credits. It is important that these be in balance. If they aren’t balanced, it can impact your business’s financial statements in turn giving you inaccurate financial reports.

The accounts recorded in a general business ledger include:

  • Assets
    This account is for items that add value to your business. It can include physical items like vehicles and property as well as non-physical items like copyrights or trademarks.
  • Liabilities
    This account is for the debts your company owes. It can include money owed to a vendor, employee or government agency. Additional liabilities would be mortgages and loans.
  • Equity
    Equity can be determined by subtracting your total liabilities from your total assets. This is known as your net worth, net assets and owner’s equity.
  • Revenue
    This account is for your revenue earned from your business like sales profit. It is recorded as the amount of money your venture receives during a certain time period. Revenue can include monies earned from activities like renting a building the business owns.
  • Expenses
    This account is simply all of the costs associated with your business. It typically includes equipment, supplies, tent, utilities and more.

general ledgerWhat is a Secondary General Ledger?

A secondary general ledger is an additional ledger for the purpose of tracking alternative accounts. It can use a different accounting method from the primary general ledger. This is done to allow the classification of items to meet different reporting requirements, usually for state or federal agencies that have conflicting reporting rules. It will still have the revenue, expenses, liabilities, equity and assets, but the way that the computer categories each entry may be slightly different.

If that sounds daunting, this is a great reason to outsource your bookkeeping with Slaton Financial. We are trained and ready with the latest software needed to keep track of your general ledger and secondary ledger in a very efficient manner saving you and your business time and money.

How does your General Ledger affect Reporting?

Your general ledger for your business is the key facet in knowing the financial health of your company. Your general ledger must be in balance with all entries properly done. Many businesses choose to use a financial service business to make sure everything is accounted for and balanced.

Here are five main ways your balanced primary general ledger leads to correct reporting:

  • It creates an overall picture of the financial health of your business.
    The general ledger shows every single transaction the business undertakes.
  • It is the foundation for maintaining accuracy of all other financial accounts.
    The general ledger is where you get the data for your trading account, profit and loss statement.
  • It helps to manage company spending, putting you in a better financial position.
    The general ledger is a way to have accurate reporting on income and expenses. It allows you to trace what you are spending money on and make adjustments.
  • It helps to discourage and discover fraud.
    When you can easily trace your transactions, highlighting possible fraud and odd transactions are made easier. The best systems have all kinds of checks and balances to spot unusual activity which can prevent losses before they occur.
  • It makes your tax time reporting much easier.
    The general ledger should make tax calculations easier and more accurate.

Call Slaton Financial Today

At Slaton Financial Services, we have an expert staff that can handle your bookkeeping needs including your ledgers and all of your reporting as well. We stay up to date with changes in state and federal tax guidelines that are important to your company.

Call Slaton Financial Services today and let us take on the responsibility of your bookkeeping so you and your staff can focus all of your energy on moving your business onward to great success.

Accounts receivable vs payable

How Do Business Owners Handle Accounts Receivables vs. Payables?

One of the most important tasks in a business is making sure your bookkeeping is up to date and handled efficiently. One of the basics of bookkeeping is knowing how you will record accounts receivable vs. payables. Without this, you cannot stay in control of your finances knowing how much money you have made in the past or make any plans for the business’s future.

What are Accounts Receivable?

Account receivables (A/R), sometimes known as the customer’s ledger, keeps track of which customers owe your business and how much they owe for the good or services your company provided. The A/R ledger summarizes the current and outstanding accounts receivable for your company.

The details of the customer’s balance is not recorded in your general ledger. Instead, the A/R ledger accounts for each credit purchase including a date, description of the purchase and the amount owed. This ledger is also used to track payments then made on the accounts by customers. Accounts receivable is recorded on your balance sheet as a current asset, knowing the account balance is due in a year or less.

It is important to know all of your options regarding accounts receivable. This customer’s ledger can seem like a very simple concept, but there are many opportunities to bring more cash flow into your company by properly overseeing the AR account. This is a great example of how we at Slaton can help you assess ways to make sure your AR is up to date and bringing in monies that you need to run your business.

What are Accounts Payable?

When your company buys from a supplier on credit, the ledger used to record the transaction is known as the Accounts payable (A/P). These entries are recorded on your balance sheet under current liabilities with the knowledge that your company owes the debt.

Part of what an accounts payable department is responsible for is making payments for the incoming bills and invoices. Depending on the size of your business, accounts payable can be its own department responsible for vendor payments, business travel expenses, internal payments and much more. In a smaller business, accounts receivable and payable are typically combined.

An important aspect of accounts payable is working to reduce costs by paying attention to details and making an effort to save your business money. This can be done through making payments during a discount period or through solid relationships built with your company’s vendors.

Slaton cares about our Texas Neighbors and their Bookkeeping!

At Slaton Financial Services, we have an expert staff that can handle your bookkeeping needs including accounts receivables and accounts payables. As a Texas company, 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 small business or venture.

payroll process

Five Benefits of Outsourcing Payroll for your North Texas Business

No matter what business you choose to be in, one factor will remain the same: the payroll process. This begins when you hire your first employee. You must pay them based on the hours they worked according to their pay rate for each pay period. In addition you need to know what to withhold for state and federal taxes, insurance and unemployment.

Whether your Dallas area business is small, mid-sized or a corporation, you will have to attend to the payroll process. This is where Slaton Financial Services can save you time and money along with giving you peace of mind. We can ensure accuracy and oversight of every paycheck with North Texas payroll processing services provided by our certified payroll experts.

How Does Outsourcing Payroll Save Time?

Whether you have a few paid workers or several hundred employees, payroll demands take a lot of time and attention to detail. Someone must put in major amounts of data, double checking for mistakes, for pay period after pay period. The work must include being up to date on all federal and state payroll regulations.

If you look at bookkeeping certification courses, you’ll see that they require years of work in payroll processing before being eligible to apply for certification. Most managers and owners don’t have time for this training. There’s a lot to learn, like keeping track of benefit deductions, garnishments, new hires and terminations, time off as well as state and federal regulation changes.

Outsourcing the payroll process in Dallas TX immediately frees up time for the business owner and staff. It also leaves the work to the professionals whose job it is to keep track of all of the current state and federal regulations.

outsourcing payrollCan Outsourcing Your Company Payroll Save Money

The costs of processing payroll can be hefty especially for a small-to-medium-sized business in Dallas TX. Your employees can spend many work hours on calculating payroll, training and support, keeping up with changing in tax laws, preparing and remitting payroll taxes and returns, w-2’s, new hire reporting and much more.

When you figure out how many work hours your staff are giving to payroll activities, it is easy to see that outsourcing can be the way to go. If you, as a North Texas business owner, are trying to do it all yourself, the cost to your business is even bigger!

Outsourcing payroll means you don’t have to pay employees for all of the work not dedicated to growing your business. You also don’t have to be concerned about your payroll department being out or taking a leave of absence. Outsourcing payroll saves your business money.

How Can You Secure Your Payroll Process

Unfortunately the payroll process poses potential risks for any company. There is the risk of employees tampering with company files. There is the concern of how safe or secure your payroll data is on the company’s server. Also, how well is the North Texas business payroll supervised to make sure there are no unethical activities?

Outsourcing the payroll process can give you security and peace of mind. Slaton has technologies that can highlight varied types of issues including payroll fraud. Our payroll solutions provide a confidential place for your complete payroll data including effective backup and multiple servers. You will be able to rest knowing the payroll process and your data is completely secure. We can even help you with payroll and timekeeping.

Outsourcing Payroll provides your own Team of Experts

Do you have time to research and study the ever changing regulations, government forms and withholding rates? There are many sources to go to like the Texas Workforce Commision, but how do you decide what source to trust and how to keep up with all the state and federal regulations?

By outsourcing payroll, you can take advantage of a team of experts whose job it is to keep up with all of the regulations as well as handle multiple areas of payroll and human resources. Despite many challenges, your payroll must be accurate. Let us keep up with all of the North Texas payroll processing variables.

An Expert Payroll Process Avoids IRS Penalties and Errors

Penalties for errors with payroll tax filings can be expensive. According to the Internal Revenue Services, 40 percent of small businesses pay penalties averaging around $900 per year for incorrect or late filings and payments. These errors can lead to audits and further penalties, nothing any business wants to have to handle.

Professional payroll providers must stay on top of the rules, regulations and requirements of the IRS. They are much less likely to make costly errors than an in house payroll staff. By outsourcing payroll, you have a team of experts dedicated to keeping your payroll accounts accurate and error free.

Contact Slaton Financial Services for Payroll Processing

Due to the numerous benefits, many businesses outsource their payroll processing. At Slaton, our team handles payroll processing in addition to tax services, human resources, and scheduling help for businesses in Dallas, TX.

Our company has been in business almost 40 years, and our expert staff has over 100 years of combined experience in accounting and bookkeeping. Our efforts will ensure each employee’s paycheck is done correctly every time.

If you need a payroll company that you can trust, please contact us. Our affordable financial services will save you time and money while giving you peace of mind to focus on other important aspects of your business. Call Slaton Financial at 214-343-0642 or contact us online for more information.

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 your time 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.