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.

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.

timekeeping

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.

Eight Reasons You May Need Professional Bookkeeping Dallas Texas

As a company grows, there becomes a need to look outside the organization for bookkeeping Dallas Texas.  This happens for a variety of reasons.  Recognizing the need for outside help is a good step toward financial security.  There are five main reasons that our accurate bookkeeping solutions are easier and smarter for a business or organization.

  1. The Owner Needs to Focus
    Often a small business starts out with key personnel handling all essential duties.  Whether it’s the owner or employees, the job gets difficult. They need to attend to more important business growth issues, but they are stuck worrying about the books.  Wouldn’t it be better to attend to financing, sales strategies, and marketing?
  2. Expertise is Needed
    A full-time, fully trained bookkeeper is an extravagance for many organizations.  This can lead to mistakes in bookkeeping that are costly.  Businesses can’t afford financial errors, especially at tax time.
  3. Hiring Difficulties
    For those companies that do hire a bookkeeper, they may find that the pool of talent is limited. This isn’t due to a lack of applicants necessarily, but it is due to the fact that it takes a good salary to hire a true professional.
  4. Reduce Overhead Without Sacrificing Quality
    To make your bookkeeping budget count, you can get a higher degree of accuracy and responsiveness with Slaton Financial Services.  Your business can have a team of bookkeepers ready to work on your account.  You only pay for the help you get.  That helps you save on overhead costs such as employee benefits and training.
  5. Ready on Day One
    Training a bookkeeper can be time-consuming.  This is especially true if your old bookkeeper has already left.  When you trust Slaton, you’ll find that our staff is ready on day one.  There’s not much downtime because we are already up to speed on what’s needed for accurate bookkeeping.
  6. Maintaining Continuity
    Employees come and go from a business. If you lose your bookkeeper or payroll administrator, you may be scrambling to find someone new. Fortunately, you will find stability with us. Slaton Financial’s large bookkeeping department will keep a handle on your books.  Our team works together on tasks. If one person were to leave, someone else on our team will have the knowledge and expertise to carry on.
  7. Outside Oversight
    By having an outside agency oversee your bookkeeping, you’ll have a fresh set of eyes on the bottom line.  Our advice has no agenda. We are just crunching the numbers.
  8. Proper Management
    Your business deserves someone who is highly capable.  Slaton Financial Services has been providing bookkeeping services for decades. Our staff knows all of the ins and outs.  We know how to avoid common pitfalls.

You can expect timely and accurate reports. Our staff is always open to information requests from our clients. It is our job to keep our clients informed about their finances.

We provide bank statement reconciliation, balance sheets, retained earnings statements, quarterly tax reports and cash flow statements.  You’ll have access to a detailed general ledger. Performance graphs can show you information at a glance.

Put your books in good hands. Talk to the staff at Slaton Financial Services.

Bookkeeper vs CPA Dallas TX: Which Do You Need?

Our firm is often asked to explain the Dallas CPA vs bookkeeper difference.  These professionals can perform some of the same functions. While CPAs are more specialized, bookkeepers are doing the day-to-day financial tasks needed to run a business.   Here’s a bookkeeper vs CPA comparison to help you determine which professional service you need.

Bookkeeping vs Accounting

Bookkeeping is the day-to-day math that businesses must do to stay solvent.  It involves sales and purchases.  At Slaton Financial Services, our skilled bookkeepers handle many different types of businesses and organizations. Bookkeeping is essential to our clients whether they have thousands or millions pass through their hands each month.  This is a form of accounting, but it is not so specialized that it requires an advanced degree.

Certified Public Accountants step in to perform audits.  These can be done on a quarterly, bi-yearly or yearly basis. Often audits are requested for specific reasons.  For instance, the books may audited by Dallas CPAs if the company needs a loan or is up for sale. We’re happy to say that two of our clients have done so well that their private companies went public.  Their books were turned over to the banks without the need for additional auditing.

CPAs can perform bookkeeping tasks, but the price is higher.  Since a CPA is only needed occassionally for an audit, it isn’t necessary to pay a higher price for basic financial services.  It is less expensive to pay directly for bookkeepers than for CPAs who will probably use bookkeepers to do much of the work.

How Slaton Bookkeeping Helps Dallas Area Clients

Our bookkeepers have years of experience in the field. They spend their time dealing with invoices and deposits. However, it’s their knowledge of the business or organization that is truly valuable.  They keep tabs on the operation, alerting owners to any surprises.

Each day they make sure that expense categories are noted for new transactions.  They watch the bank account and credit card accounts, making sure that transactions match up. Under the client’s direction, our bookkeepers pay invoices and make credit card payments.  In addition, they note the payer and expense category for miscellaneous expenditures by check, credit card or debit.

Monthly statements are reconciled to ensure accuracy.  Reports are generated to keep management informed.  Expense categories help owners discover places where they can save or areas where they need to spend. As the Small Business Administration suggests, this data helps you do a cost-benefit analysis when making decisions.

In addition, our firm offers payroll services.  Each employee’s paycheck is generated weekly, biweekly or monthly.  Federal and state taxes are calculated and withheld in keeping with current tax law.  At the end of the year, W2s and 1099s are ready when employees need them.  Each month we provide our clients with an Excel file, ensuring that they have the same information that we do.

If you aren’t sure whether you need a Dallas CPA or a bookkeeper, talk to Bryan Slaton and his team at Slaton Financial Services. We’ll be straight with you about what we do and how we can help your business grow.

MyPayrollHR Clients Left Without Payroll Processing Money

MyPayrollHR, a national payroll company, has shut down unexpectedly. More than 250,000 employees across the country have seen their paychecks disappear.  Over 4,000 companies used MyPayroll HR rather than a local firm.

This is causing a stir in the financial services industry, especially among local payroll providers. We’d like to assure our clients that Slaton Financial Services has no association with this company.  Managers can trust us with their payroll company responsibilities.

The Problem with MyPayrollHR

In one stroke, MyPayrollHR appears to have moved $26 million of its clients’ money into its own account.  Money was transferred to an unknown account at Pioneer Bank.  Employees received their paychecks only to have their paychecks suddenly taken back, according to CBS News.

Cachet, a California-based company that processes for MyPayroll HR, mistakenly withdrew the amount twice.  Some employees lost even more.  Cachet has stated that it will refund money that was mistakenly withdrawn.  However, that isn’t correcting the bigger issue caused by what appears to be theft by someone who worked for MyPayrollHR.

The Federal Bureau of Investigation has already stepped in to investigate this crisis.  Since the company is headquartered in New York, it is being investigated by the State Department of Financial Services and the State Department of Labor.  Nacha, the national organization which oversees direct deposits, is also investigating.

MyPayrollHR and its parent company ValueWise are shuttered.  The website and Facebook page have quit functioning.

Slaton Payroll Processing is Different

Understandably, many small businesses contract out their bookkeeping and payroll.  At Slaton, our team handles payroll processing in addition to tax services, human resources, and scheduling help for small businesses in Dallas, TX.

Our company has been in business more than 38 years, and our talented staff has over 100 years of combined experience in accounting and bookkeeping.  Experts at tax policy, our firm handles withholding for income taxes,  Social Security and Medicare.  We handle checks and direct deposits as well as cash card payments.  Our efforts ensure each employee’s paycheck is done correctly every time.

If you need a payroll company that you can trust, please feel free to contact us.  Our affordable financial services will provide you peace of mind.