Human resources

Importance of Human Resources to your Successful Business

The role of human resources has changed over the last 25 years becoming much more than an administrative department. It is a key component in creating your company culture or environment and keeping employees engaged and informed. The HR department is also responsible for making sure a business follows the changing guidelines for employees like the employee rights and guidelines outlined by the Texas Workforce Commission.

In larger companies, HR managers coordinate the administrative functions of a business. This includes interviewing and hiring of employees. On a day to day basis they serve as a liaison between employees and management. The role is very important and the responsibilities grow when the staff and business grow.

Many businesses choose to outsource some of the administrative functions of their HR department. At Slaton Financial, we offer helpful HR services. We can provide clear guidelines for your management team and instructive guidelines for your employees. Here are a few of the ways that human resources has changed in recent years.

Positive Environment

All employees should feel that they have a share in the success of your company. A positive workplace culture motivates employees to be productive and helps them enjoy coming to work each day.

Many studies have shown that a workplace will not thrive without enough HR support. Human resources plays an essential role in employee satisfaction and productivity. Yet small businesses often cannot afford to fund this department and must make do without even one full time HR professional.

Effective Onboarding

Starting a new employee off well during the onboarding process can help the HR department ensure that the employee will be engaged and productive. Designing what an employee does from their first day to orient to the company and what they read, like a company handbook, will go a long way toward acclimating them to your workplace culture. For company handbooks and other materials, Slaton offers customizable HR materials that you can update whenever you need them.

compensation and benefitsEmployee Support

The difference between a middling HR department and a great one can be seen in the amount of employee support it provides. When employees feel supported to set goals and succeed, everyone benefits. This can be achieved through meaningful conflict resolution, a wellness incentive program or team building activities that boost morale. An HR manager and the HR department should be a place where employees are welcomed and encouraged.

Financial Impact

An HR department can have a strong impact on the productivity and success of your business. They work to make sure an employee is a good fit for their position and is operating at a highly productive level. This also means that the department is responsible for keeping employees invested so there is not a high turnover rate resulting in wasted time onboarding more employees than would otherwise have been necessary. Human resources is also the department which recommends training programs and incentives for employees to gain skill and knowledge making them a more competent worker.

With Slaton Financial, Human Resource support is Affordable

If you allow us to handle some of the administrative responsibilities for HR like scheduling, communication and payroll, your team will be able to focus on the supportive aspects of human resources. Our HR services are affordable and scalable with a regular and an advanced plan. Call us today and let us help you with your human resource needs so you can focus on what matters to you, growing a successful business for both you and your employees.

 

 

 

 

bookkeeping

How To Run A Business: Bookkeeping

Bookkeeping is a necessity for a business at the very start. Even if you are the only employee selling a product or service, you have to have accurate accounting to know whether you are losing money or making it.

About half of all small businesses across the country outsource either part of or all of their bookkeeping. Many find this is more economical than hiring a bookkeeper whose earnings range from $35,700 to $50,050 annually with certified bookkeepers making 10 percent more. Whether you choose to do the bookkeeping, hire a certified bookkeeper or choose to outsource with Slaton Financial Services, it is good to know the basics.

Bookkeeping vs. Accounting

A bookkeeper is depended on to keep accurate records of all business transactions. They send invoices, manage accounts, pay bills, conduct bank activity and prepare financial documents. This work is the foundation for the accounting process which examines the data and produces overviews to help with budget planning and forecasting.

Bookkeeping is a skill that takes practice to learn. The University of Texas offers an online certified bookkeeper course for national certification. You cannot even begin the course without two years of bookkeeping experience.

Attention to Detail

Records are not helpful to your business unless they are accurate. Finance records have to be kept meticulously on a regular basis. It is easy to get behind or bogged down when you are focusing on other aspects of your business. The only way to know the true financial health of your company is through accurate bookkeeping.

Accounts

Setting up accounts for your business in order to record transactions is necessary to begin the bookkeeping process. All businesses do not have the exact same accounts, but there are some accounts that all businesses will have for proper bookkeeping.

The basic accounts which businesses will have in common are the following:

  • Expenses – Money that is used to pay for items or services like payroll or rent.
  • Revenues – Money that is earned by your business through sales or a service.
  • Assets – Resources owned by the business like inventory or property.
  • Liabilities – Debts owed by the business like a property loan.
  • Equity – When liabilities are subtracted from the assets, you are left with equity like stock or retained earnings.

Bookkeeping Method

When setting up a business you will need to decide whether you will use single entry or double entry bookkeeping. Single entry bookkeeping is similar to keeping a checkbook. Each transaction is one entry. However, it still requires a two-column ledger. The two columns trace either income or expenses. Single entry cannot be used for a balance sheet or for tracking assets and liabilities.

Double entry bookkeeping has two columns for each account and each transaction is recorded in two accounts. Two entries are made placing a debit in one account and a credit in the other. All money must be accounted for so that the total amount of the entries balance. Double entry bookkeeping shows a true financial picture of the company’s finances relying on the accounting equation: Assets = Liabilities + Equity.

Most companies use double entry bookkeeping which is more versatile and allows for a balance sheet and tracking. Businesses must follow the accounting rules and regulations of generally accepted accounting principles (GAAP) which are used by public companies, private companies, non-profits, as well as state and local governments.

Reports

When your bookkeeping is accurate and balanced, you can use reports to ascertain an accurate picture of your business’s financial health. The reports typically created by a bookkeeper or by Slaton Financial, if you choose to outsource, are the following:

  • Profit and Loss Statement – This income statement shows your company’s revenues, costs and expenses for a certain period of time. This helps you make decisions about the next quarter while having an accurate view of your sales and expenses.
  • Cash Flow Statement – This report simply shows where your company is earning money and where it is spending money. With this statement, you are able to quickly determine your ability to pay debts that are owed.
  • Balance Sheet – This is used to see a snapshot of your assets, liabilities and equity during a certain time period. This gives you an overview of the financial health of your business and helps in making decisions for the next quarter or upcoming year.

Local Bookkeeping Services from Slaton Financial

When you contact us regarding outsourcing, we can help you make your decision! We have an expert Texas staff that can provide answers to your questions and take on the work of your bookkeeping needs. We keep up with any changes in state and federal tax guidelines so you won’t have to be sidetracked. We will be honored if you choose us to do your bookkeeping knowing that we are helping one of our very own in the north Texas community!

Call Slaton Financial Services today and let us take on the daily upkeep of your bookkeeping so you do what you care most about – growing a successful business for you and for your employees.

 

 

background check

Does Your Business Have a Reliable Way to Handle Background Checks?

Background checks are used for a variety of reasons. For many companies, it is the final step before hiring a candidate. It has been proven to be a dependable way to verify statements made by interviewees during the interviewing process. The U.S. government has detailed information on the types and importance of background checks.

It is important for businesses to know they are hiring safe workers with a good reputation, legal workers and honest workers whose statements match what is found in the background check. Hiring an illegal worker can cause companies to be fined by the U.S. government and hiring someone with a history of work issues could lead to a disruption of the pleasant work environment you worked hard to create.

Different Types of Background Checks are Needed for Different Job Types

At Slaton Financial Services, we partner with National Crime Search (NCS) to provide background checks. This is another way we seek to supplement what your human resources professionals have the time and resources to do. NCS has an A-plus rating and is a member of the Better Business Bureau.

The type of check can vary from local checks for hourly workers, driver drug tests, professional licensing checks or deep background checks. Nonprofits like charities and schools typically do volunteer background checks while landlords or property managers opt for tenant screenings.

As an employer, you need a system for checking your employees and possible hires. We provide affordable access to both background checks and drug tests.

Varied types of background checks include:

  • Education & Employment Verifications – This check is used by companies to confirm the education, training, or certification of candidates and to highlight any inconsistencies.
  • County Criminal History Searches – These searches should date back at least seven years and are conducted in the county where the potential employee lives.
  • Healthcare Industry Licensing Verification – Many health care organizations try to verify a health care professional’s credentials during the initial screening process. Hiring an unlicensed health worker can lead to fines and much worse, poor patient care.
  • International Screening – These checks may be used to screen possible employees who live outside of the country or who worked, lived or attended schools in another country.
  • Motor Vehicle Reports – This is usually a part of a typical background check and it details whether a candidate has driven under the influence, incurred tickets or traffic violations.
  • Sex Offender Searches – The National Sex Offender Public Website allows a search of the entire country’s sex offender registries. This includes the name, address, criminal history and physical appearance of the offender.
  • Social Media Searches – Statistically over half of employers in the U.S. search a candidate’s social media looking for a professional online appearance and even read what other people say about the candidate.
  • Social Security Number Validation – This check enables employers to check the candidates name and social security number with the official Social Security records.

employees background checkBackground checks can expose a lot about a possible candidate helping an employer prevent possible problems that may come from hiring less than truthful applicants. Depending on the type of business you own, you will want to make a plan for what combination of background checks are needed for your company.

You can use checks to determine educational inconsistencies, bad credit practices, poor driving records, false information on employment and criminal history. With our system, there is no fee until you use it. You can control costs by only paying for services you use and yet have the confidence of a professional system that works efficiently and thoroughly on your behalf.

Click here to learn more about a system of background checks that meet the needs of your company. We are sure better background checks will give you confidence as you hire new employees.

 

employee scheduling

How To Run A Business: Employee Scheduling

Opening a business will lead to many operations over time as your company grows. After hiring your very first worker you enter the world of human resources which includes vetting, training, paying, employee scheduling and more. Everything employee-related falls under human resources.

Employee Scheduling and An Efficient Operation

Managing employees takes a varied skill set including being a good listener, knowing your teams strengths and weaknesses, and having the ability to motivate. Employee scheduling can be a make it or break it area for your business. You want your team to feel valued even in the scheduling process, leading to an enjoyable work environment for all.

An efficient employee schedule is necessary to operate a successful business. Your employees’ productivity will suffer along with morale when there is not a proper schedule created for them. No matter the size of your business, employee scheduling should be a top priority.

Businesses have to keep up with employee regulations and be up-to-date on all of the federal and state labor laws and tax laws. The Office of the Governor’s website lays out information regarding employees including protections afforded them in the state of Texas.

Whether you choose to hire an experienced manager or choose to outsource with help from Slaton Financial Services, it is good to know basic employee scheduling techniques and strategies.

Proper Management of Employee Attendance

A business cannot have a good flow to operations without a well crafted employee schedule. If employees know their work hours, where they are supposed to be and the work they are assigned to do, it will lead to better productivity and employee satisfaction.

Employee attendance is a common problem within many businesses. Keeping a well-planned schedule allows the management to know exactly when and where an employee will be at any given day and time. This allows management to track issues and handle problems that may arise with tardiness, attendance or personal leave.

Planning for Shift Changes, Balance, and Overtime

If there are conflicts or errors in your employee scheduling, it can lead to a chaotic work environment. Imagine this for a business that is open 24 hours a day or one that has peak hours when the company is overrun with customers. This is why schedules must be well planned and error free. Management must know who their most experienced and efficient employees are when scheduling. It is also important to be transparent with your employees so that no one appears to be receiving preferential treatment regarding shifts.

Assigning new workers or inexperienced people together on a shift can be stressful to both the employees and to your customers. It is important to schedule supervisors, experienced employees and new employees across the shifts in order to make sure your business runs smoothly.

For many companies, overtime is a part of scheduling that has to be dealt with on a regular basis. With an efficient scheduling system, you will be able to assign overtime hours and keep track of it as well. Keeping track of it is key to determining the accuracy of the salary or hourly wage paid to your employees. Slaton Financial has many related services, including payroll processing.

Fair Policy for Employee Schedules

Just as scheduling should be transparent, it should also be fair. All employees should be treated the same regarding time off and leave. The system should be mapped out ahead of time whether it goes on a first come, first serve basis or seniority. When outsourcing scheduling, you can look at reports we provide to help assign time off accordingly.

Employees will be happier overall if their schedules are planned in advance by at least two weeks. This gives them time to plan social events, doctors appointments and other commitments without it conflicting with their work schedule. It is also helpful to post available hours in advance giving employees the opportunity to add hours or change their schedule.

Scheduling has to take into consideration peak times of business, seasonal changes and special events. Knowing this about the city where your business is located will give you the information needed to adapt the schedule according to business demands due to the possibility of more customers.

One big advantage of outsourcing employee scheduling to Slaton is having the confidence we are keeping track of all federal, state and local laws for employee work hours and the time off required between shifts. There are a number of professions that require a particular amount of time off before they can return to duty like nursing, drivers and pharmacists.

Whether employee scheduling is done by a single business owner, a competent manager or outsourced to a service like Slaton Financial, it is critical to building a successful business. Allowing workers to be a part of the process while making it transparent with the same allowances for all will lead to a positive work environment for you and your employees.

Click herehttps://slatonfs.com/services/scheduling to find out how we can serve you in preparing an efficient employee schedule that will keep your business running smoothly.

 

 

 

 

tax services

Five Benefits of Outsourcing Tax Services for Your North Texas Business

Take a look at the recommended reading by the Internal Revenue Service in the small business tax guide then opt to read about large business guides. It will become abundantly clear that preparation for taxes is complex no matter the size of your business.

At Slaton, we get to know your business needs so that we can provide long term support for your goals. Our expert team handles both tax preparation and long-range planning. Here are a few reasons to consider allowing us to provide tax services for your Texas business.

Save Time

The average tax filer spends over 13 hours on their tax return. Filing a complex return for a small business will take much more effort and time. Using tax services like ours can save you time when you let us do the heavy lifting for your tax preparation. This allows you to keep spending your hours on what matters to you most – making your business a success.

taxLet the Pros Do The Work

Businesses aren’t just concerned with federal or state income taxes for the business itself. They also must deal with income tax withholding and reporting, healthcare reporting, and more. Adding to that pile, new tax laws are put into effect each year. It is hard to keep up with the regulations, especially when they keep changing.

At Slaton, we stay up to date on all tax laws and mandates so you don’t have to be an expert. Let our experts work for you. You can trust Slaton with your taxes, payroll, bookkeeping and many other business services.

Save Money

Allowing us to do your tax preparation and filing will not only save you hours of time, but it also will save you real money. Our tax experts know all of the deductions your business qualifies for in addition to what in your business expenses are tax deductible. Using our tax services will not only save you money, it can also balance the cost of paying us as we work to find deductions and credits for your business.

Limit Costly Errors

The most common error on tax returns annually is math miscalculations. Whether big or small, math errors cause a return to be incorrect. This can leave your business on the hook for extra taxes, fees and interest. More serious errors like failing to report income can lead to large fines and possible prosecution.

Plan Ahead

Allow us to help you see the big picture when it comes to your taxes. What you pay this year will affect what you owe in the next year and impact how you plan for your business and expenses. We want your North Texas Business to be successful and that includes tax planning, preparation and filing.

Contact Us

Businesses save money and time when they have the right partner for tax services. At Slaton Financial, we are an ally for your business and your bottom line. Tax compliance and consulting are incorporated into our tax preparation services. We have helped businesses of all sizes. You can trust Slaton Financial Services with your tax needs. Call us for a consultation today!

 

 

 

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.