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Payroll Management Tips

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When it comes to an employer’s responsibility for non-exempt workers, according to the U.S. Department of Labor, there are many requirements businesses must follow related to payroll. In one example, there are strict regulations on what information employers must document for each non-exempt worker. While there’s no requirement on how the information is recorded, there are three main categories. Personal details: This should include the employee’s name, complete address, Social Security number, date of birth and gender. Job details: This must include the worker’s job description and hours clocked in each day and week. Pay details: The employee’s hourly wage based on straight time, and how employees are compensated –… Read More

Understanding and Applying Accounting Reports and Ratios

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When it comes to tracking incoming sales and outgoing expenses, there are many ways businesses can keep up with their invoices and implement strategies to reduce the time they spend on unpaid sales. Accounts Receivable Turnover Ratio Simply defined, the accounts receivable turnover ratio is a way of showing what percent of a company’s receivables or invoices are paid by clients.  The U.S. Small Business Administration explains this ratio is determined by “dividing average accounts receivable by sales.” Determining average accounts receivable is done by adding the beginning and ending figures — be it a month, quarter or year, then dividing by 2. Determining the sales figure is calculated by… Read More

How to Value and Sell a Website Effectively

Whether a business owner wants to sell a website or he has been approached by an individual expressing interest in purchasing it, understanding what it’s worth is essential to a fair sale for everyone involved. Initial Factors  To determine what a website is worth to a potential buyer, it needs to undergo a performance review. Evaluation factors can include looking at the number of sales the website has generated over the past year compared to previous years or other competitors. Additional considerations include how much the website is used to gain new customers relative to other sales channels, such as in-person and cold sales calls or in-bound customer calls.   Valuing… Read More