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I think the disconnect occurs during our planning phase. We plan for major business events such as the initial start up, the funding, the marketing, and even performing the service. It feels great to pull this all together into one neatly packaged profile, but let’s not forget the very service or product that we provide to others, we should also provide to ourselves. Let’s face it, the reason most of us went into business was to have the freedom and flexibility of expressing our creative selves. Who better to benefit from that creativity than yourself? Think of it from this perspective, when you are happy and fulfilled because of the realization and actualization of your potential, that positive energy will flow outward towards all who are ready and willing to receive it. You’re able to give your best because you’ve had firsthand experience with the most important element; YOU!

Explore ways to enhance your business by providing to yourself the very service that you give. Don’t think of it as selfish, but instead as self-ful. Even if you can’t provide it directly, find ways to get the help that you need by outsourcing. You’ll find that when your needs are being met, you’re in a better position to meet the needs of others.

Partnering for your success!
Jacqueline E. Williams
Financial Strategist

For instance, one of the number one rules of personal financial management is to save at least 6 to 8 months of living expenses in an emergency fund. With the current level of job losses reported each month, now is the time to be able to tap into that emergency fund. The truth is that the majority of us are about 2 paychecks away from poverty. So what happened to that emergency fund? I’ll tell you, nothing. Nothing was saved or even considered, because the typical mentality is to spend now and worry about emergencies later. Well I’m here to tell you that emergencies do come, and when they do, they come harder than expected. I guess you could call this the ultimate procrastination. We wait until the last minute or until the problem spirals out of control. What’s happening in the economy is a revelation to us all. The economy has been managed like our own households; spending lavishly on goods and services that have no permanent value in our lives. We enjoy the momentum of wealth as long as we don’t have to be held accountable for its origins. Our habits must change in order to make a difference. Don’t get me wrong, I am just as sympathetic with the next person about the financial challenges many households are facing. However, I do realize that even with our limited resources, we can still make a difference by changing our spending habits. Create that emergency fund now. Every little bit counts. Even If you’re receiving unemployment, take some of the funds and put aside in a separate account for future use. Most importantly, don’t touch those funds. Treat it the same as when you borrow from a retirement fund. Pay yourself back an additional 10% for borrowing funds from the account.

What I’ve decided to do is summarize five of the most popular financial suggestions that many of us are familiar with. It helps to see these suggestions repeated, because repetition brings about a change in habit.

1.    Pull all your financial skeletons out of the closet. All those past due accounts, turn off notices, judgments, etc. Next, create a spreadsheet of all your expenses separating them into categories such as household, vacation, education, etc. Compare this to your income to determine your status. From this create your budget and stick to it.
2.    As I mentioned earlier, put away 6-8 months of your earnings into a savings account to build your emergency fund. Do not invest this money into risky ventures like the stock market. This money should be immediately available to you at no cost.
3.    Live below your means.  If you’re a two earner income family, get into the habit of living entirely on one contributors income. I know, it sounds a bit outrageous to pull this off, but you’ll be surprised when you realize that the majority of your purchases are “wants” and not “needs”.
4.    Find unique ways to save money. For instance if you have cable TV consider canceling the service and signing up for Netflix. You can save about $50-$100 per month.
5.    Get started today. Procrastination doesn’t serve any of us at this point.
Taking care of your financial profile is your responsibility. Not the government, not your employer, not your financial adviser, it’s yours. Take back your life and create a new financial future!

Partnering for your financial future
Jacqueline E. Williams
Financial Strategist

Certified Payroll exists when contractors and subcontractors perform work on federally financed or assisted construction contracts. The Copeland Act (40 U.S.C. § 3145) requires these contractors to “furnish weekly a statement with respect to the wages paid each employee during the preceding week.” U.S. Department of require contractors to submit weekly a copy of all payrolls to the Federal agency contracting for or financing the construction project, accompanied by a signed “Statement of Compliance” indicating that the payrolls are correct and complete and that each laborer or mechanic has been paid not less than the proper Davis-Bacon prevailing wage rate for the work performed. Okay, that’s a mouthful; however, this is what the typical contractor deals with on a weekly basis when handling this special type of payroll. The good news is that this process can be automated with the proper software package.

The software of choice for my business and my clients has been Quick Books. Quick Books already comes with features that handle payroll, but even better, there are software packages out there on the market that integrates with Quick Books for various purposes. One of those purposes is certified payroll. Currently there exist several add-ons that streamlines the whole process of downloading payroll data into modules that will generate this government required certified payroll report. If you have ever had the privilege of completing certified payroll reports, then you know how time consuming it can be, especially when you have workers who are spread across various jobs during different periods. Depending upon the job and the hours performed on each, you may have to prorate that time at different wage rates. This involves numerous calculations. In addition, if you are reporting for union workers, we’re talking about more complications. Integrative software such as Sunburst Certified Payroll Solution or Quantum Certified Payroll Project Manager will assist in collecting the weekly time and wage data needed to complete the report. These programs are designed to import all job specific information from Quick Books directly into its program. Once the data is culminated, reports can be generated that are in a format which complies with governmental standards. The key features of these programs will not only save you time but will allow you to become more efficient so that you can concentrate on your business instead of the paperwork.

Automation is the key, and it’s best that you take full advantage of it to stay competitive in this market. The money you spend today on one of these programs today will save you valuable time and money in the long run.

Partnering for your success
Jacqueline E.  Williams
Financial Strategist

First, you can be proactive by educating yourself on payroll processing and handling it yourself (and by the way it’s more than just cutting a check to an employee).

Second you can outsource the entire function.

Or third, you can keep the easier components in house, and outsource the difficult parts, such as the payment of payroll taxes and filing of reports.

Whatever method you decide to use, it’s best to prepare yourself up front by making sure that you have all pertinent information in each employee’s file. Information such as; name, address, hire date, employee status, birth date, social security or tax id number, means of contact, form I-9, age certificates and state exemption certificates. Your best course of action is to have a completed employee information sheet with all this data in the front of their file. In addition, make sure that you also have a completed W-4 form. The average employee doesn’t understand how to accurately complete one of these, that’s why it’s not only necessary to include the instruction sheet, but to also review the form carefully before including the data in the employee records. Remember, it’s the employee’s responsibility to determine the amount of withholding s to report on form W-4, not the employer. The employer only provides assistance in the completion of the form.

One of the most important components of payroll processing is making sure that your worker is properly classified. Time and time again, I’ve counseled business owners on the difference between employee and independent contractors. Many are determined to take the Independent contractor route because of the benefit of not having to pay payroll taxes. However, the IRS has very stringent rules concerning this classification. Independent contractors are workers who are in control of how and when their work is performed. They are also responsible for the payment of any related federal and local taxes on their earning. On the other hand, employees are under the control of the employer, and the employer is responsible for the submission and payment of any related payroll taxes. The consequences of mis-classification can be costly. Therefore, it’s to your benefit to make sure that you determine this relationship before making any payments to the party involved. Create a questionnaire. This should help to make the process a lot easier.

So as you see, the ease of the process comes with the collection of data. It’s all in the initial set up that determines your success in having a decent payroll experience.

Partnering for your success!
Jacqueline Williams
Financial Strategist