Why should you pay attention to the new overtime rules coming January 1, 2025? In July, the Department of Labor changed the overtime threshold from 35,568 dollars to 43,888 dollars. Here is why this is important: Before July 1, 2024, employees who made less than 35,568 dollars were entitled to overtime pay but with stipulations…
For small business owners, managing payroll is often more daunting than it appears. While payroll providers like ADP and Gusto offer robust software solutions, they barely scratch the surface of the complexities involved in payroll management. From entering employee data to responding to state notices and ensuring compliance with evolving regulations, the workload is substantial…
Updated:Oct 9, 2023 In today’s interconnected digital landscape, small businesses are increasingly becoming targets for cyber attacks. Only a few years ago,37 percent of companies attacked had less than 100 employees (StrongDM). The potential loss or compromise of confidential information can have severe consequences, including financial loss, reputational damage, and legal liabilities. Therefore, it is…
As a small business owner, choosing between accrual and cash basis accounting can be a critical decision that can impact your company’s financial performance and long-term growth. Accrual and cash basis accounting are the two main methods of accounting that businesses use to record transactions and manage their finances. The cash basis accounting method records…
Updated: Sep 27, 2023 Here are some year-end checklist items to ensure you have a successful transition to 2024. We know it is already the end of the year. Yikes! Time comes at a premium during the holiday season. The end of the year brings chaos as everyone scrambles to get organized. Many are stressed…
Automation is a relentless pursuit. It forces us to reinvent ourselves periodically, moving on to more valuable work for our clients all the time. At Primetrics, this is part of our ethos. We are reviewing the next generation of automation tools in accounting to help lay the foundation for leveraging said tools for our customers.How…
Updated:Feb 7, 2023 How can I calculate benefits costs to add to a budget/forecast? I want to offer these benefits but I am unsure of the price. A topic of interest in an interview is always what benefits your company has to offer. Believe it or not, this can be a make-or-break situation whether someone…