A salary is more than monetary compensation from an employer. Benefits, such as health insurance and 401(k) contributions , should to be factored into an employee’s annual salary, because they’re both costly and automatic. Perks that go beyond salary and guaranteed benefits speak to your company’s culture, so it’s important to know the difference between a perk and a benefit.
We’ve now automated our integration with Wageworks, to enable self-service pre-tax transit and parking benefits for the Justworks community! Since announcing these transit benefits a few months ago, we’ve improved the experience, allowing you to sign up and access them straight from your Justworks dashboard.
How Commuter Benefits Help Your Employees, and Your Company
Offering benefits like 401(k) and pre-tax commuter products can incur little cost to your company, while reducing an employee’s bill significantly, and making them feel happy and taken care of. By using pre-tax income, your employees can save up to 40% on their transit purchases. To automate your workflow, Justworks has made this offering self-serve, so that you can essentially “set it and forget it.”
In today’s competitive job market, employers need to be attractive to employees, just as potential hires must appeal to employers. Financial compensation is an important part of attracting great talent. However, more and more business owners are attracting job candidates by offering comprehensive benefits as well. This form of compensation can be extraordinarily valuable, because employers are able to offer group benefits that aren’t directly accessible to individuals.
Why Offer Benefits Over Cash?
Cash is often a new company’s most precious resource. Improving cash flow can mean the difference between success and failure. Offering benefits like 401(k) and pre-tax commuter products can incur little cost to the company while reducing an employee’s tax bill significantly. Group insurance like health, dental, vision and life can be more expensive, but employees can share the cost of the policies.
Meredith Wood, Funding Gates payments extraordinaire, agreed to share her expertise and knowledge on how to empower your clients to pay your invoices in full, and on time.
Nothing is worse when a customer doesn’t pay you (or, on that same note, doesn’t pay you on time). It’s easy to throw around bad names, calling them deadbeats, cheats, and so forth. And for those that are truly stiffing you, it very well might be the case. However, in most late payment situations, unfortunately, the customer is not the only one to blame. So much of how you prepare and run your receivables process will actually affect your overall recovery rate and days sales outstanding. Here are the top 5 mistakes business owners make when it comes to their receivables management: Read More
Hiring an intern at your company is a great way to give a college student or new professional some hands-on experience in your industry. Companies often hire interns to do low-level work in exchange for the opportunity to get a foothold into a new industry and learn “how it works” from behind the scenes. Hollywood got in on the act, with this summer’s comedy, The Internship.
However, many companies have historically hired interns on an unpaid basis in order to save costs on jobs that would otherwise go to entry-level employees. Experts estimate that up to 50% of the 1.5 million internships in the US this year will go unpaid.
Though very common, the practice of employing unpaid interns may actually violate state and federal labor laws.
We’ve made it even easier to understand how Justworks works with our brand new Help Center. Now, if you have questions about how payments work, or what SUI means, you can feel free to take a look at our robust articles that explain not only what Justworks does, but how payroll, compliance, and benefits work.
Get the Answers You Need, Right Away
We love talking to you guys on the phone, over email, and over livechat, but we definitely understand that it may be much more convenient for many of our customers to feel empowered to find answers on their own. WIth that in mind, we designed a Justworks Help Center that is easy-to-scan, and chock full of useful information. We shifted the format from an FAQ-style Q&A list to full-fledged articles, with detailed instructions and helpful links.
Paying employees and contractors with Justworks is easy. Ever since we launched, our customers have asked if there was a way to pay vendors, too. That day has arrived! You can now pay vendors directly from the Justworks dashboard.
Adding a vendor is easy. Log in as an administrator, and click the Add Staff or Vendors button at the top of your dashboard. Then, check the Vendor (1099) box and enter the business name and the name and email address of your point of contact. Once you click Add New Vendor, they’ll receive an email to set up their own account.
Paying vendors is just as easy as paying employees and contractors. Enter the amount, payment date and tax classification, and the payment will be scheduled. Both you and the vendor will receive notifications about when payments have been scheduled, modified or canceled. You’ll be able to see outgoing vendor payments on your forecast calendar along with employee and contractor payments.
As always, Justworks will take care of filing any necessary 1099 forms with your vendor and with the government. Vendor payments are available free of charge to all Justworks administrators.
As always, feel free to get in touch if you have any questions, we’re here to help!
We’ve made it even easier to know what your company is spending with two new reports in Justworks. These reports will help you (and your accountant!) get a full breakdown of costs and fees without having to download a spreadsheet. The payroll journal view makes it easy to see exactly how, for each employee, you get from gross to net pay. The cash requirements view makes it easy to understand exactly where every penny is going.