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.
Find the new Justworks Help Center at www.justworks.com/help.
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!
W-2 and 1099 forms are now available online in the Justworks document center. Employees can view and download their own tax documents by going to Justworks > Employee Name > Documents.
Tax documents are also available to employers. Simply view the profile of the employee or contractor, and any applicable tax documents will be listed in the lower right corner under Documents.
We’re pleased to be able to bring you all of the details and information you need for your tax filings, with the ease of online accessibility from a single dashboard.
Contact us if you have any questions, comments, or suggestions, we’re here if you need us!
We’ve just rolled out an even clearer payroll dashboard to all our customers. It makes it dead-simple to do the things you want to do:
- Add your employees to the system (and have them complete most of their info on their end!)
- Schedule one-off payments (for example, when a contractor completes a project. Remember, we handle these payments for free, and generate 1099s for you!)
- Get your payroll and benefits turned on when you’re ready to go
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.
The Payroll Journal Report
It’s that time of year where people start wondering what to do about 1099s (or even if they have to do anything!), so we’re here to walk you through the basics, to give you a leg up on your tax filings.
What’s actually required? You’re required to file a 1099-MISC information return when you pay an independent contractor or vendor over $600 in a calendar year.
The IRS uses 1099 to identify underreporting. The IRS requires “information returns” so that they have a way to independently verify a person or business’s income. When you receive a 1099 form in the mail, you should know that the IRS has also received that information and stored it in your file. This lets them flag taxpayers who are underreporting their earnings.
Nehal Madhani, of PlainLegal, graciously agreed to drop some knowledge about why you need to hire a lawyer ASAP. Enjoy!
Most startups fail. There are more factors that can cause a startup to fail than to succeed. So, startup founders owe it to themselves and their companies to maximize their chances of success. One of the most commonly ignored opportunities is legal issues. Here’s why entrepreneurs should connect with startup focused lawyers as early as possible, and ideally before they even start their company.
Lawyers Can Increase a Startup’s Likelihood of Success
Lawyers are incredibly talented at recognizing patterns. A great startup lawyer taps into his or her experience from advising other startups to ensure that you and your company don’t fall into the same traps that caused others to fail. In addition, hiring a lawyer in the early stages can help you address the legal risks around the most common sources of startup failure, like co-founder conflicts. For example, a lawyer can help you prepare a co-founder agreement to protect your interests and the startup. Having this agreement in place early on (particularly when the stakes are the lowest) can be extremely beneficial in case you and your co-founder(s) have any disputes.
We saw an important blog post on the Funding Gates blog, and wanted to share this important information about tax incentives that may affect your business, if you plan to utilize the Work Opportunity Tax Credit before it expires.
For years, the federal Work Opportunity Tax Credit has been a major benefit for small businesses throughout the country, providing thousands of dollars in funds to those in need while promoting the hiring of qualified veterans. This isn’t necessarily new news, however, as the credit was originally set to expire at the end of 2012. Small businesses that wish to make use of this credit before it expires at the end of the year should look towards getting their hiring out of the way before the start of 2014.