Some reseources to help understand and consider what’s involved with hiring your first employee. Ofcourse, we’re here to help too.
Source: http://payroll.intuit.com/payroll_resources/payroll_method/index.jsp
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A useful article on finding god employees:
Source: http://payroll.intuit.com/payroll_resources/finding_good_employees/index.jsp
A useful guide to hiring and paying employees:
Source: http://payroll.intuit.com/payroll_resources/guide_to_hiring/index.jsp
Use backups to protect against accidental loss of data
To safeguard your QuickBooks data against accidental loss, create regular backups of your QuickBooks company file. The backup contains everything you need to re-create your company file and QuickBooks environment, including all of the QuickBooks files (templates, letters, logos, images, and so on) related to your company file.
In case of accidental loss or damage, you can use the backup file to restore your company data. A backup file also includes a transaction log (.tlg file) which Intuit Technical Support can use to recover transaction data if damage or loss occurs. Unlike a portable file, a backup file is very large and cannot be e-mailed. It is not recommended as a means of moving company data, unless you have a new computer and need to move all of your related files as well. The backup file is saved with a .qbb extension.
Use a portable company file to e-mail or move your data
To e-mail or move your company data, create a portable company file. A portable company file is a compact version of your company file, small enough to be sent by e-mail or saved to portable media. Use a portable company file whenever you need to copy your company data to another location or send it to another person.
Unlike a backup file, a portable file contains only a compressed version of the company file financial data—it doesn’t contain related files such as letters, images, templates, and so on. It also doesn’t contain a transaction log (.tlg file). The portable file is saved with a .qbm extension.
In order to conform to new IRS W-2 reporting requirements, QuickBooks (in payroll update 21112) added new “tax tracking types” for employer paid (company match) retirement contributions.
According to Intuit’s article Id 2001179 (http://payroll.intuit.com/support/kb/2001179.html), for companies with existing match transactions in the current year, a new payroll item needs to be setup with the new tax tracking type based on the type of plan. Adjustments need to be made to transfer the year-to-date values from the existing company match payroll item to the new item.
This process can be a little tricky. Payroll liability adjustments should be made quarterly for each employee. Since this is for W-2 reporting, the liability adjustment selection should be for the employee, not the company. Also, each one of the liability payments need to be changed individually to reflect paying the new payroll item.
Payroll item reports should be run before and after to insure that all of the adjustments were made properly.
Need help? Contact us.
Frequently we are asked, “What double window envelopes should I buy to mail QuickBooks invoices in?”
First, we should note that the there is a different size envelope for invoices and checks…they are not interchangable, so please purchase carefully.
Go to our Amazon store: http://qbpros.net/store/ for GREAT PRICES (on both types of envelopes) and select the navigation link “QuickBooks Supplies” and there are a range of quantities and seal types that should suit you. We do not sell these, but simply point a link to the items and earn a commision for doing so.
Many generic envelopes will work well with QuickBooks invoices if they are the correct size. The common size is “#9”. The envelope has demensions of 3-7/8″ high x 8-7/8″ long. and can be purchased from office supplies stores for about 60% more money than our Amazon links listed above!
Window placements.
Top window: 1-1/8″ high x 3-1/2″ long
Top window is 3/4″ from the top (2-1/16″ from the bottom) and 3/8″ from the left.
Bottom window: 1″ high x 4″ length.
Bottom window is 2-3/8″ from the top (5/16″ from the bottom) and 3/8″ from the left.
Should single member LLC owners be on payroll? The answer is it depends.
A single member LLC (Limited Liability Company) that has not opted to be taxed as a corporation is taxed as a sole-proprietorship.
Self-employed persons are not employees of their business, since there is no distinction between a business and its self-employed owner for tax purposes. Bottom line is that only employees are supposed to be on payroll and subject to the payroll tax withholding.
A self-employed person pays self-employment tax on their net earnings from self-employment (business profit) reported on Sch C that acommpanies their Form 1040. Self-employment tax is Social Security and Medicare taxes combined.
Besides it being incorrect for a SMLLC taxed as a sole-proprietorship to be on payroll, you are paying into FUTA, and most probably your state’s SUI taxes unnecessarily.
In South Dakota, SD-SUI, SD-Surcharge, and SD-Investment Fee would be paid into unnecessarily. The South Dakota Department of Labor (as do many states) exempt LLC members taxed as a sole-proprietorship and LLP members taxed as a partnership from the SUI taxes. http://dlr.sd.gov/ui/uitaxwagereporting.aspx#family. Check your state’s regulations.
Also, it’s possible that you are overpaying Social Security tax because there’s an annual maxium limit for Social Security tax which quite probably wouldn’t have gotten caught and adjusted between the Social Security from your paycheck withholding and Social Security portion from the self-employment tax.
Contact us if you have put yourself on payroll when you shouldn’t have or have further questions.
Six Must-Ask Interview Questions
By Joe Turner
Interviewing can be a gut-wrenching process. Most books on how to interview list hundreds of questions you need to be ready to answer, but few talk about the questions you need to ask.
Take more control at your next interview by asking some pointed questions of your own. Here are six must-ask questions and why you should know the answers.
1. What happened to the person who previously did this job? (If a new position: How has this job been performed in the past?)
Why You Need to Ask: You need to know any problems or past history associated with this position. For instance, was your predecessor fired or promoted? Is this a temporary position or brand new? The answer will tell you about management’s expectations and how the company is gearing to grow.
2. Why did you choose to work here? What keeps you here?
Why You Need to Ask: Although you may like this company, you’re an outsider. You need to find out what an insider has to say about working there. Who better to ask than your interviewer? This also forces the interviewer to step out of their official corporate role and answer personally as an employee and potential coworker.
3. What is the first problem the person you hire must attend to?
Why You Need to Ask: You need to be on the same page as your new manager, as well as be clear on what the initial expectations are and that you can deliver. What you don’t want is to allow yourself to be misled about the job’s requirements and end up overwhelmed and over your head after the first week on the job.
4. What can you tell me about the individual to whom I would report?
Why You Need to Ask: It doesn’t matter how wonderful the company might be; your time will be spent working for a specific manager. You need to find out who this person is and what kind of manager he is — earlier rather than later, before personality clashes develop. If you’re an independent type used to working through solutions on your own, for instance, you’ll chafe when you find you’re being supervised by a micromanager.
5. What are the company’s five-year sales and profit projections?
Why You Need to Ask: You need to know about the future of the company you plan to spend several years of your life working for. It doesn’t have to be this exact question. For example, you might want to ask about the company’s future plans for new products and services or any planned market expansion. Of course, you’ve done your own research, but nothing can beat an insider’s observations and insights. This also shows you’ve done your homework and are serious about this company.
6. What’s our next step?
Why You Need to Ask: This is your closing and the most important question to ask at the end of the interview. You need to know what happens after this point. Many books advise asking for the job now, but most people may feel too intimidated to bluntly do so. And with more candidates already scheduled for interviews, the company is not likely to make you an offer yet. You may also need to do some additional research on the company, making it too early to ask for the job.
A good compromise: Take the lead and set a plan for follow-up. You’ll also be able to gauge the company’s enthusiasm with the answer. Don’t forget to ask for your interviewer’s direct phone number and the best time to call.
What to Remember
As a job seeker, the key to a good interview is to find out as much about your potential employer as possible. Asking these six questions will not only make you appear more committed as a candidate, but will also give you better insight into both the challenges and opportunities that may lie ahead for you.
[As a recruiter, Joe Turner has spent the past 15 years finding and placing top candidates in some of the best jobs of their careers. He makes it easy for anyone to find and land the job they really want — all on their own in the shortest time possible. Discover more insider job search secrets by visiting Job Change Secrets.]
Prep for the Top 10 Interview Questions
By Carole Martin, Monster Contributing Writer
Too many job seekers stumble through interviews as if the questions are coming out of left field. But many interview questions are to be expected. Study this list and plan your answers ahead of time so you’ll be ready to deliver them with confidence.
This is the most dreaded question of all. Handle it by minimizing your weakness and emphasizing your strengths. Stay away from personal qualities and concentrate on professional traits: “I am always working on improving my communication skills to be a more effective presenter. I recently joined Toastmasters, which I find very helpful.”
Summarize your experiences: “With five years’ experience working in the financial industry and my proven record of saving the company money, I could make a big difference in your company. I’m confident I would be a great addition to your team.”
3. Why Do You Want to Work Here?
The interviewer is listening for an answer that indicates you’ve given this some thought and are not sending out resumes just because there is an opening. For example, “I’ve selected key companies whose mission statements are in line with my values, where I know I could be excited about what the company does, and this company is very high on my list of desirable choices.”
Sometimes it’s best to talk about short-term and intermediate goals rather than locking yourself into the distant future. For example, “My immediate goal is to get a job in a growth-oriented company. My long-term goal will depend on where the company goes. I hope to eventually grow into a position of responsibility.”
5. Why Did You Leave (Or Why Are You Leaving) Your Job?
If you’re unemployed, state your reason for leaving in a positive context: “I managed to survive two rounds of corporate downsizing, but the third round was a 20 percent reduction in the workforce, which included me.”
If you are employed, focus on what you want in your next job: “After two years, I made the decision to look for a company that is team-focused, where I can add my experience.”
6. When Were You Most Satisfied in Your Job?
The interviewer wants to know what motivates you. If you can relate an example of a job or project when you were excited, the interviewer will get an idea of your preferences. “I was very satisfied in my last job, because I worked directly with the customers and their problems; that is an important part of the job for me.”
7. What Can You Do for Us That Other Candidates Can’t?
What makes you unique? This will take an assessment of your experiences, skills and traits. Summarize concisely: “I have a unique combination of strong technical skills, and the ability to build strong customer relationships. This allows me to use my knowledge and break down information to be more user-friendly.”
8. What Are Three Positive Things Your Last Boss Would Say About You?
It’s time to pull out your old performance appraisals and boss’s quotes. This is a great way to brag about yourself through someone else’s words: “My boss has told me that I am the best designer he has ever had. He knows he can rely on me, and he likes my sense of humor.”
9. What Salary Are You Seeking?
It is to your advantage if the employer tells you the range first. Prepare by knowing the going rate in your area, and your bottom line or walk-away point. One possible answer would be: “I am sure when the time comes, we can agree on a reasonable amount. In what range do you typically pay someone with my background?”
10. If You Were an Animal, Which One Would You Want to Be?
Interviewers use this type of psychological question to see if you can think quickly. If you answer “a bunny,” you will make a soft, passive impression. If you answer “a lion,” you will be seen as aggressive. What type of personality would it take to get the job done? What impression do you want to make?
Monster.com had this very interesting short article about three job interview myths.
Three Job-Interview Myths
By Charles Purdy, Monster+HotJobs Senior Editor
Think you know all there is to know about interviewing for a job? According to career coach David Couper, there are many surprising myths surrounding job interviews. In his book Outsiders on the Inside, Couper lists several myths that, if you believe them, may prevent you from landing your dream job.
So here’s the truth about three of those myths — as well as several tips on making the most of a job interview:
Myth 1: The Interviewer Is Prepared“The person interviewing you is likely overworked and stressed because he needs to hire someone,” Couper says. “He may have barely glanced at your resume and given no thought to your qualifications.”
What You Can Do: Think of a job opening as a set of problems to which you are the solution. Prepare for an interview by identifying the problems hinted at in the job ad (if there’s no job ad, research the company and industry) and preparing examples of how you’ll solve them. For instance, if one of the primary job requirements is to “write press releases,” the problem the employer has is a lack of effective press releases. For the interview, you could prepare a story about specific results you’ve achieved with press releases you’ve written. Show how you can solve that problem.
Myth 2: The Interviewer Will Ask the Right QuestionsMany interviewers prepare no questions beyond ‘tell me about yourself,'” says Couper. And in some cases, you may be interviewing with a human resources representative or a high-level manager who doesn’t have a lot of specific information about the open job’s duties.
What You Can Do: Prepare several effective sound bites that highlight your past successes and your skills. A sound bite is succinct and not too detailed, so it’s catchy and easy to remember — “I was the company’s top salesperson for eight months in 2008,” for example.
Reference letters are another great source of sound bites. If a former manager wrote something about how amazing you are, quote her (and offer to leave a copy of the reference letter when you leave the interview) — for instance, “Company Z’s art director called me the most thorough and well-prepared project manager she’d ever worked with — and that ability to plan for any possible problem is something I pride myself on.”
Myth 3: The Most Qualified Person Gets the Job
No one believes this myth any more, right? As Couper says, “Less-qualified but more outgoing candidates may win over an interviewer’s heart.”
What You Can Do: If you’re on the shy or introverted side, practicing your interview techniques beforehand is key. Work with a close friend or relative until you’re comfortable with your interview answers. You never want to be stuck with a short, one-word answer — so prepare explanations and examples to discuss.
Also do some research about the interviewer. Find her profile on LinkedIn for instance, or look for recent news about the company. To set the tone for a friendly interaction, find a reason to compliment her for a professional accomplishment or her company’s success. And don’t forget to smile and make eye contact.
And finally, keep in mind that looks matter: You should be well groomed and dressed to impress. If you’re not sure how formal your attire should be, ask the human resources person you’ve been dealing with what’s typical. Alternatively, find someone inside the company to ask, or check out the About Us page on the company’s Web site. If the management team is pictured in dark suits, neckties and so on, you’ll likely want to dress as formally as possible. If the CEO is pictured in a T-shirt, business-casual clothes are fine (but you’ll rarely want to dress more casually than that).
Three Job-Interview Myths
By Charles Purdy, Monster+HotJobs Senior EditorOutsiders on the Inside, Couper lists several myths that, if you believe them, may prevent you from landing your dream job.Myth 1: The Interviewer Is Prepared“The person interviewing you is likely overworked and stressed because he needs to hire someone,” Couper says. “He may have barely glanced at your resume and given no thought to your qualifications.”research the company and industry) and preparing examples of how you’ll solve them. For instance, if one of the primary job requirements is to “write press releases,” the problem the employer has is a lack of effective press releases. For the interview, you could prepare a story about specific results you’ve achieved with press releases you’ve written. Show how you can solve that problem.Myth 2: The Interviewer Will Ask the Right QuestionsMany interviewers prepare no questions beyond ‘tell me about yourself,'” says Couper. And in some cases, you may be interviewing with a human resources representative or a high-level manager who doesn’t have a lot of specific information about the open job’s duties.Myth 3: The Most Qualified Person Gets the Job
No one believes this myth any more, right? As Couper says, “Less-qualified but more outgoing candidates may win over an interviewer’s heart.”shy or introverted side, practicing your interview techniques beforehand is key. Work with a close friend or relative until you’re comfortable with your interview answers. You never want to be stuck with a short, one-word answer — so prepare explanations and examples to discuss.looks matter: You should be well groomed and dressed to impress. If you’re not sure how formal your attire should be, ask the human resources person you’ve been dealing with what’s typical. Alternatively, find someone inside the company to ask, or check out the About Us page on the company’s Web site. If the management team is pictured in dark suits, neckties and so on, you’ll likely want to dress as formally as possible. If the CEO is pictured in a T-shirt, business-casual clothes are fine (but you’ll rarely want to dress more casually than that).
Think you know all there is to know about interviewing for a job? According to career coach David Couper, there are many surprising myths surrounding job interviews. In his book
So here’s the truth about three of those myths — as well as several tips on making the most of a job interview:
What You Can Do: Think of a job opening as a set of problems to which you are the solution. Prepare for an interview by identifying the problems hinted at in the job ad (if there’s no job ad,
What You Can Do: Prepare several effective sound bites that highlight your past successes and your skills. A sound bite is succinct and not too detailed, so it’s catchy and easy to remember — “I was the company’s top salesperson for eight months in 2008,” for example.
Reference letters are another great source of sound bites. If a former manager wrote something about how amazing you are, quote her (and offer to leave a copy of the reference letter when you leave the interview) — for instance, “Company Z’s art director called me the most thorough and well-prepared project manager she’d ever worked with — and that ability to plan for any possible problem is something I pride myself on.”
What You Can Do: If you’re on the
Also do some research about the interviewer. Find her profile on LinkedIn for instance, or look for recent news about the company. To set the tone for a friendly interaction, find a reason to compliment her for a professional accomplishment or her company’s success. And don’t forget to smile and make eye contact.
And finally, keep in mind that