8 Types of Employee Benefits

Employee benefits are a big deal. If you’re an employer, offering employee benefits demonstrates the type of business you run and can be the differentiator that garners more interest from potential employees. As an employee, well… good benefits are essential too. In fact, not having the right benefits can have a negative effect on your overall quality of life. Here is a list of 8 types of employee benefits to get you started.

1. Health Insurance

Health insurance is a must-have for many job seekers, and most employers offer it as part of their benefits package. The majority of civilian companies and private firms provide medical insurance to workers.

The good news for employers is that there are plenty of options for health insurance, including high or low deductibles, limited or comprehensive coverage, and even partial or full reimbursement for vision and dental care. The bad news? In some locations, health insurance can be pricey for companies. This type of coverage is often seen as a necessary cost, but it doesn’t have to break the bank if you shop around for the best deal.

2. Life Insurance

Providing a life insurance benefit to your employees can help you attract and retain talent, protect your staff and their families, and ease the burden of an employee’s death or disability. These are important issues that businesses must consider, especially in today’s competitive marketplace.

3. Dental Insurance

If you find that offering health insurance to your employees is too expensive dental insurance is a great alternative. It is often cheaper than many health insurances plans for not only you but your employees as well.

4. Retirement Accounts

Many young workers may not think that a retirement account is truly a benefit for them. Making many employees less than thrilled to hear that they will have to contribute money toward their own retirement accounts. But, if you choose to match your employees’ contributions, they will be more likely to participate in the program.

If you choose not to match their contributions, you can still encourage participation by hiring someone specializing in creating and managing retirement plans for small businesses. They can help make sure that your employees are getting the most out of their plans, which means more savings.

Retirement accounts are also great for employers because it takes the responsibility off of them when it comes to paying out pensions, which can be costly and challenging to manage over time.

5. Paid Vacation and Sick Days

While PTO is standard and expected, it’s still a good idea to emphasize the benefit in your job description. You want to ensure your employees know they can take time off without getting fired or reprimanded.

If you offer paid sick days, this is another thing that should be included in your benefits package. Companies have varying policies on sick days, but many offer around 5-10 days per year.

If you don’t offer paid sick days or simply want to make it clear that employees who are calling in sick will have their pay docked, include a line like this “Unpaid sick leave may be granted at the discretion of management, but only in cases of rare and serious illness.”

6. Paid Holidays

Offering paid holidays as an employee benefit can be an excellent way for your business to attract and retain quality employees. Paid holidays are typically given in addition to the number of vacation days that employees earn. Many companies have established an employee benefits package that includes paid holidays, but it is often at the employer’s discretion to offer particular holiday pay.

You may want to consider offering it as an employee benefit. By doing so, you could improve employee morale, encourage teamwork, and potentially increase productivity.

7. Flexible Schedule

So, what are some ways a flexible schedule can benefit your employees? One of the most significant benefits is that it helps them manage their lives better. Maybe they need to take their kids to school or pick them up in the afternoon and don’t want to put them in after-school care or pay for a babysitter.

Perhaps they need to attend school themselves and have a class in the middle of the day. Or maybe they simply want to work when they work best, whether that means coming in earlier or later than most people.

If you offer flexible schedules, your employees will appreciate it and be more productive. It’s an easy way to increase productivity at minimal cost to you.

8. Education Assistance

For business owners, the idea of offering educational assistance as a type of employee benefit seems like a great idea. However, there are some things to keep in mind before jumping right into it.

For instance, what is the return on investment? Will this benefit you and your employees? Are your assets being put to good use?

It is essential to ensure that the people who are taking advantage of this opportunity are those who need it and will use it. Suppose you do not have a good understanding of the demographics of your workforce and how they feel about the education programs offered. In that case, it may be best to start with a smaller program to get a better idea of what is working and what needs improvement within your organization.

There are also ways for companies to provide educational assistance without providing funding directly from their own pockets. For example, many companies offer tuition reimbursement programs through partnerships or arrangements with local colleges or universities. By setting up these arrangements, businesses can help ensure that their employees have access to an affordable education while at work.

Types of Employee Benefits: Conclusion

The ‘right’ benefits package for your Edgewater business is going to depend on what works for you, your goals, and the needs of your employees. There are many great options out there, from health insurance and disability coverage to retirement plans and life insurance. But you know best what type of employee benefits package will work best for your company. If you are looking for expert advice on employee benefits, contact our team at Vision HR today!

5 Common Payroll Questions Your Employees Might Ask

It might seem like an obscure topic, but your employees probably have questions about their payroll. If you’re the one who handles payroll for your business, you know how easy it is for questions to come up. Whether you’ve hired a full-time accountant to address employee issues or you are the one answering all of the questions, here are common payroll questions that your employees might ask.

1. What’s the Difference Between Gross and Net Income?

Gross pay is the total of your employee’s paycheck before any deductions have been taken out. Some deductions are required by law, such as federal and state income tax, Social Security, and Medicare. Other deductions will be taken out of their paycheck at your discretion.

On the other hand, net pay is what your employee will take home after all deductions have been made from gross pay. Thus, net pay can vary from one check to the next, depending on how much they earn in each paycheck.

2. When are W-2s Available?

The IRS requires that W-2s be mailed to employees by January 31st or later, the next normal payroll cycle ending in or after January. If an employee quits or is terminated before January 31st, they can pick up a copy of the W-2 at their former employer’s business location.

3. Why is My Take-Home Pay Different Than My Annual Salary?

The amount of taxes employees pays on their salary each year may differ from the amount withheld from every paycheck. The tax-withholding amounts are calculated based on information provided to you by the Internal Revenue Service (IRS) and the state revenue department.

A final paycheck is an employer’s way of distributing final income to an employee who has quit or been fired or otherwise separated from employment with the company. It’s usually a combination of the balance of any banked time and unused vacation time, plus any remaining payroll deductions.

4. What Do the Withholdings on My Paycheck Mean?

As an employer you use withholdings to ensure that your employees pay the required taxes throughout the year. Without withholdings, employees would have to wait until tax time to settle up with their taxes.

5. If Payday is on a Holiday, When Do I Get Paid?

Payday is always on the same day of the week, not on holiday. For example, if employee payday is on Friday, it will always be on Friday. If a holiday falls on a Friday, their payday will be moved to the next workday, which does not fall on the holiday. Suppose a payday is moved due to a holiday, then the checks for that payday are issued on the next workday following the holiday.

Payroll Questions: Conclusion

Overall, the purpose of this post is to give you a good understanding of your responsibilities as an employer and for you to develop a solid plan for your business. Being proactive about your payroll taxes and communicating clearly with your employees makes it possible to keep everything running smoothly, both legally and from a moral standpoint. Contact our payroll experts here at Vision HR if you need assistance with your New Smyrna Beach business payroll.

4 Common Workplace Discrimination Claims

It is easy to assume that workplace discrimination is a thing of the past, but this is not true. A recent survey conducted by Glassdoor showed that approximately 3 out of 5 workers in the United States claim they have witnessed or experienced workplace discrimination.

Like with many other types of bias and discrimination, workplace discrimination is not always apparent. Sometimes, it manifests itself in ways that are harder to see or blatantly obvious but unintentional. That’s why it’s so important to know the facts and details of your rights as an employer if you are being discriminated against in the workplace. We’ve compiled a guide of 4 of the most common workplace discrimination claims; read on to learn more.

1. Retaliation

According to the claims data collected by the EEOC in 2019, retaliation by an employer was the number one workplace discrimination claim. Retaliation is when an employer takes any form of adverse action against a worker who has filed a discrimination claim or has been involved in investigating a discrimination complaint. Retaliation can occur at any point after a claim is made, whether by the same supervisor who made the original discriminatory statement or someone else entirely within the company.

Retaliation can come in many forms. The most common form of retaliation is firing the employee. Other forms include making false accusations against them, such as theft, refusing to promote them, or giving them negative performance reviews.

2. Disability

The ADA prohibits discrimination against a person because of their disability. The ADA applies to employers with 15 or more employees and employers in the public and private sectors.

The ADA defines an individual with a disability as “a person who has a physical or mental impairment that substantially limits one or more major life activities, a person who has a history or record of such an impairment, or a person who is perceived by others as having such an impairment.” This is taken on a case-by-case basis.

Common disabilities include cancer, heart conditions, diabetes, and high blood pressure. Other disabilities may be autism, learning disabilities like dyslexia, physical disabilities like amputation, hearing, and visual impairments.

Discrimination can take many forms: job advertisements that exclude people with disabilities; failure to hire qualified applicants because they have a disability; refusal to accommodate disabled workers; harassment; demotion; and even termination for disabled workers having trouble performing assigned duties. Discrimination may also occur if the employer does not provide reasonable accommodations for the disabled worker’s needs.

3. Race

Employers are prohibited from discriminating against employees based on race. Discriminating against an employee because of their race violates Title VII of the Civil Rights Act of 1964, and it also violates other federal, state, and local laws.

An example of this could be an employer paying people of a certain race less than other workers of a different race. Even if the job they are performing and their qualifications are all the same. Unfortunately, this is common even in a world that has fought for race quality for centuries; the fight still moves forward.

4. Sex

Sex discrimination and sexual harassment are often confused, but it is essential to know that they are different. Sexual discrimination refers to the treatment of a person because of their sex, whereas sexual harassment refers to the unwanted conduct of a sexual nature which is offensive.

Sex discrimination can also occur if you are treated differently due to gender stereotypes.

Common Workplace Discrimination Claims: Conclusion

As an employee, you deserve to be treated with respect and dignity while doing your job. Even if you are not being paid a high salary, you still should get the same rights as everyone else. You also have the right to be treated equally in the workplace without facing discrimination or harassment based on race, ethnicity, religious beliefs, age, or disability. This right applies to all employees, whether full-time or part-time.

Preventing discrimination is the responsibility of both management and employees. Managers and supervisors who tolerate this behavior can be held accountable for it. If you know of anyone who is being harassed or discriminated against in the workplace, report it immediately to be dealt with before it gets out of hand. If you are a business owner in the Palm Coast area looking to learn more about ways to avoid workplace discrimination, our human resources management team can help! Contact us today to learn more.

The Importance of Accurate Timekeeping for Your Business

When you think of time, what comes to mind? Most likely, it’s either your alarm clock or an appointment that you can’t miss. But do you realize how vital the accurate recording of time is to the success of a business? Your business needs correct records to bill clients, pay employees, and even make payroll tax forms and checks.

If you own a business that pays employees, one of your most essential tasks is likely managing payroll. Payroll management includes paying all employees on time and making sure they are being paid appropriately and accurately. Maintaining an effective timekeeping system is essential for running a successful business in St. Augustine; read on to learn more!

Pay Wages and Overtime

Your employees provide you with their time to keep your business up and to run. Therefore, it’s essential to pay them correctly for this service exchange. Failure to do so can cost you some of the best employees in your workforce and affect the success of your business. By implementing a timekeeping system, whether that be mechanical or automatic, will save both time and stress for you and your employees

Avoid IRS Trouble and Violations

Every business owners’ nightmares involve getting in trouble with the IRS or FLSA. If the IRS audits you, you must supply them with accurate documents to resolve discrepancies. Without an effective timekeeping system, this could leave you in a messy situation and make the process more difficult.

Failure to pay employees overtime or underpay could land you in trouble with FLSA, also known as the Fair Labor Standards Act. This protects all employees from wrongful pay and other employment issues; if you are deemed non-compliant with the rules and regulations, you could be presented with a hefty fine.

Make Payroll Easier

In today’s day and age, where more and more businesses adapt to a remote workforce, accurate timekeeping is essential. Many business owners look to software that is easily accessible for them and their employees. This makes timekeeping a breeze for everyone involved and maintains accurate records that can be accessed by both employees and employers.

Record Keeping

Record keeping is a critical part of any business. Long gone are the days of paper files and chunky filing cabinets. With evolving technology, many records are kept online in secure and encrypted files to help business owners stay more organized and efficient. Having timekeeping software can make this process easier. This software keeps accurate records of your employees’ hours, wages, pay, and much more. In turn, making payroll and potential run-ins with the IRS much smoother.

Accurate timekeeping is vital to employee productivity and, thus, the financial success of your business. You may not control how many hours your business’ employees work in a week, but you can ensure that you have accurate hours recorded and reported accurately. Without this information at your fingertips, you’ll be forced to waste time—and manpower costs—tracking down records in support of monthly payroll. It pays to be prepared, so contact our team of payroll experts here at Vision HR to help you with all of your payroll and timekeeping needs.

3 Ways to Avoid Payroll Hassles When It Comes to Holiday Bonuses

Holiday bonuses are a big part of the perks of being an employee. It feels good to be recognized with a monetary bonus for your efforts when you work hard all year, especially over the long holidays. If you are an Altamonte business owner and have not set up your payroll to include holiday bonuses, you still might want to do so for this coming season. Read below to learn more about how you can avoid payroll hassles when it comes to dealing with holiday bonuses to keep the season bright and merry!

Holiday Bonuses

Tis the season to be jolly and generous! For many business owners, the holidays are a chance to give their employees a little extra on their annual paycheck. These bonuses often reflect their hard work throughout the year and your appreciation for said work. Although it is never necessary for business owners to give out bonuses, it’s an excellent incentive for employees and boosts workplace morale. This can be especially important during the holidays, often the most stressful time of year for many business owners and employees alike.

1. Check the Legalities

The most significant aspect to keep in mind when handing out holiday bonuses is to keep everything legal and by the books. The last thing you need is to get in trouble with the IRS for doing something good. Just like regular wages, bonuses are not tax-free. This means that you must withhold any taxes that your employee has typically taken out for their paycheck; these include:

• federal income tax
• social security
• local income tax
• state income tax
• medicare tax

2. Incorporate Bonuses into Your Budget

As a business owner, you understand that your budget can make or break your business; if you are going to reward your employees for their hard work and dedication over the holidays, you must plan to include bonuses within your budget. Think of bonuses as a way to invest in the most critical part of your business; your employees. You may even see a potential return on this investment through better productivity, stronger morale, and higher employee retention. All you need to do is make sure that you can afford to make these investments, and the rest is easy.

3. Non-Traditional Bonuses

Not every business owner has the extra money to spare for bonuses, and that is entirely okay. However, if you are still in the spirit of giving, other options are out there for you. Instead of a monetary bonus such as cash or gift card, you can opt for a more non-traditional route. Instead, think more out of the box and offer your employees bonuses such as:

• extra paid time off
• flexible work schedule
• paid vacation
• extra sick days

 

We hope this article has given you a few pointers on avoiding payroll hassles regarding holiday bonuses. If you’re not careful, these bonuses can get lost in translation and lead to costly mistakes down the road. By taking a little time to consider all of your options, you can avoid these problems from the get-go. Be sure to contact our team here at Vision HR for a few extra tips on how working with a payroll company can help you avoid trouble in the future. Our online payroll services can help you sort out all of your holiday bonuses troubles and keep the holidays stress-free!

All About Using Progressive Discipline in the Workplace

When an issue arises within your workforce, how do you go about handling the situation? Often the way that you proceed can be detrimental to the relationship between you and your employees. Progressive discipline may not be something you have heard about. Still, it should be a term you begin to familiarize yourself with, especially if you are an Ormond Beach business owner. If you’re curious about how using progressive discipline in the workplace can better help your business, read on to learn more.

What is Progressive Discipline?

Progressive discipline is a process used by management and human resources to address job-related behaviors and issues involving an employee. This process is designed to help improve employee behavior and issues without strict punishments or consequences. The overall goal of this method is to help encourage and assist employees in changing their performance issues and works towards satisfying job expectations once again.

Step by Step of Progressive Discipline

The process of implementing progressive discipline typically involves the following steps. Each step is designed to assist the employee in increasing their job performance without a harsh consequence. The end goal is to help the employee address any underlying issues affecting their performance without jumping to conclusions, poor communication, or punishments.

Counsel

Sometimes there can be an underlying communication issue regarding the performance of the job at hand or the job requirement. These issues can create poor job performance but can be solved easily with a simple discussion. Although these issues might not seem immediately apparent to management, solving them can improve job performance.

An example of addressing poor work performance would be asking the employee if they have any questions regarding the position and responsibilities. If no questions arise, it may be best to have an outlined discussion of all the essential duties your company looks for within said position. Another example would be addressing employee attendance. Perhaps there is an issue at home where the employee finds it more challenging to make it to work on time or needs many days off.

This step shows the employee that you are there to help them get to the bottom of the issue rather than discipline them for problems that may be out of their control. Not only does this help you create a better work environment, but it also shows your employees that you value the employee relationship.

Verbal Reprimand

The step above can often solve issues with employee performance without a verbal reprimand. However, if the problem does not seem to be resolved or the employee is making little to no effort to fix it; a verbal reprimand will be needed to address the situation more sternly. This verbal statement is documented and begins the actual process of progressive discipline.

Always Document Conversations

In cases where employees make little effort to change their behavior even after repeated verbal warnings, your company will have written proof of these discussions. These documents will come into play when and if the employee must be terminated. Although the goal is to resolve issues, it may not always be the case.

After verbal warnings and work pay suspension, it may come time to end the employment relationship if the individual refuses to improve. Documentation allows you to show management and the employee the steps you took to resolve the situation before termination. It is also a great way to show what was discussed within these conversations rather than relying on what he said she said when it comes time to terminate employment.

Communication is Key

Being able to communicate with your employees properly is key to running a successful business. Not only does it come in handy when solving issues involving the business, but especially in situations such as addressing employee performance. Progressive discipline allows you to effectively communicate with an employee while also showing other employees you are taking steps to resolve workplace issues.

Nothing is more detrimental to employee morale when you allow other employee behavior not to be addressed or work to improve the situation. Managing poor employee behavior should be a private matter. However, you can let other employees know that the case is being handled and steps will be taken to resolve the problems.

Using Progressive Discipline in the Workplace: Conclusion

Do you manage a workforce of any size yet feel confused by the lack of clear procedures, policies, and expectations for using progressive discipline in the workplace? Worry no more! Vision HR is here to help Ormond Beach business owners such as yourself with all matters involving HR. Contact us today to learn more about our services to help you run a more prosperous and growing business.

Two Methods of Timekeeping: Manual vs. Mechanical

Timekeeping is a necessary part of running a business. However, figuring out how to keep track of all your employees’ time can be challenging. Should you use a manual system or a mechanical system? Which one’s better? In this article, we will break down two methods of timekeeping systems used in businesses across the country. I’ll explain the differences between the two and finally, tell you which method is most beneficial to business owners such as yourself.

Importance of Timekeeping

Have you ever heard the phrase “time is money”? Whether it is being made or paid, managing your money is one of the most crucial parts of running a thriving business. Accurate timekeeping can help business owners better manage the money that they make or owe regarding time. Here are a few examples of the importance of precise timekeeping.

Payroll

When you have a reliable timekeeping system within your business, it takes the guesswork out of employee wages. These automatic systems will be able to combine the employee’s hours and hourly wages to turn that data into the total wages they are owed. This removes the guesswork out of the entire process and helps to create a paper trail of accurate salaries paid to each employee.

Employee Evaluation

Many business owners use timekeeping systems as a way of viewing overall attendance for their employees. This attendance can be used as part of an employee evaluation, which can determine employee work habits and who is typically tardy or early to work consistently. Employee evaluations can be a great way to maintain a strong workforce. As well as learn more about your current employees to increase morale or create a better work environment.

Abide by Employment Laws

As a business owner understanding employment law is critical to avoiding hefty fines and potential legal troubles. Using a timekeeping system allows you to abide by these laws and protect yourself from issues that can arise from over or underpaying your employees. Not to mention keeping your business out of trouble with the IRS. Just thinking about dealing with troubles regarding the IRS is enough to give any business owner a headache.

Manual Timekeeping

Manual methods of timekeeping are almost archaic in how they operate, especially in a world that is overrun with new technology daily. For business owners that have been around for many decades, they have witnessed new advancements in timekeeping. However, many of them rarely adapt to the changing systems and often leave timekeeping, an aspect of their business untouched by the changes.

Business owners who refuse to change to more advanced timekeeping systems may be left having their employees clock in on “POS” systems, punching on a physical timecard, or taking manual attendance of their employees as they arrive. Although these methods may still work in today’s world, many issues can arise that can make the overall benefit of timekeeping this way unrealistic as a practice for a successful business.

Mechanical Timekeeping

Automated timekeeping systems make the lives of employees and business owners much easier when it comes to accurate timekeeping. These systems are designed to take the guesswork out of the entire process and have many added benefits to all involved. Paperwork is much easier when automated timekeeping systems are in place. It can also better manage employee attendance for those who work out of the office. In today’s world, remote work is becoming the new norm, and these systems are developed to allow business overs to evolve with the times.

Are you a Jacksonville business owner looking to incorporate more accurate timekeeping within your business? If you are ready to evolve with the times, give us a call to discuss ways to improve your efficacy and profitability by implementing a secure timekeeping system today! Here at Vision HR, our experts can help you implement more manageable and beneficial ways of timekeeping.

4 Ways Human Resource Services Can Help Your Business

The role of the human resources department has evolved from just being a source of employee information to now being a strategic tool for business growth. Whether you own a small mom-and-pop shop or a business with over 50 employees, human resource services can help you grow and expand your business in ways you may not have thought possible.

To say that human resources are integral to business success is an understatement. If you want to succeed, you need to invest in quality people; there is simply no way around it. HR services have many benefits to business owners in Daytona Beach looking to expand their business; read on to learn how they can help you.

1. Employee Satisfaction

As a business owner, your employees are the most critical aspect of a thriving and growing business. When your employees are not happy with their duties, management, or other issues, it can reflect poorly on your business as a whole. It can be challenging to gauge how to create the perfect workplace atmosphere that promotes employee satisfaction but not impossible.

This is where human resource services come into play. A trained HR specialist such as the ones at Vision HR can help you obtain information from your employees to create a plan that will help increase employee satisfaction. When you create a space that is inviting to employees, you increase retention and workflow. Ultimately improving your business from the inside out.

2. Training

Hiring the right employee to get a specific job done is imperative as a business owner. Not only should this employee require the set of skills and knowledge needed for the job, but they should also be a seamless fit for your business. Although it can be challenging to find the “perfect” employee, the right candidate can become that perfect fit with the proper training.

Sometimes it may not be in the budget for business owners to hire new staff to attend to the growing business responsibilities. Instead, they might decide to have their current employees trained in handling different aspects of the business, which can ultimately save them time and money.

3. Increased Employee Performance

Running a successful business is very similar to operating a well-oiled machine. For the machine to work correctly, all parts need to function in sync with one another. When one aspect of the machine fails, it has a domino effect causing the whole machine to suffer. As with your business, your employees are responsible for completing specific tasks and responsibilities. In some cases, employee performance can suffer due to an array of issues. A decrease in performance ultimately affects the whole business.

HR specialists are trained at providing a plan to business owners which measures employee performance. The main benefit of monitoring each employee’s performance is to make sure that all of your employees are happy and nobody is slipping between the cracks when fulfilling your expectations as a growing business owner.

4. Conflict Resolutions

As a business owner, you try your best to hire employees that mesh great with your business and other employees. Even if you have a team dedicated to helping your business grow and thrive, personalities, work styles, and many other aspects of their identity can make working together difficult.

Often issues such as these result in conflict that can escalate quickly if not addressed and cause employee dissatisfaction and resentment toward you or your business. HR specialists can help you manage these issues and offer realistic problem-solving solutions to prevent or deescalate the situation.

Conclusion

If you’re passionate about the growth of your business, yet dread the time you invest in a continuous process of hiring and managing people, then Vision HR is here to help. Our HR specialist can help your business stay up to date with the latest employment laws and regulations. We can also address other HR issues such as employee communication, drug screening, management training, and much more. Contact us today to discuss how implementing our HR services can benefit your Daytona Beach business.

The Pros and Cons of a 401(k)

Did you know that employers can offer a 401(k)-retirement plan to their employees? Those that are self-employed with no employees also have the option to have a solo 401k. Contributions from an employee’s salary or an individual’s self-employment income can be made to these accounts throughout their employment.

The individual can then choose other savings and investment options, such as CDs, which will help accelerate the account’s growth. In this article, we’re going to discuss the pros and cons of a 401(k).

The Pros of a 401(k)

Matching Contribution

Matching contributions are often offered by employers that provide 401(k). These contributions can increase an employee’s 401(k) account’s value tremendously over time. Companies can also match 100% of an employee’s contribution to their 401(k)-retirement plan. For employees, it’s a good idea to save 10% to 15% of their gross monthly income for retirement.

Many retirement plans include an automatic escalation function that increases the contribution percentage at each new year. It could be set to increase the contributions by 1% each year until it reaches 15%. This is a great way to ensure a secure and happy retirement for employees.

Expert Advice

Once an employee has signed up for a workplace retirement program, there are different options to choose from for investment and savings. Employees can get personalized advice to help select suitable investments for their age, financial situation, and risk tolerance.

Loan Options

If an employee runs into an emergency, they can choose to borrow funds from their 401(k).

Federal Protection

The Employee Retirement Income Security Act of 1974 (ERISA), is a federal law that protects qualified workplace retirement plans. The ERISA establishes minimum standards for employers offering 401(k) retirement plans.

The Cons of a 401(k)

Account Fees

Account fees for employees might be high due to the administrative responsibilities that employer-sponsored retirement plans have.

Limited Investment Options

There won’t be many options, only basic asset classes like stock, bonds, and cash. 401(k) plans and other retirement accounts may offer fewer investment options than IRAs or taxable brokerage accounts. A limited investment menu simplifies your investment options and reduces complexity.

Early Withdrawals are Subject to Fees

The downside for employees investing in retirement accounts is a 10% fee for early withdrawals made before the official retirement age, 59 1/2.

Vision HR Retirement Savings plan

No matter how small or big your company is, outsourcing non-core tasks can be a smart business move. Partnering with other companies can help you manage payroll, tax administration, and welfare benefits. These same benefits are now available for retirement savings plans. This allows you to give your employees more investment options and still meet your company’s needs. You get the best of both worlds: more significant benefits and more opportunities. Contact us today to learn how we can assist your Palm Coast company.

All About Online Payroll

What is Online Payroll?

Online payroll is done through logging into a payroll software application on a secure internet connection. Data is either stored in the cloud or on the servers of the payroll software provider. This makes record-keeping more manageable and more organized. All payroll functions can be performed by users, including printing paychecks, running payroll reports, and creating W2s, 940s, or 941s.

An online payroll software usually costs less than traditional downloaded payroll software. It is convenient and allows you to manage your St. Augustine company’s payroll anywhere, anytime, as long as you have an internet connection. Payroll is a necessity for all companies, and with the ease of online payroll, you can simply log in and enter payroll hours while leaving the time-consuming details to be taken care of by the payroll company.

Benefits of Online Payroll for Your Business

• instantly calculate your earnings and deductions
• make regular tax deposits in alignment with your deposit frequency
• file Form 940 to report your federal unemployment tax liability
• file Form 941, the Employer’s Quarterly Federal Income Tax Return
• provide you with HR tools and resources so that you can run your office more efficiently

 

Accessible Services

With online payroll, you’re given access to business forms such as I-9s or W-4s. These forms can be pre-populated automatically with information from your payroll account. You’ll also receive reminders and alerts that keep you up to date on important information for your business.

Convenience

Online payroll means you don’t need to be at work on paydays or spend your time managing data. You can now have an online office with an easy-to-use system. Online access is available for employees to see a paycheck, pay history, or other payroll information. Online W-2s for employees and 1099s online for independent contractors are also available and can be accessed with ease.

Customer Support

You will have unlimited access to customer support for any payroll processing needs by using online payroll. Additionally, outsourcing your payroll helps make sure that your

business is following state and federal regulations. This can also help you file and deposit tax returns promptly and accurately in your local, state, and federal tax jurisdictions.

Vision HR Online Payroll

Business payroll can be time-consuming, so leave this task to our professionals

to help you focus on your business. Our experts at Vision HR are ready to help with all of your payroll processing needs for your St. Augustine business. Find out more about our payroll packages below.

VISION HR Payroll Essentials

VHR processes payroll checks, payroll taxes, payroll tax filings, offers direct deposit, issues W-2’s and handles garnished wages. VHR’s software provides the efficiency of online enrollments. Add “Pay as You Go” Workers’ Comp, customized benefits, or you can choose VHR’s online HR Support Center. VISION HR Payroll Essentials

Plus HR

Includes VHR’s Payroll Essentials along with prompt access to VHR’s in-house experts who get to know you and your business for a Face-to-Face personalized delivery of HR guidance.

VISION HR PEO (License # GL222)

VHR’s Payroll Essentials under a “Co-Employment” relationship, including the personalized in-house HR expertise.