Knowing your net worth is a valuable figure to keep your finger on. Essentially, it’s how much cash and assets you have versus how much debt you owe. That’s how it works when you’re an individual, but when you own a business, the calculation gets a bit more complicated.
No matter what industry your business is in, a strong online presence is crucial for its continued success. With the explosion of the digital age came a huge shift from traditional marketing toward digital marketing, where the Internet allowed for convenient and ongoing communication between customers and businesses. Online reviews are now the primary way for potential buyers in the market to view actual consumer opinions regarding their purchases and experiences. Review sites don’t only benefit consumers though; they also provide plenty of advantages for the businesses themselves.
Pay periods determine how often you run payroll and how frequently your employees get paid. The balance lies in choosing a pay period that minimizes the cost of running payroll and abiding by state law, while simultaneously giving employees a pay schedule they can rely on. As businesses grow, there are a myriad of reasons to change their payroll frequencies. Regardless of the reason, there are a few things to consider before making the switch.
As a business owner, employee turnover is one of the biggest issues you’re going to face. Many organizations spend thousands of dollars every year recruiting and replacing their employees. While a certain amount of turnover is unavoidable, that doesn’t mean you shouldn’t be taking steps to prevent it.
Performance reviews are starting to regain traction. Here at Dominion, we’ve heard from current customers and prospects alike that a well-constructed platform and methodology around performance reviews is a valuable thing for their business. But despite the best intentions, at the end of the day, the success of the performance review rests on the shoulders of the managers. Their participation and preparedness are the backbone of driving beneficial performance review meetings.
Did you know that 83% of employers have changed their benefits strategy within the last three years? At Dominion, we believe it’s never a bad time to reevaluate your processes. Worst case scenario, you reaffirm that you’re running your business as efficiently as possible. However, many times you’ll find a new software or product that will improve your processes and save you time and money in the long run. So when was the last time you reevaluated your benefits administration process?
Outsourcing payroll is a common practice in the modern business world. After all, there is no denying the time and money you can save by bringing in a third party software to assist with the intricacies of payroll. While processing payroll in-house is definitely a viable solution, whether it’s through manual bookkeeping or a variety of payroll apps, even small business owners are starting to see the benefits of outsourcing.
Job costing and management accounting work hand in hand when it comes to making important financial decisions for a business. In order to accurately predict the success of major business decisions, owners and CEOs rely on data-driven reports from job costing and management accounting.
Performance reviews are in an interesting spot in today’s professional culture. Some organizations have dismissed the practice all together, while others are raving about the successes of the 360-degree review.
If your organization conducts performance reviews you know they have the potential to contribute to the growth and longevity of both your employees and business. What you might not know is that performance review technology can increase the positive potential of the review process.
Vacation policies come with questions. Among the typical paid time off questions such as is it mandatory to offer vacation time, and how much should I offer, another common question is will I need to pay out any unused vacation time? Common practice and state law around paid time off, and vacation time specifically, vary from company to company and state to state. Let’s take a look at how Michigan handles the payout of unused vacation time.