Year End Planning isn’t ALL about Taxes!
Although you are likely considering many strategies to improve your tax situation and reduce your corporate taxes, there are also other items you should be considering to strengthen your business. Here’s three for you to consider:
- Improve Cash Flow: Managing workers compensation insurance using a Pay As You Go approach, with a local broker and not an 800# with a large payroll vendor, will improve cash flow, simplify the audit process, smoothen out the clients P&L, bring professional oversight to their coverage, and more…
- Reduce Labor Costs: Time and attendance solutions have moved beyond the warehouse clock. The front office now requires solutions. From Web based clocks in the office, to fingerprint sensors and proximity readers in the warehouse, automating precise in/out times, eliminate buddy punching, and automating Paid Time Off (PTO) requests and approvals is saving the average employer more than $1,600 annually/per hourly employee. Use this same data to prepare any PPACA reporting you may now be required to perform.
- Increase Owners Retirement Savings: Utilizing local trained financial service professionals, rather than a payroll company, to design and implement a 401(k) plan. Clients perceive convenience as the reason to buy more from their payroll vendor, but payroll purchased retirement funds typically come with industry leading fees to mutual funds in the plan. Designing the right plan will increase the balance of assets at retirement for each participant in the plan by as much as 35%.
ConnectPay stands ready to help you with these and other strategies to reduce your costs, both direct and indirect. Call me NOW to schedule an appointment to review your current payroll strategies and processes.
ConnectPay Payroll Services
2352 Main Street, Suite 303
Concord, Ma 01742