Paying independent contractors is simpler and often cheaper than paying employees because employers don’t have to withhold or pay taxes. Although year-end reports are required to show amounts paid, employment and labor laws that cover employees—like minimum wage—don’t apply. We walk through the five steps on how to pay independent contractors below. Step 1: Determine…
How To
How to Do Payroll in Colorado: An Employer’s Guide
In contrast to states like New York, with challenging payroll rules that can change often, Colorado’s payroll is relatively straightforward, though it does have some laws protecting employees that other states don’t have. Taking time to learn how to do payroll in Colorado will help ensure you feel more comfortable as you begin to manage…
How to Grow an Ecommerce Business & Optimize for Sales
After you’ve built your online store, your next goal should be to grow your business so you can increase profits. To grow an ecommerce business, you’ll need to identify your audience, bring traffic to your store, develop a customer retention strategy, build a community, and continuously test the market and your products. Here’s a step-by-step…
Calculating Employee Cost for Businesses: Calculator + Formula
Employee cost includes direct and indirect expenses, thus encompassing the total cost of compensating an employee, including salary, benefits, taxes, and any other related costs. Understanding it is pivotal for small business owners, as it directly affects budgeting, financial planning, and profitability. There are two computations available to get this value: a simplified equation using…
How to Accept Crypto as a Business
Adding cryptocurrency as a payment method has become increasingly popular among small businesses with the availability of affordable, easy-to-use platforms and apps. To start accepting crypto and bitcoin as a business, you need to sign up for a cryptocurrency account (wallet or payment gateway) and integrate it into your online checkout. You can also use…
How To Track Invoices Using Excel [+Free Template]
To track customer invoices and payments using Excel, you must first create an invoice tracker. Start by creating a spreadsheet with columns for relevant data, including invoice number, customer name, due date, and invoice amount. You can then use Excel’s features, such as data validation, formulas, and conditional formatting, to track invoices and payments effectively….
How to Use Twitter (X) for Customer Service in 5 Ways
Twitter can be used for customer service to directly interact and engage with potential and existing customers via tweets or posts. Over the years, Twitter (now known as “X”) has emerged as one of the most sought-after social media platforms that businesses utilize for customer support, from addressing positive and negative tweets to monitoring customer…
How To Use a HELOC for Business
Small businesses with limited resources can use a home equity line of credit (HELOC) to help financially support their business. A HELOC is a revolving credit facility that provides quick access to funds and can be used to cover short-term expenses. Funds can be drawn on the line and repaid over a period of time….