The International Financial Reporting Standards (IFRS) is a set of accounting standards designed in London, UK, by the International Accounting Standards Board or IASB. US companies don’t need to use IFRS because they follow US GAAP. However, if a US business operates in countries that use IFRS, then it must comply with the local accounting…
What is
Exempt vs Nonexempt Employee: Classifying Your Workers
Exempt and nonexempt employees are worker classifications established by the Fair Labor Standards Act (FLSA) that determine whether these employees must receive overtime pay. Exempt employee: An employee who, based on job duties and salary, is “exempt” from receiving overtime pay. Nonexempt employee: An employee who, based on job duties and salary, will receive overtime…
Wage Garnishments: A Guide for Small Businesses
What Is Wage Garnishment A wage garnishment is a legal deduction from an employee’s wages, mandated by court orders or government agencies, to satisfy debts such as alimony or spousal support, tax levies, child support, or student loans. Ensuring compliance with payroll garnishment rules is crucial, as failure to do so can lead to serious…
What Is an LLC and How to Start One
A limited liability company (LLC) is a form of business that protects a business owner’s personal assets from legal claims against the business. Unlike with limited partnerships, protection extends to all members of the LLC, including those with managerial authority. If the election to tax the LLC as an S corporation (S-corp) is made, then…
What Is Call Screening? How It Works & Benefits for Small Businesses
Call screening identifies incoming calls and caller or phone number characteristics. As a result, businesses can filter unwanted calls and prioritize known clients, allowing teams to control call traffic and boost employee productivity. While capabilities vary per voice-over-internet-protocol (VoIP) provider, call screening typically includes caller ID, do not disturb (DND), and call blocking features. Learn…
What Is Premises Liability Coverage Insurance?
Premises liability coverage is an insurance policy that protects property and business owners from financial losses due to injuries and property damage claims on their premises. Specifically, this insurance is designed to cover situations like slips and falls, injuries from falling objects, the destruction of personal belongings, or accidents due to negligence in maintenance or…
Payroll for Nonprofits: An Easy Guide for Employers
Payroll for nonprofits is the process of managing and compensating employees within a nonprofit organization, ensuring compliance with tax obligations, and handling employee benefits. The process goes the same way that for-profit businesses do; however, there are some differences depending on your organization’s structure and the types of workers you need to pay. For instance,…
Recruitment Management System: Small Business Guide
A recruitment management system (RMS) is a human resources tool or set of tools used to manage the process of recruiting, interviewing, and hiring new employees. Managing recruitment requires ongoing monitoring, legal compliance, and fairness to avoid discrimination. Apart from helping with these, the right RMS also works in several steps of your recruitment process,…