Accounting Manual Contents – Payroll

The payroll process encompasses 2 functions – accounting and human resources – and some processes from each side of it should end up in your accounting manual. All organizations should document how payroll is processed and controls to make sure the right amount is...

Accounting Manual Contents – General Accounting Policies

One of the first items you should put in your accounting manual is the general policies you follow. These are the basic foundation of what you’re trying to accomplish with the procedures you implement, and the rest of the manual will detail how you achieve the...

Why to Have an Accounting Manual

An important tool for maintaining internal controls and a strong finance department is to have an accounting policies and procedures manual. While it takes some time to write up, it will help you maintain consistent practices and stay compliant will relevant laws and...

Retirement Plan Options – Solo 401(K)

If you’re self-employed and have no employees other than yourself and your spouse, you’re eligible to set up a one-participant 401(K), which is sometimes called a Solo 401(K), Solo-K, Uni-K, or One-Participant K. This is subject to the same rules as a regular 401(K)...

Retirement Plan Options – SIMPLE IRA

A retirement plan option available to small employers is a SIMPLE IRA. To qualify for this, you need to have had 100 or fewer employees who received at least $5,000 in compensation during the previous calendar year. When calculating the 100-employee limit, you need to...

Retirement Plan Options – 403(b)

A 403(b) plan has some similarities to a 401(k), but is distinct enough to merit separate discussion. Unlike other retirement plans, only certain types of organizations are able to set up a 403(b). Generally, this plan option can be used by: Public schools 501(c)(3)...

Retirement Plan Options – 401(K)

One of the most commonly offered retirement plans is a 401(K).There are a couple ways to set up a 401(K), and as the employer, you’ll have a couple options for how to set up the contributions you make. The types of 401(K)s you can offer are: Traditional 401(K): The...

Retirement Plan Options – SEP IRA

Whether you run a business with employees, or are self-employed or do freelance work, you should set up tax-advantaged savings accounts for retirement. There are several types of retirement accounts you can use, which I’m going to review in a series of posts. They...