Monthly Archives: December 2012

Hiring a new employee can be a complicated process, from reviewing applications and resumes to interviewing and checking references. But for the small business owner, hiring is almost the easy part. That’s because once you hire a new employee, you need to begin the payment and recordkeeping process, which is complex.
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Human resources (HR) and payroll are two aspects of small business management that are closely linked together. As soon as you hire an employee, you’ve got both human resources and payroll tasks to complete.
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For small business bookkeepers and CFOs, year-end imposes additional obligations, as ongoing payroll tasks must be managed alongside year-end tasks, all the while gearing up for 2013. The key to successfully handling these tasks in December and January is careful planning, delegation when possible and attention to deadlines.
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With tax filing season nearly here, record retention is an important issue for business owners. In order to file accurate tax returns and maintain appropriate business records, there are rules to follow in regards to what business record to maintain and for what length of time.

The IRS provides rules and guidelines in Publication 583: Starting a Business and Keeping Records, which was most recently updated in November 2011. In addition to the IRS guidelines, there are certain vital business records that should be maintained permanently.
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