Staying on top of changing rules, regulations, and laws can be daunting for small business owners, especially when things are the busiest at the end of the year. We’ve teamed up with Homebase to share some helpful tips to help keep your business compliant.
There are three crucial things that small businesses need to stay on top of to prepare for the end of the year:
Taking care of these at the end of the year means you can start the new year knowing your business and team are set up for success. This doesn’t mean you have to spend New Year’s Eve buried under spreadsheets. Follow these steps to help make things easier, faster, and more accurate.
A little organization goes a long way with payroll. This checklist can help you close out your final payroll and prepare for the year ahead.
Keeping track of every form and detail for every employee can be overwhelming for small businesses. A full-service payroll provider like Homebase can make year-end prep much easier. Homebase helps simplify complex tasks, automate data entry, turn time clock entries into timesheets, and calculate breaks, overtime, and tax payments—all in one easy-to-use app.
The start of the new year brings changes at state and federal levels that affect all employers. For example, these are some of the changes announced in California for the year ahead.
Changes to Paid Medical and Family Leave (PFML) were announced in multiple states. Here are some examples:
While it’s crucial to review the latest labor laws at year-end, know that changes can also happen throughout the year. Not staying informed can cost your business both time and money by having to deal with more paperwork and penalties. Modern tools like Homebase can help guide small businesses on compliance and ongoing changes at both state and federal levels. You can also talk to live certified HR advisors with Homebase to get useful templates, guides, training, and a full review of your policies.
The following states have announced a minimum wage increase effective January 1, 2023:
|Alaska: $10.85||Maine: $13.80||Montana: $9.95||Rhode Island: $13.00|
|Arizona: $13.85||Maryland: $13.25||Nebraska: $10.50||South Dakota: $10.80|
|California: $15.50||Massachusetts: $15.00||New Jersey: $14.13||Vermont: $13.18|
|Colorado: $13.65||Michigan: $10.10||New Mexico: $12.00||Virginia: $12.00|
|Delaware: $11.75||Minnesota: $10.59||New York: $14.20*||Washington: $15.74|
|Illinois: $13.00||Missouri: $12.00||Ohio: $10.10|
It’s important to keep an eye out for changes that happen later in the year if your state has yet to announce a wage increase. Wages increase can also be impacted by your jurisdiction, the number of employees you have, if your employees work on tips, or if you provide health insurance. Tools like Homebase can help you stay informed about wage changes and provide an all-in-one solution to manage your employee roster, documents, tips, hours, breaks, and overtime.
As your business grows, so does your to-do list. Simplifying team management with all-in-one tools like Homebase can save you time, stress, and money, so you can focus on running your business.
To learn more about using Homebase with Clover POS, watch this helpful video to get the ball rolling and review this help guide. Customer support can also answer any questions you may have via chat, email, or phone.
*The increase applies to the Upstate minimum wage rate. The New York minimum wage varies by location and industry: $15 for employees in New York City, Long Island, and Westchester. Additional rates may apply under specific industry wage orders. Reference the 2023 Minimum Wage Report.
Important Disclaimer: Homebase is the sole and exclusive provider of services described in this article. Clover does not make any representations or guarantees as to these products / services. Please see Homebase Terms & Conditions for more information.
This information is provided for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain advice with respect to any particular matter.
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