Month: June 2021

Top Reasons You Need to Understand Payroll Accounting

Payroll accounting is essential for two reasons: financial management and compliance with existing laws. In a nutshell, payroll accounting is done so that a company is able to pay its employees accordingly. Among the tasks under it is making sure that employees receive correct remuneration, deductions are accurate, and that payroll expenditure is not spent on unnecessary costs.

At the same time, every organisation has to adhere to tax laws and other regulations imposed by the government related to employee wages. By means of payroll accounting, you become more capable of reporting wages paid and taxes withheld during internal and external audits.

What payroll accounting does

Basically, payroll accounting involves documenting all transactions related to payroll, including:

Payroll accounting

  • salaries, wages, commissions, bonuses, etc.
  • payroll taxes withheld from employees’ paychecks such as income tax, social security, and health insurance
  • paycheck deductions (insurance premiums, contributions, and wage garnishments)
  • employer’s portion of fringe benefits

All these data are entered in a payroll journal. These entries are made as expenses (when they have already been paid), or liabilities (they are owed but are not yet paid).

How payroll accounting works

Payroll accounting begins with the primary task of gathering accurate records of the time each employee in the company has worked. Knowing the number of hours rendered by the employee serves as the basis of compensation, regardless if workers are paid by the hour or are salaried. With this information, an employee’s monthly payment can be adjusted depending on whether or not they have received any pay deductions or bonuses.

Computing for employee pay can be tedious. Some employees in the company are salaried, so their compensation will begin with a base rate each month. Meanwhile, employees who are paid by the hour may work for a varied number of hours every week (calculating for their wages, including their taxes due, will also vary).

Why you need to understand payroll accounting

You cannot run a business properly if you do not have a proper understanding of payroll accounting. It is mainly because it is your employees that do the groundwork in keeping your business alive.

Understanding the company payroll can be challenging, especially when you are not an accountant, auditor, or HR admin. However, knowing at least the basics of payroll accounting helps you run the business better because:

  • You are able to pay your employees accurately. Minimising disputes in salary computations increases employee morale, which leads to greater productivity and retention.
  • You realise where your payroll funds go. At times you may notice that a big chunk of your payroll funds is spent on expenditures that don’t serve your employees. You can then decide whether to remove these line items or not. For instance, you have an allocation for clothing allowance, but because of the work-from-home setup, your employees no longer need to spend on uniforms unlike before. Funds for this line item can be spent elsewhere, or become part of another fringe benefit (e.g., meal subsidy or pension).
  • You learn to reconcile payroll disputes. It is important that you know how to verify the accuracy of payroll expenses and liabilities. These are issues that, when left unresolved, may result in company losses. When you are able to account for payroll expenses and liabilities, you clear out unnecessary spending and save money that can be better utilised by your business.

 

Uses of Sound Barriers

Sound barriers are deemed to be an effective solution to noise pollution. They are installed around areas where noise is prevalent, or within spaces that require sound security and protection.

Noise is a common problem in almost every occupied space. Sounds from different sources clash and create a sonic impact that’s irritating and distracting not only to humans, but to animals too. There are even instances when we become suddenly agitated not because we’re caught up in a highly stressful situation, but only to find out that it’s the surrounding noise that gets us emotional.

Sound barriers have a lot of uses, which many people have not yet realised. These include:

Reflect the sounds and prevent them from entering a protected space.

Having a comfortable sonic environment is important in various activities and functions. Schools need a quiet space for students to concentrate on their studies. Offices need the same environment for employees to become productive. Places of worship, like temples and churches, need the silence in order to meditate without any distraction.

These establishments however, are often situated in perpetually noisy surroundings. They are located near commercial complexes, roads and highways, and sometimes in factories and manufacturing plants.

Installing sound barriers help reflect the noise in these surrounding areas and prevent them from entering these indoor spaces. With the soundwaves bouncing back to the source, people inside offices, churches, and schools do not feel the full extent of their impact.

Absorb the key attributes of soundwaves.

Soundwaves come with different attributes. Aside from pitch and volume, they also have echo and reverberation. Echo and reverberation, when not mitigated, can cause a sense of discomfort to those who would sense them, as these are not actually heard but are rather felt.

Sound barriers are also designed to absorb echo and reverberation. They minimise the effects of these attributes, so that they would not cause further harm to the senses.

Sound absorption is important in areas where activities such as studying and working are held. These spaces need comfortable environments for their users to enjoy and become productive in.

Enclose the sources of sound.

Sound barriers are also used to enclose sources of noise. For instance, in construction sites, you cannot control the noise the machinery and other activities generate, but their sounds can be enclosed and kept in one place.

Sound barriers

Sound barriers do the job of keeping these noises within the premises of the workspace. This function is very important especially when you are the manager of the activity, since you are able to prevent these noises from affecting other activities outside your reach.

Improve sound quality.

At the same time, sound barriers can help in improving the audio quality in a given space. This can be seen in both indoor and outdoor premises. For instance, sound barriers are installed in cinemas and theatres to contain their audio while running their shows.

Meanwhile, outdoor concerts rely on sound barriers (noise reduction sheets) to keep their music within the confines of their venue and avoid causing disturbances to neighbouring areas. These barriers also help maintain a lively vibe within the concert grounds for audiences to enjoy.

Debunking Famous Forex Trading Myths

There is a long-standing rule in Forex trading – the 90/90/90 rule. According to this rule, 90% of traders will lose 90% of their funds in a matter of 90 days.

But for those well-educated traders, there is nothing much to worry about. You can keep yourself from joining the 90% of the losing end by knowing the myths in trade forex that have been recognized as real all these years.

Myth No. 1: Trading is a Piece of Cake

We tend to see those adverts claiming that trading is easy and you can become a millionaire after investing some money. There are also videos, posts, and even seminars made by people who claim that they are the living-proof that trading is easy.

Unfortunately, these things are only made up of people who want to sell something. These are their dirty tactics to encourage you to invest as soon as possible, even without proper education and knowledge. They might offer you something, such as software or a training course then they claim that this will make you successful instantly. Then you know what happens when you become successful in trading. You will make lots of money.

So, without a doubt, many people get to jump straight to success, avoiding the regular learning process of trading. But then, after giving them the payment, you realize that you have fallen into a huge scam.

Trading Forex Lets You Make A Lot of Money

It is true that you can make a lot of money in trading but all that stuff claiming that there is an easy way is a complete myth. In fact, it is very hard to attain success in trading. First of all, you need to do a lot of things such as learning the basics of trading, the right behavior that you need while trading, and the trading psychology that goes with it. All these things cannot be achieved overnight.

Myth No. 2: Trading is a Get-Rich-Quick Scheme

Without a doubt, trading can bring forth large profits. But this advantage is only applicable to those traders who have the right set of knowledge and skills.

  • You must learn and know-how trading actually works
  • You must learn about probabilities in your trading
  • You need to have a concrete trading plan that defines your trade setup, your stop-loss order, your exit trade as well as your entry trade.

After that, you need to;

  • Start trading your system using a small capital
  • Have a concrete plan on how and when you should increase your trading size
  • Have a plan on how and when you should decrease your trading size
  • Expect when you should take the time to achieve bigger profits

So, basically, the path to success in trade forex is learning the things that you need to know and doing the things that you need to do so you can trade correctly. To say it short, you need to know what to expect in trading. Also, you need to know in advance the things that you should do when adverse scenarios come in.

Group Health And Medical Insurance – Best Company Group Health Insurance

What is a group health plan?

Employer group health insurance or group health plan is a type of employee welfare benefit plan. The plan is established and maintained by either the employer or the organization or both. It provides medical care and insurance to the participants. The group health insurance may offer health insurance, life insurance, or any type of personal insurance. Get the best company group health insurance for your company at affordable rates. Receive expert advice and suggestions. Get in touch with us and enjoy the best plans for yourself as well as for your employees.

What are the benefits of a group health plan?

The benefits of having a group health plan are:

  • Affordable

The biggest advantage of having a group insurance plan is that it is affordable. Compared to individual health insurance the group health insurance comes with more benefits at a reasonable price.

  • Bigger is better

The bigger the group the better will be the benefits. Bigger groups mean that the price will be cut down into more pieces, making it easier to get great deals at lower prices. If we sum up, we will enjoy the following benefits:

  1. More coverage is provided for the pre-existing conditions.
  2. Lower insurance cost
  3. Better plans
  • Tax incentives

By group health plans both the employee and employer are benefited. The employer receives the benefits in the form of health care tax credit. This tax credit is offered to those businesses that provide their employee’s insurance and pay some part of the premium. These businesses might get qualified for receiving credit back on the taxes.

  • Happy and healthy employees

This is the hidden benefit of having group health insurance. The employees feel more comfortable and connected to their work. The relationship between the employer and the employees is valued and appreciated. The work environment gets filled with positive energy and thoughts.

Is a group health plan cheaper than an individual health plan?

Group health insurance plans are more affordable compared to individual health plans. The benefits provided by the insurance plan are also better than the individual health plans. Additionally, the group health plans cover many health aspects at affordable prices.

Are you still confused about whether to choose individual or company group health insurance? Well, we have got answers to all your queries. Feel free to ask for any corporate or personal insurance.