Workers’ Compensation Rates in Florida, What You Need To Know
Back in December 2017, the Federal Tax Cuts and Jobs Act became law, and as a result this affected workmen’s compensation insurance and decreased the corporate tax rate. The Florida Office of Insurance Regulation has approved a decrease of -1.8% in the rates Florida businesses pay for workers’ compensation insurance. This is the second decrease in just six months. This decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of June 1, 2018.
See these facts regarding how the changes will take place:
- Your company’s premium is determined by multiplying your total payroll by the rate for class codes assigned to your business based on the work you do.
- Beginning June 1st 2018, the new -1.8 rate decrease will apply to new workers’ compensation policies
- Current workers’ compensation policy holders well keep their current rate until their policy renews on or after June 1st.
If you have any questions about these rate decreases, or how it will affect your worker’s compensation policy, please contact your local insurance agent or your workers’ compensation insurance company. For a complete statement from the OIR (Florida Office of Insurance Regulation) click here.
Give Howard Employee Services a call today at 941-922-0202 or send us an email for more information on how we can help provide your company with payroll services today!
The Benefits of Outsourcing Employee Benefits
The increasing complexity of managing employee benefits efficiently and in a cost effective manner has led today’s smart small business owner to consider outsourcing employee benefits. This is not a decision that should be made without knowing all the advantages and disadvantages that come with either managing benefits internally versus externally. Today we are going to explore the various benefits a business owner can expect from outsourcing employee benefits.
Outsourcing Employee Benefits Saves Time
Internal HR departments may be highly specialized on employee relationship management but when it comes to managing various external companies that come with benefits management they may be a little out of their leagues. This is a hundred times truer if the current benefits manager is not a dedicated person and more of an employee who wears many hats. Small businesses are especially vulnerable to creeping time costs as external companies change their prices, policies, and various segments that go with their employee benefits offering. Between medical benefits, disability, insurance, and payroll changes it is easy for a human resources department to quickly find itself threading waters to keep up with increasing demands.
Keeping up with Government Regulations
There are various governmental agencies, departments and even regulatory boards that deal with employee benefits management. Between the American with Disabilities Act directives, the Affordable Care Act regulatory requirements, and the Family Medical Leave Act mandates there are an increasing amount of regulations to stay current with when it comes to managing employee needs. Outsourcing employee benefits has the added benefit of having a dedicated team of experts whose sole job is to make sure you are in compliance with the various regulatory bodies of the government. State and federal instruments both have different requirements when it comes to employee benefits.
Reduce Financial Liabilities
Benefits administrative dedicated companies have the added advantages of dealing with benefit providers, such as various insurance companies, on a higher financial level. This leads to various discounts based on the volume and business relationship with different benefit providers. These discounts are in turn passed unto to you in the form of multiple administrative companies vying for your business. The cost savings add up with the time savings from your HR department having to handle the various segments of benefits administration.
Give Howard Employee Services a call today at 941-922-0202 or send us a quick message for more information on how we can help your company in outsourcing employee benefits!
3 Reasons to Hire Small Business Tax Services
It’s tax season. The year is just kicking into gear and already you have to get your small business’ financials in order. Unfortunately not all small business tax services are built the same. When you own your own business there is a tendency to reduce cash outflows as much as possible to turn a profit. This inclination has landed more than one small business owner in court in front of our friends in the IRS. Mistakes made by filing your own business taxes range from being ignorant of changing tax law to purposefully skirting the law.
Business tax services are not just limited to filling taxes. They can assist you with financial planning decisions. When business owners are busy managing day to day business operations they often let high level business decisions fall by the wayside. As a consequence they may end the year with less profit even though business income may have increased in a certain financial period. A Certified Public Account at your local business tax service can help you better plan and manage your cash-flow to ensure your business achieves its maximum business earning potential.
Reduce Legal Liability with Small Business Tax Services
The US government understands the struggle that comes with running a small business. They endeavor year after year to either reduce your tax liability or simplify your filling process. They understand that small businesses are the backbone of not only the US economy but the labor market as well. This can get tricky when one is a layman in these important financial matters however, as it is often a time consuming process to keep up with the changing tax code. This is where small business tax services shine as it is their specialty to prepare these fillings, they have a responsibility to keep up with the current local and national tax code.
Business Tax Services Help with Audits
Besides business tax services you can use a regular accountant to do your taxes and save a few bucks on preparation. The issue with this approach is that most individual accountants are more often than not, not certified or CPAs. This could represent an issue if your business is ever faced with an IRS audit. This is a common occurrence, especially for businesses, as their tax fillings are usually highly customized and full of special considerations unlike the majority of personal tax fillings.
Give Howard & Co. business tax services a call today at 941-922-0202 or send us an email for more information on how we can help your company navigate this tax season!
New Research Shows Happy Workers are Productive Workers
A new study from the Social Market Foundation says it has proof that happy workers are indeed productive workers! For the longest time corporate culture mostly prioritized a high-pressure, take-no-prisoners culture to maximize financial success. This approach appeared to produce the best results as direct correlation between effort and results could be more easily measured.
New research by the Social Market Foundation and the University of Warwick’s Centre for Competitive Advantage in the Global Economy that included over 700 workers appears to disprove these old misconceptions about worker productivity. The old adage of push them harder, for more results simply yields marginal results when it comes to overall worker productivity. It is the go-to method because it is often times a lot easier to track and show results based on effort.
On average the old motivational workplace methods proved to show a 3% increase in employee productivity. The experiment consisted of showing a 10-minute comedy clip or providing snacks and drinks to random employees. This latter method showed a 12% minimum and up to 20% maximum increase in productivity following the above motivational methods!
This holiday season employers consider what kind of bonus or holiday snacks to bring into the office. How much of the budget should be spent on non-work related activities to increase worker happiness. This study may provide proof that this method of employee appreciation indeed leads to measurable productive results.
One needs to consider a mix of both short-term and long-term incentives to keep current and future employees stimulated to perform their best. Long term incentives include benefits such as medical and dental coverage, life insurance and others.
Howard Employee Services provides employee benefits in the Sarasota area as part of its employee services to companies that may not otherwise have access to such benefits for their employees.
Give Howard Employee Services a call today at 941-922-0202 or send us an email for more information on how we can help your company properly incentivize its employees too!
Why You Too Should Outsource Payroll
Small to medium sized business owners are all too familiar with the headaches associated with payroll management. In fact, one of the first things business consultants always recommend is to outsource payroll and other non-core functions. A non-core function is anything you can’t charge clients for or use to differentiate yourself from your competitors.
Let’s explore the outsourcing payroll a bit more with a focus on the advantages as well as disadvantages that may be associated with this decision. In a closed perfect business environment outsourcing should have three main benefits:
Frees up Time and Resources
Payroll is a critical function of business operations. However it does not directly contribute to increased sales. Instead it represents a risk as it may increase costs if done incorrectly. This makes payroll an area with a huge con vs. pro margin when it comes to profit margins.
Besides costs payroll represents a huge risk when it comes to legal requirements. Businesses have to conform to various laws from federal to state and local tax laws. These ordinances are forever changing representing a huge amount of time investment to stay in compliance for a business owner.
Historical Data Analysis
Employee salary is often times the biggest expense small to medium business enterprises have to deal with on a yearly basis. One of the ways to mitigate the negative effects of reoccurring costs is to track its historical costs in order to make better financial decisions based on past decisions.
For example, if a certain position has proved to be an issue cost vs. benefit wise you can more accurately catch this with a managed payroll system that provides with graphical data as well as personnel assistance. Without this assistance businesses often risk falling into the trap of repeated mistakes leading to eventual financial ruin.
Payroll management services have built in risk management features that a business may not be able to afford on its own. This includes services such as helping a business owner navigate legal issues, requirements, and even guidance when it comes to sensitive employee relation issues. A good payroll service will have an employee relations management department to ensure smooth communication between employer and employee.
Give Howard Employee Services a call today at 941-922-0202 or send us an email for more information on how we can you payroll services to your company too!