Monthly Archives: June 2014

7 Must-Have Supplies for Your Law Office

If you own a law office or you serve as an office manager, you know the importance of efficiency when running an office. Office supplies, no matter how big or how small, help increase efficiency and help keep the office organized. Attorneys and office managers are always looking for the best furniture, equipment and supplies in order to impress their current and prospective clients. Here are seven must-have office supplies for your new law office:

Desks

Since this will be your work area, it’s important that the desks you choose are not only spacious but functional as well. Make sure you buy a desk with plenty of counter and drawer space. Opting for a desk without drawers will only lead to a cluttered desk and a visually unattractive office. Also, consider the desk’s height in relation to the chairs.

Chairs

Unless you enjoy standing all day, having chairs for your law office is a necessity. Chairs serve as your proverbial throne, and this is one item you won’t want to skimp on. Not only do you want a chair that’s visually appealing, but you also want one that’s comfortable to sit on all day. Some people like arm rests, others don’t. When you pick a chair, consider the height of the desk, and make sure that you have room for your knees and legs underneath the desk. Additionally, if you select a chair with rolling wheels, you’ll likely need a plastic floor mat to protect the floor’s surface and allow for smooth rolling.

Bookshelves

Legal books are a staple in every office, and it’s important that you have a place to show them off. Buying bookshelves will allow you to do just that. Choose bookshelves that match your other office furniture. That way, you’ll be able to put your bookshelves wherever you choose without having to worry about colors or wood styles clashing.

Legal Pads

When you meet with clients or have meetings with other attorneys, you’re going to need something to write on. Legal pads, much like bookshelves, are a staple in every law office. These can often be purchased in bulk, making it affordable and easy to have extras lying around. Legal pads can be used as a notebook or can be put into a leather padfolio.

Pens and Pencils

This may seem like a small and obvious item to have around, but it’s important to have plenty of writing utensils at your new law office. Not only will you and your attorneys need something to write with but your clients will too. When clients come into your office, they’re probably nervous about what’s going to happen, especially if they’ve never met with an attorney before. Chances are, they left their pens at home or in the car, and they’ll need something to take notes with. Once you’ve established yourself and have a logo, it’s important to invest in pens that have your logo on them as well.

Envelopes

Law offices send out a lot of letters, and it’s essential that you have envelopes on hand. There’s nothing worse than going to mail an important letter, only to realize that you’re out of envelopes. Like legal pads, these can be purchased in bulk. It’s easy and affordable to have a large amount of envelopes on hand.

Lamps and lighting

Although nearly every office is equipped with lighting, you may find that some areas of the office aren’t as well lit as others. This is where lamps will be extremely beneficial. Whether it’s a small desk lamp or an extra lamp for one of your conference rooms, investing in extra lighting options is important for any law office. Having extra lamps around the office can make your new law office brighter and more inviting.

5 Tips for Hiring a Debt Collection Agency

Sometimes the debt collection process is unavoidable. If you’re a small business with a limited staff, hiring a debt collection agency can save you time and will allow you to focus your resources on running your business. Typically, collection agencies get better results because they have the time to make sure everything is right and have experience at collecting debts. The key in hiring a debt collection agency is finding a reputable company to assist you. Here are five tips to keep in mind when hiring a debt collection agency:

Do your research

Debt collection agencies often specialize in certain areas. For example, some excel in securing funds from large companies while others do well with small businesses. Find out what sort of debtors the collection agency most often deals with and what sort of businesses it serves. Find an agency that specializes in your type of business and that has collected debts in your industry. If you need help finding a debt collection agency, ask your accountant, attorney, other business contacts or local chamber of commerce for suggestions or recommendations.

Find out their collection tactics

Different states have different rules and regulations for debt collection agencies. You’ll want to hire one that is licensed and adheres to the rules of the Fair Debt Collection Practices Act. The Fair Debt Collection Practices Act provides guidelines for debt collectors who are collecting debts for household expenses, medical expenses, credit cards, auto loans and mortgages. Even if you don’t need to collect those types of debts, it may be a good idea to choose an agency that follows these practices. This will help ensure that overly aggressive collection tactics don’t harm your reputation.

Understand their fee structure

Collection agencies have a variety of fee structures. Some agencies charge a flat fee: a straightforward cost associated with pre-collection fees. This fee is generally offered early on in the debt collection process. Other agencies charge contingency fees: a percentage of the amount they collect is charged. Compare the fee structures for each prospective company to see which one works best for you and your goals.

Know how often you’ll be updated

It’s important for your debt collection agency to update you on the progress it has made with your delinquent accounts. This holds the agency accountable, but it will also help you recover the debts quicker if periodic updates are expected. Some agencies send multiple payments each month while other offer online tools that allow you to check on the progress of each account.

Ask about “skip tracking”

Unfortunately, sometimes debtors decide to skip town. To combat this, some agencies use what’s called “skip tracking.” Skip tracking is a practice in which the collection agency uses multiple databases to locate a debtor who has skipped town and moved to another city or state. This is especially important if you have been personally contacting a debtor and have been ignored.

Common Mistakes Small Businesses Make With Their Credit Card Processor

When ecommerce was first introduced, it was a common belief that it was expensive and difficult to implement. In reality, it was often expensive and difficult for small business owners to set up. Fast forward to today and ecommerce is common in today’s marketplace. Group purchasing companies exist to make credit card processing savings accessible to businesses, including startups.

Top 4 Credit Card Processing Mistakes Business Owners Should Avoid

Unfortunately, some business owners tend to be so eager to enter into a merchant processing agreement that they don’t fully understand what they’re getting into. This is a detrimental mistake, especially for new businesses. It’s the responsibility of the small business owner to do research prior to selecting their credit card processor. Here are four of the most common mistakes that business owners make with their credit card processor:

1. Not Reading the Terms and Conditions

The biggest mistake that business owners make with their credit card processing company is not reading the terms and conditions of their contract. We’re all guilty of glancing over contracts and signing on the dotted line, but doing so in this case could be detrimental in the future. When looking over your credit card processor contract, be on the lookout for any red flags. Check for upfront fees, penalties and hidden fees. If you don’t understand part of the terms and conditions, contact a representative to walk you through it. If you’re still unsure, consult with a third-party professional.

2. Making Volume Commitments

Some credit card processing agreements have volume commitments that a merchant must satisfy. Volume commitments are minimum transaction amounts a merchant must process each month. This means that a merchant must process a certain amount of dollars per month. If the merchant doesn’t satisfy this volume commitment, then the discount rate may be increased, or other penalties may be applied. Having volume commitments can be difficult for smaller businesses, and it can be nearly impossible for a startup to satisfy. To avoid these complications, look for a credit card processing company that doesn’t require any volume commitments. When reading over your processing agreement, check to see if there’s a section regarding volume commitments.

3. Not Assessing Additional Fees

Be observant when assessing additional fees or penalties coming from the credit card processing company. If you’re accruing additional fees that weren’t stated in the terms and conditions, find out what’s going on quickly. This shouldn’t be an issue with a reputable company, but accidents happen. Keep an eye out on your account and take action if you’re getting hit with unexpected credit card processing fees.

4. Not Paying Attention to Rate Fluctuations

Most companies won’t spring a new rate on you overnight. This is another reason why it’s important to read the terms and conditions carefully. The terms and conditions of the credit card processing contract will specifically state your rates and whether there are any rate fluctuations. There’s nothing worse than paying 1.5% a swipe one day and 2.5% the next day. This may not seem like a large difference, but over time it adds up. If you notice an increase in your rate that wasn’t stated in your contract, contact the credit card processing company immediately.

Avoid Credit Card Processing Mistakes with Windfall

At Windfall, we understand the challenges small businesses face with credit card processing, from unexpected fees to confusing statements. By providing efficient, transparent solutions, we allow business owners to focus on growing their business rather than worrying about avoidable processing errors.

7 Payroll Tips for Small Business Owners

As a small business owner, you have to decide between outsourcing payroll and doing payroll in-house. This is something that small business owners deal with every day, and there are pros and cons to each. With that said, here are seven tips for business owners to keep their payroll on track and in compliance with the IRS:

Properly classify workers

Make sure you properly classify your workers. Just because a worker agrees to be paid as an independent contractor doesn’t mean it’s legal. If the worker is performing the same services that are offered by your business, the person usually has to be classified as an employee. Like anything tax-related, there are exceptions to this. The IRS will have more information about this.

Make sure you have an employer identification number

As a business, you will need an employer identification number (EIN). You’ll need to supply your EIN to your payroll processing company. If your business is a partnership or corporation, you should already have an EIN. If you don’t already have this number, you’ll need to apply for one through the IRS.

Review data entry

Data entry mistakes can cost small businesses thousands of dollars each year. This could be as simple as imputing the wrong numbers or accidentally hitting the wrong key. These small errors can be costly, so make sure you review the data before and after you enter it.

Set your budget

When you set your budget, include the wages that must be paid and the federal and state payroll taxes. As a business owner, you’re required to match the Social Security and Medicare that is withheld from your employee’s pay, which is equivalent to 7.65% of the gross pay. Depending on the state in which your business is located, you may also be required to pay other employment taxes. Get those rates and include those percentages in your budget.

Know your labor laws

One of the most common mistakes small business owners make, is that they are unaware of the state- and nationwide labor and payroll laws. It’s important to have a system in place to ensure you’re following all laws and to keep up-to-date on any changes that will affect how you manage your payroll.

Remember that technology isn’t perfect

If you choose to do payroll in-house, remember that technology isn’t perfect. Payroll software is fantastic and will make your job easy, but don’t rely on it with full faith. Make sure to review numbers and reports to ensure accuracy and compliance. Hiring an outside payroll company eliminates this, as companies have systems in place to ensure accuracy. Payroll companies also make it a point to keep up with laws and changes, so you can rest assured knowing your payroll is being done correctly.

Ask your payroll company to automatically make tax deposits

If you’re outsourcing your payroll, ask your payroll processing company to automatically make the federal and state tax deposits for you. It will be one less thing to worry about, and you know you’ll be in compliance. Not keeping up with payroll taxes can get expensive very quickly.

Learn more about how to save on employee self-service options with ADP and  Windfall:

4 Characteristics that Determine Your LTL Freight Class

When shipping a less-than-truckload (LTL) shipment, one of the first and most important things to consider is how the shipment is defined by the trucking industry. In the world of shipping, products are defined according to their makeup, and each product definition is called a classification. The classification of freight plays a large role in calculating shipping costs.

How many different classes are there? The National Motor Tariff Association (NMTA) established 18 different classes ranging from 50 to 500. The classes are: 50, 55, 60, 65, 70, 77.5, 85, 92.5, 100, 1120, 125, 150, 175, 200, 250, 300, 400 and 500. The lower the class, the lower the shipping rate will be because they’re very dense freight that’s easy to handle and difficult to damage. Higher classes represent less dense freight that tends to take up more space. Therefore, the higher the class, the higher the rate will be.

Before a class can be determined, there are four characteristics about the freight that need to be evaluated. These four characteristics determine your LTL freight class.

Density and Value

Density guidelines assign classifications based on the weight per cubic foot. For example, classification 50 is assigned to freight that weighs 50 pounds per cubic foot, and freight less dense than 1 pound per cubic foot is classified as 500. The density is the space the item occupies in relation to its weight.

Stowability

Generally, most freight stows well in trucks, trains and boats. However, there are some articles that are regulated by government or carrier policies and some items cannot be loaded together. For example, hazardous materials have specific regulations and are shipped in a specific way. Items with excessive weight, length or shape can make it impossible to load with other freight. The stowability classification represents the difficulty in loading and carrying the item.

Handling

Most freight is loaded using special mechanical equipment and posses no handling difficulties. Some freight, however, is more difficult due to its weight, shape, fragility or hazardous properties. This freight requires special attention. The handling classification represents the ease or difficulty in loading and carrying the freight to assigned items.

Liability

The liability classification is the probability of freight theft or damage as well as the probability of damage to adjacent freight. Cargo that’s perishable or prone to spontaneous explosion is classified based on liability and assigned a value per pound, which is a fraction of the carrier’s liability. When classification is based on liability, density is also considered.

The classification of your freight plays an important role in calculating how much transporting costs will be. Classifying the freight correctly is extremely important because if a product is classed incorrectly, the owner of the item could end up paying too much for shipping or they could violate transportation law, which would lead to hefty fines.

4 Easy Steps for Sole Proprietors to Accept Credit Cards

You’re looking to start a business – congratulations! You want to be a sole proprietor so you can run your own show, but you’re not sure exactly what it entails. There’s more to going into business for yourself than just getting business cards printed and getting a website online. If you’re looking to sell items, whether in a store or online, you’re going to need credit card processing. As a sole proprietor, you can accept credit card payments through an online website, in person or over the phone, by opening an account with a credit card processing company. Here are four steps to take if you want your business to accept credit cards:

Sign up for a merchant account

Before your business can accept credit cards, you’ll need to sign up for a merchant account. Look for companies that offer a digital application and set up time. When it’s time to go into business, you’ll want to be able to start accepting payments as soon as possible, and you’ll want the least amount of paperwork and hassle. Also, look into the monthly fees and transaction fees. Merchant services make their money with every transaction, and although the fees may be small, the costs can add up quickly. Knowing all of the costs associated with your merchant account upfront, will save you from any surprises in the future. Other features you’ll want to look for are: credit card systems for point of sale transactions, virtual terminals, a payment gateway, online shopping carts and fraud protection.

Know what types of credit card payments you’ll need to process

Next, you’ll want to write down the types of credit card payments your business will need to process. If your business primary sells through a website, you may not need to process point of sale or telephone transactions. If you only sell through your store, you may want to accept telephone transactions but not online transactions.

Do your research

Research a variety of merchant accounts and credit card processors. Compare their terms of use along with the services they offer. Make a list of all of the services you’re looking for and compare them to what each company offers. Some companies let businesses take internet payments, while others offer packages that help integrate credit card processing with business finance software, such as QuickBooks. Third-party credit card processing companies may require you to submit an application and obtain account approval before signing a contract. Additionally, some companies offer a variety of packages, so make sure you know what features each package offers and the price point for each.

Visit the bank where you have your business account

Call or visit the bank where you have your business account. Traditional banking institutions sometimes offer traditional merchant accounts and credit card processing equipment. Even if they don’t offer these services, the bank will be well versed in a variety of options and will be able to give you advice on choosing a credit card processing company. They’ll also be able to advise you on what you need and what to look for.

7 Benefits to Outsourcing your Payroll

Managing your business’ payroll involves more than writing out checks and making sure your employees get paid on time. You need to keep accurate records, calculate and pay payroll taxes and communicate effectively with employees. With all of the other day-to-day responsibilities, many business owners find that they can simplify the payroll process by using an outsourced payroll provider. Here are seven benefits to outsourcing your payroll:

Save Time

Outsourcing your payroll is typically more efficient than processing payroll internally. Leaving payroll to the experts, frees up time that you can devote to other parts of your business. Whether it’s your time or your staff’s time, chances are the hours you’re spending doing payroll could be better spent closing more deals, improving customer service or fine-tuning business operations.

Reduce Costs

Many business owners underestimate the cost of processing payroll internally, by failing to account for all of the hours employees spend maintaining payroll paperwork. A cost assessment usually shows that a business saves money by outsourcing payroll costs.

Avoid IRS Penalties

Calculating federal, state and local employment taxes and filing payroll-related tax paperwork can be a headache. If it’s done incorrectly, your business may face penalties. According to the IRS, 40 percent of small businesses pay a penalty for late or incorrect filings and payments. Many national payroll services provide a tax guarantee: providers take responsibility for penalties when they do occur. In many situations, this alone justifies outsourcing payroll.

Ability to Offer Direct Deposit

Providing direct deposit is difficult if a company chooses to handle their payroll internally. Increasingly, businesses are recognizing the value of offering direct deposit. Not having to make a trip to the bank is an important convenience for employees. For business owners, direct deposit eliminates time-consuming paper handling and the need to go through individual payroll checks every pay period.

Enhanced Security

Payroll processing is complex and a potentially risky business operation. There’s always a risk of identity theft, embezzlement of funds or tampering with company records. When using in-house payroll software, there’s always the risk of not knowing how secure your payroll data is on the network. Outsourcing your payroll offers a safe solution for your confidential business information. In addition to multiple backups and server locations, a quality payroll provider invests in the best systems for storing and protecting data because they understand the peace of mind it provides to customers.

Expertise

Hiring a professional payroll provider means hiring individuals who know payroll processing inside and out. These individuals specialize in payroll best practices and compliance with government regulations. It’s what they’re trained to do, and they can provide you assistance when you need it.

Avoid Technology Headaches

The days of manually calculating payroll are long gone. The advance of technology has means that payroll software can prepare calculations in a fraction of the time a person could do it manually. Additionally, when you outsource your payroll, you don’t have to worry about whether you have the latest version of your payroll software and the most recent tax tables installed on your computer. Outsourcing payroll removes these headaches and keeps things running smoothly.

4 of the Most Important Factors that Determine LTL Freight Rates

There are many carriers that specialize in or offer this service. LTL carriers move goods from many different customers on one truck and offer customers a more cost-effective method of shipping goods, as opposed to a full truckload service.

Unlike FTL shipping, which has rates based on a set-in-stone system, LTL freight rates can be very confusing. Many factors regulate LTL rates, largely impacting the cost of a shipment. Here are four of the most important factors that determine LTL freight rates:

Weight

LTL freight rates are structured so that the more the shipment weighs, the less you pay. As the weight of the shipment increases and approaches the lowest weight in the next heaviest weight group, it will be rated at the lowest weight category and rate in that weight group.

Distance

Typically, the longer the distance, the higher the price-per-hundred weight will be. Many LTL carriers only serve a specific geographic area, so it’s important to consider where you’re sending your product. If a shipment is sent to an area outside of a carrier’s normal service area, the company will transfer the shipment to another LTL carrier for final delivery. This may result in higher costs due to lower discounts and higher minimum charges.

Classification of Freight

Each piece of freight has a classification in the LTL world, and the classification is a huge factor in determining the LTL freight rate. The National Motor Tariff Association (NMTA) has established 18 different classes ranging from 50 to 500. The class of a piece of freight is determined by product density and value, stowability, handling and liability. Lower classes have lower rates because they are very dense freight that’s difficult to damage and is easy to handle. Higher classes represent lighter and less dense freight that tends to take up more space. The higher the class, the higher the rate will be.

Accessorials/Surcharges

Accessorial charges come from extra services performed by the carrier that go beyond the typical business to business pick ups and deliveries. Common examples of accessorial charges include lift gate service, residential pick up or delivery, limited access locations (think jails, prisons, churches, schools and storage units) and inside delivery. These charges can be negotiated or even waived altogether. The most common accessorial is a fuel surcharge, and it’s typically factored into every shipment.

How to Choose a Credit Card Processing Company

In the age where people rarely carry cash, a company’s ability to accept and process credit cards is critical to its success. Choosing a credit card processing company for your business can be a daunting task. It’s important to understand that it’s not only your personal creditworthiness that counts, it’s your business’ creditworthiness as well if you’re seen as high risk.

With so many credit card processing companies to choose from, it’s hard to know what to look for and what questions to ask. Luckily, there are some questions you can ask that will help you find the right credit card processing company:

Is there a cancellation or early termination fee?

Ideally, you want a processor that won’t charge cancellation or early termination fees. But if you do have to pay a fee for leaving before your contract is over, look for fees that are less than a couple hundred dollars. Avoid processors that have a liquidated damages termination fee, which means that you’ll be charged for the estimated amount of the full contract if you cancel before the end of your contract.

What fees will I be charged aside from the cost of each transaction?

In addition to being charged for each transaction, some processors also charge monthly or annual fees, regulatory fees, compliance fees and statement fees. When choosing a credit card processor, ask about these fees upfront. There’s nothing worse than being hit with a fee that you didn’t expect.

Will I be seen as a “high risk” business? If so, what terms can I expect?

High-risk businesses are essentially treated like customers with a low credit score. If you’re considered to be high risk, you may have to put down a reserve, pay higher rates or both, since you’re at a higher risk of not paying your bills. This may be a scary question to ask, but knowing the answer up front can save you a lot of hassle in the long run. Most processors won’t be able to answer this question without doing a credit check, but they should be able to give you an estimate based on certain factors, such as the type of business and the length of time you’ve been open.

What encryption and security is offered for my transactions?

This is especially important for online transactions where the card isn’t physically available to you. It’s important to know how safe the customer’s information is. If there’s a breach and their credit card information is stolen, a customer won’t go to your processor – they’ll go to you. It’s important to pick a credit card processor that offers encryption and a high level of security.

What customer support is available?

Even if you choose the perfect processor, there will come a time when you’re going to need help. Look for a processor that offers phone support 24 hours a day, 7 days a week. Also, look to see if they offer online chat support as well.

When choosing a credit card processing company, just remember that you’re going into business with them just like they’re going into business with you. If you ask the right questions, you’ll have no problem finding the right processor for your business.

5 Things to Consider When Choosing a Payroll Service for Your Small Business

Experience

An experienced payroll provider will be able to cover all of your business’ needs, including web-based and traditional payroll processing, time and attendance solutions, employee screening and background checks. A good payroll service will work with your business to fit your exact needs. Additionally, check to see if the payroll provider has worked with a business in your industry before. This will help you be confident that the company you choose is ready for the specific challenges of your industry.

Options and Features

Ensure that the provider uses software that’s capable of delivering all of the services you desire. Find out what basic features the software offers as well as additional features that are available. As a small business, you may not need as many options as a larger business, but it’s still important to know what’s available. To streamline payroll and employee time tracking, you need a payroll provider that can ensure accuracies and quickly remedy discrepancies.

Trust and Security

When you hire a payroll provider, make sure you hire someone you trust with the sensitive data involved in handling payroll and taxes. Look for an established payroll company with a strong history, client testimonials and a solid reputation. Do your research online before making a commitment. Read reviews online and ask for recommendations within the business community. It’s common for businesses to give referrals, especially if they’ve had a great experience with their payroll providers.

Customer Service

You’ll want to communicate regularly with your payroll provider. Look for a provider that offers strong customer service. When you’re having a problem, you’re going to want to talk with someone who has a real understanding of your business and its challenges, not a random sales representative. Make sure the payroll provider you choose offers support each day – not only on specified days, such as when your payroll is processed. Realistically, you’re going to have questions on other days that will need immediate attention from a customer service representative.

Price

Although price isn’t everything, it’s important to understand what services are included in the price you’ve been given and what features are extra. It’s good to compare price, but remember that the cheapest option isn’t necessarily going to be the best one. In the end, the cheaper option may end up costing you more if you don’t get what you were hoping for.

As a business owner, you know that payroll is an important part of doing business. Choosing the right provider, for the right reasons, will help make the process as streamlined as possible.