Wendy Velarde, VP of Human Resources at U.S. Water Services, noticed one day that somebody was walking around the office handing out pay stubs to employees. She thought it seemed inefficient and wanted to see if there was a better way. They were using CenterPoint Payroll by Red Wing Software at the time, so she contacted Red Wing Software to learn more about streamlining that process. Shortly after, they began using the electronic publish pay advice feature offered within CenterPoint Payroll. “Employees have been extremely happy with the online access to their pay information,” said Wendy, “Now they can access their pay data anytime.” Wendy also mentioned several situations during which the electronic access to pay advices could have come in handy. “Once during a snow storm, an employee needed access to his pay information, but only a very few employees had made it to the office. Having the pay advice function back then would have given him immediate access to that data, as long as he had access to the internet,” said Wendy. Also, employees all around the U.S. had to wait for their paper pay stub from the corporate office via mail. The employees are now much happier, having immediate access to their pay information instead of waiting for their stub to arrive in the mail. Providing immediate access to their payroll information allowed one family with a son going to college, to access the financial information they needed for their son’s college easily by using the online pay advice system. Wendy added, “Adding the publish pay advice function has been a huge win from an employee perspective, and it has also saved our company time and money.”
CFO Daily News has taken the subject of Obamacare and laid our some next step items for employers. The article mentions the upcoming need to report the cost of healthcare expenses on employee W-2s, and the need to cap flex spending limits. Both of these (and more) can be handled within CenterPoint Payroll Software.
http://www.cfodailynews.com/obamacare-stands-your-first-moves-now/?pulb=1
July is National Blueberry Month! Red Wing Software happens to have many blueberry growers as customers. In fact, there is a wide variety of berry growers using Red Wing Software accounting software and payroll software applications. We checked in with one customer, a blueberry grower, and one Red Wing Software partner to see what they had to say about blueberries, in honor of National Blueberry Month.
Red Wing Software customer Liddy, from Lakeside Blueberry Farms, had this to say: “Michigan blueberry growers were much luckier than the tree fruit and grape growers (most of crops were destroyed by frost). Tonnage will be down, but we're in good shape compared to them. The industry is still going strong, but we're seeing less hand picking for fresh because of a limited work force. On top of that, growers are getting better prices for processed (machine picked).”
Red Wing Software partner Phyllis Baldwin has been working with several blueberry farmers in Michigan and had this to say: “Red Wing Payroll both Windows and CenterPoint meet the requirements of the labor department to show the hours worked for pieces picked and Gross dollars on the paystub. The labor department has also required the farmers to make sure the worker understands the paystub (multi-language stub if necessary) and signs the bottom pay stub. We have designed a custom check with approved statement on our pre-printed checks forms. The farmers are very happy with the ability to use data collection equipment to import into both payroll systems.”
Red Wing Software is proud to support blueberry growers nationwide. We wish a happy and prosperous National Blueberry Month to all!
(Continued from the previous post) Using business ratios can help you analyze the financial health of your business. You can use ratios to help compare your business against other businesses similar to yours, and to see how yours compares to the industry averages. By comparing your business, you can identify trends and make changes accordingly. Here is Part 2 of the components of ratio tracking, what they mean, and how they can help your business.
- Inventory Turnover: This ratio measures how quickly inventory sold. A higher number generally indicates efficiency. However, companies must be careful of stock-outs in situations where too little inventory is kept on hand.
- Net Profit Margin: Measures the profitability in terms of return per dollar of net profit.
- Quick Ratio: This ratio is often used to evaluate a company’s immediate liquidity position. A quick ratio that is too low indicates greater risk for creditors and investors.
- Return on Assets: This is often used as an overall index of profitability. The higher the value, the more profitable your business.
- Return on Equity: This ratio measures the rate of return on money invested in the company by the owners. The higher the value, the more profitable your business.
- Working Capital: Because it is a dollar amount, this measurement is difficult to compare with other similar businesses, since you must also take into consideration the size of the business. However, it is a measure of the amount of funds available to purchase inputs and inventory items after the sale of current assets and payment of all current liabilities.
Use business ratio analysis to reveal trends and understand where improvement is needed in your business. Use ratios to make comparisons, understand your business, and stay ahead of your competitors.