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Archives for Human Resources

Welcome to the Hotel Cali-Texas…

Out of sight, out of mind, right?

Used to be, the boss could call an all-hands meeting in the company cafeteria and look everyone in the eye and interact.

Well, in the age of COVID, having off-site employees might mean they are out of sight, but they really aren’t out of mind. And when it comes to payroll and other basics of human resource management, they really should be top of mind.

They might be in California when HQ is in Texas.

Having a remote workforce, particularly one that that spans multiple cities and states—and maybe even countries—is more the norm than it has ever been.  However, when it comes to payroll and other things that impact them, things change dramatically if they are in L.A. and you are in Dallas.

Here’s a list of considerations:

  • Payroll
  • Income and other taxes
  • Hiring rules
  • Wage and hour requirements
  • Immigration rules

Just because someone works for your company doesn’t mean the rules of your corporate home state (or even city and county) apply.  The fact is they reside some place else.  This means the rules where they are doing the work apply.  If an employee works for a Dallas company remotely in Atlanta, then payroll and income taxes for Georgia apply to them and must be paid to the state of Georgia.  Ditto the rules on the conditions of their employment and how their work hours are governed.

For more on how to manage your people, payroll and other important assets, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Chris Montgomery, Keem Ibarra and Jamie Lopes, photographers)

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“First you take two from four…”*

We all know two times two is four.  Is there ever a time when it isn’t?

Maybe when you’re selling online?

If you think business is business is business, look again.  Brick-and-mortar businesses operate differently than online, virtual stores or e-commerce concerns. And, as such, there are differing financial considerations. The differences lay in these areas and, consequently, impact your financials:

  • Pricing.
  • Shipping and handling and inventory.
  • Payment processing (collections).
  • Store build-out and “rent.”
  • Sales commissions and compensation.
  • Equipment.
  • Online sales and marketing.

If your overhead is different (among other things), then your pricing model will change. Inventory and shipping and handling becomes all that much more important as goods move differently through your supply chain (no storefront). Payments are collected and processed all online or through alternative systems from a traditional storefront. Where you sell from (your own site or sites like Amazon) changes your expense model dramatically. Payroll and commissions also change because of how your sales are accounted for and who makes them. Instead of a sales floor and a traditional point-of-sale unit, everything from fulfillment to inventory to the final transaction has to be done by something—meet the new age equipment. And how you go to market is vastly different that having walk-up customers.

For more on how to manage your finances for your online enterprise, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Mark Konig, Chris Liverani photographers)

*With apologies to Tom Lehrer and his song, “New Math.”

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Understanding HR Management

“Our people are our product.”

“Without our people, we are just another business.”

“Our people are our most important asset.”

If you’ve ever uttered any of these phrases, hopefully you really meant it.  The workers at any business really are critical to that business’ success.  And to really ensure that success, those workers and their needs must be managed,

Just like the product or service your company produces or offer, your human resource needs to be managed and watched over.  Productivity, efficiency and retention are at stake.

What comprises an effective human resources (HR) management program?

  • Compliance with federal and state employment laws.
  • Recruiting, hiring and onboarding.
  • Working with managers.
  • Developing talent strategically.
  • Creating, maintaining and enforcing policies.
  • Coordinating with payroll.

Do you have these systems in place?  Are you up to managing these processes?  If not, you should consider outsourcing your HR needs to a third-party provider.  TFO Solutions is just such a company.

For more on how to manage your human resource, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

*photos courtesy of Unsplash

 

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