Do you know at a glance how profitable each of your products was last year? New digital solutions can put all your company’s financial information at your fingertips, giving you the time and insight to make better management decisions.
Running payroll doesn’t have to be a headache every two weeks. Time tracking software and other digital solutions can help you pay your employees more simply and much more efficiently.
Many small and mid-size businesses need to resolve tax problems or ensure that they’re following tax codes correctly. We have the experience to help you.
HR recordkeeping can be overwhelming, especially if you’re still using the same systems you had when the company began.
Budgeting, forecasting and cash flow analysis are important tools for checking in on the financial health of your company and ensuring it stays profitable for years to come. But it’s easy for these essential tasks to get overlooked in the daily hustle of meetings, sales calls, and customer service emergencies. With ONE Department, we’ll manage all aspects of your accounting so that you’ll always have a clear picture of your company’s finances.
In order to ensure that your corporate finances are accurate and up-to-date, we’ll assess your accounts, determine how many transactions you typically make, and make recommendations for improved budgeting and forecasting.
Most business owners know what makes their business run smoothly, like happy clients and increasing revenues, but they’re not sure which metrics are the most important for success. We’ll determine your most important financial metrics and consistently monitor them.
Whether it’s QuickBooks, Sage, Xero or another solution you prefer, it’s essential to use a robust accounting software tool that keeps your data in the cloud – so that it’s always backed up, and so that everyone who needs to can access it. We’ll set up the software, import your data files, and configure user roles and access.
Does your business need a static budget, which doesn’t change, or a flexible budget, which changes based on volume? Either way, you can rely on our financial expertise to create and maintain an accurate budget that fits with your business strategy.
While a budget provides a snapshot of where the business wants to go, forecasting shows where the business is actually going and provides an important benchmark. Your company’s forecast should be updated regularly, and we are happy to manage that process.
Regular cash flow statements are essential for determining the present viability of your company – particularly its ability to pay upcoming bills on time! They’re also a valuable tool for your shareholders, as well as potential investors.
Cost accounting records all the fixed and variable costs involved in running a business. This is primarily a management tool, allowing business leaders to effectively control current operations and plan for the future.
In today’s increasingly complex business world, no one stands alone. Instead, each business relies on a network of vendors who supply products or services that aren’t in the business’s core competency. With dozens of vendors to manage – their contracts, rates, and relationships – vendor management could easily become a full-time job. We’ll implement the right vendor management tool for your situation and manage those relationships so that you don’t have to.
Bookkeeping, the accurate recording of financial transactions, is an integral part of running a business successfully. Managing your sales, receipts, purchases and other payments, and tracking your assets, liabilities and equity, is not usually a business owner’s favorite activity, but is necessary for clean books and company growth.
We’ll assess your bookkeeping to determine the number of accounts and the volume of transactions in each account, verify your data integrity and audit trail volume, and create a report with recommendations of where your bookkeeping needs to be improved.
Due to the complex nature of bookkeeping, we charge a one-time onboarding fee for gathering accounts, transactions, bills and invoices, and creating workflows to manage them efficiently.
Your bookkeeper must be on top of every transaction in every account, and be able to reconcile those accounts. This includes bank statements, credit card statements, and specialty accounts for inventory, investments, and so on.
We will set up a cloud-based system to establish the process of receiving bills electronically, workflows for bills that cannot be received electronically, and efficient bill-payment methods once or multiple times a month.
We will set up a cloud-based system and establish processes for sending invoices electronically, manual invoices, and receiving and depositing payments through traditional channels (like checks and credit cards) as well as new platforms like PayPal and Zelle.
We will establish procedures for tracking and reconciling digital checks, paper checks, and other digital payment methods.
We will create a receipts management workflow for credit card receipts, check stubs, and all other payment methods. We can also set up a cloud-based software solution for receipts management, including includes on-time expenses reimbursement and digital receipts storage.
We’ll manage your journal entries and general ledger to ensure your books are clean and prepared for a tax audit or investor assessment. This includes all necessary debits and credits to ensure the integrity of financials, complete account reconciliation, federal tax preparation, year-end journal entries and year-end adjusting entries.
You do have to run payroll regularly, but you don’t have to lose a business day to this task once or twice a month. While complex, payroll can be streamlined through digital tools that we will manage for you. We’ll even take care of all the legal filings and tax paperwork, leaving you free to focus on your business.
You may have employees miscategorized as contractors or a commission-based sales team with a variety of metrics. We’ll identify all employees and contractors and make recommendations on how to improve your payroll practices.
Any small business that wants to grow needs a comprehensive payroll software solution that will simplify payroll and expand as the company does. If you don’t already have a system in place, we will research your needs and make a recommendation for the best solution for your needs, and we’ll also take care of setting up the software, importing data files, setting up user roles and access, and documenting the processes.
Time tracking software can be a powerful tool for hourly employees, contractors, and assessing productivity. We can set up a cloud-based time tracking solution to manage all this data digitally.
As you might expect, we’ll run your payroll every 2 or 4 weeks to ensure that all your stakeholders are paid in a timely manner. But payroll processing with ONE Department goes much farther than this, including:
You know the old saying that “nothing is certain except death and taxes.” And while death comes only once, we have to deal with taxes on an annual basis. ONE Department can help you by taking on the work of tax deposits and tax filings, so that you can rest assured you are always legally prepared.
Every business entity needs to be in good standing with the State and the Internal Revenue Service. This assessment also allows us to make appropriate tax entity recommendations for your company’s future growth.
With the complexities of a modern tax code, ensuring your state and federal taxes are completed correctly can be overwhelming. We’ll handle your tax preparation and tax filings so that you know it’s taken care of. Services include:
There are two components to tax dispute resolution: preventing disputes before they arise, and responding to challenges from tax authorities. We’ll use the best tax expertise to serve you on both sides.
If your company started with just a few people – as most of them do – then you likely didn’t take the time to formally document job descriptions, hiring policies, and how much break time is appropriate. But one the company is growing, these procedures become more and more important. If your HR practices haven’t caught up with the size of your business, we can help.
What do you need to have documented, and how much of it has been done? We’ll assess the state of your HR practices from recruiting to offboarding and create recommendations for improvement.
Record maintenance, retention, and destruction is a crucial aspect of human resources, and thus, a comprehensive records management program is essential. Digital solutions have made this chore far more simple and streamlined.
Federal and state labor law posters are required for every organization with an employee, and often have to be updated. We’ll ensure you have the right information posted to stay compliant.
When recruiting and hiring, it’s important to be sure your candidates are being accurate about their background and qualifications. It’s especially important to conduct thorough background checks for employees who will be working on government matters, handling financial information, or driving vehicles.
It’s good business practice to have procedures formally documented, not simply to be clear in communicating employee expectations, but also to help maintain fairness and protect yourself against lawsuits.
While an employee handbook is written for employees, a policies and procedures manual is a more in-depth document designed to be a resource for managers and supervisors.
While they are not required by law, job descriptions are an essential tool for clarifying what is expected of a particular position, improving dialogue regarding an employee’s disability, and determining the legitimate minimum qualifications for a position. If a candidate or employee wants to sue you over discriminatory hiring or firing practices, documented job descriptions can be a lifesaver.
The human resources department has traditionally been buried in paperwork. New digital document management solutions can streamline the process, saving time and creating other efficiencies.
When recruitment goes wrong, it can be a very expensive hassle. We can help you understand the cost/benefit of employees, whether to hire contractors or full-time, and how to ensure your hire is a great cultural fit.
A good onboarding process helps you attract and retain the best talent, and gives your new hire all the tools they will need to succeed: not just a desk and a parking pass, but also mentoring and insight into the company culture.
You need procedures in place when you let people go. Effective offboarding ensures that the former employee no longer has access to your premises, and more importantly, your data. Additionally, you’ll want to ensure all the legal paperwork is taken care of, and conduct a knowledge transfer to ensure their replacement has everything they need.
A documented org chart shows a company’s lines of authority and lines of communication. As a company grows, having these relationships defined helps to orient employees and clarify reporting structure and job roles.
It’s important to make sure that your business and employees follow any applicable laws and regulations. We can conduct a risk assessment, advise you on what is required for your company, and bring you up to standard.
A combined Paid Time Off policy that includes both vacation and sick time helps a business to function more smoothly. We can help you create or update a PTO policy to keep employees engaged and productive.
Despite much effort on the part of lawmakers, the insurance industry continues to be a complex and challenging beast to manage. Once your company is large enough to start offering benefits, it only makes sense to outsource this management to someone with the time and expertise to ensure your rates are competitive and the benefits plans are implemented successfully. In addition to managing the cost of benefits, we’ll also work to ensure that your benefits package boosts employee retention, satisfaction, and performance.
Are you currently providing benefits? Are you required to? Are your benefits in line with what the law requires, and are your employees taking advantage of them? We’ll determine the state of your current benefits management and make recommendations for improvement.
A benefits administrator plays a crucial role in directing the day-to-day operations of benefits plans and providing support to employees. In the ever-more-complex world of insurance regulations, we will take on the role of benefits administrator in order to supervise: