Critical Payroll-related Activities to Address before Year’s End

With the end of 2011 approaching we thought we would share some the critical tax dates, deadlines and activities that we obtained from our accounting and payroll friends.

Submit 2011 W-2 Information Changes – Provide corrected or missing employee W-2 information to ADP prior to the last payroll with a 2011 check date.

Know Your Filing Responsibilities – In some cases you are responsible for filing taxes. Verify your filing responsibilities using the Quarterly Tax Verification Notice or the third quarter Statement of Deposit.

Submit Payroll Adjustments – You must report final payroll adjustments (e.g., manually issued or voided checks) to your payroll processor before or with the last regularly scheduled 2011 payroll. This action must be completed no later than December 29, 2011.

Report Filing of Form W-2c – If you file Form W-2c with the IRS to correct errors on an employee’s W-2, you or your clients will need to contact your payroll processor so they can update records. A correction fee may also be incurred.

Year-End Checklist

•  Due Date: Before the last payroll with a 2011 check date
• Update “Allowed and Taken” Hours, if applicable – Vacation and sick balances are automatically
  cleared after the last December payroll, so be sure to report any changes
  before the last 2011 payroll.
• Report Third Party Sick Pay to payroll processor
• Report COBRA Assistance Payments to payroll processor
• Report Form W-3 Kind of Employer to payroll processor
• Verify and Submit Changes to Employee Information
• Report Final 2011 Payroll Adjustments
• Report Filing of Form W-2c
• Due Date: Your first payroll of 2012
• Update Employee Deductions
• Deactivate Retirement Plan Catch-Up Contributions, if desired

Full end-of-year payroll processing guides are available from any payroll processing company.

Tips from Customer Support

WOW!!  Support has been BUSY!

We have just finished our two Jackrabbit User Conferences in Charlotte and Las Vegas.  If you have not been to one of our User Conferences, you’re missing out on your chance to meet one-on-one with a support person and learn SO MUCH about Jackrabbit’s features and enhancements from our staff and other users.

Speaking of enhancements - take a moment to look at your enhancements list and recognize the hard work development has done to address some of the most popular requests.

Try/Test some of these new features!  It is easy in Jackrabbit to create a “Test Family” and “Test Student” to play with some of the features development has released. If you think you’re missing out on how enhancements can help you, use your Support Button and ask us!

Now is the time of year you can also schedule a Utilization Review.  At any time if you would like to hold a joint phone/screen call with a Jackrabbit Support person, please email support and request a UTILIZATION REVIEW.  A Jackrabbit Support person will arrange a time to go through your database and answer any questions you have on improving any frustrations or questions you have with using Jackrabbit.

We value your opinion!  We are proud of our support team and the work they do.  If you are ever concerned about the support you receive, please email Jorine Jones, Support Manager with your concerns (jjones@jackrabbittech.com).  We welcome all Feedback.

Jackrabbit Technologies Selected as Best Places to Work Finalist

Class Management Software Provider Ranks Eighth Among Elite Workplaces in the Charlotte Area 

Jackrabbit Technologies, leading provider of web-based solutions for class-based businesses, was recently recognized as one of Charlotte’s Best Places to Work at a luncheon event hosted at the Charlotte Convention Center by the award’s sponsor, the Charlotte Business Journal. The annual awards are chosen from nominations submitted to the Business Journal each year on behalf of hundreds of companies across the Charlotte metro area.  Sixty finalists were chosen in three business categories. Jackrabbit Technologies ranked 8th in the Small Business category, improving its 15^th place ranking in 2010.

“The Best Places to Work ranking is exciting to us because it is generated by independent input from each of our employees. The creativity of the finalists shared during the event provides us with ideas to consider for our employees so that we can continue to provide a work environment that is well-accepted and appreciated by our team,” comments Mark Mahoney, Jackrabbit’s President and CoFounder.

The Charlotte Business Journal’s 2011 Best Places to Work ranking were determined by aggregating the results of detailed employee surveys by Quantam Workplace, an independent human-resources survey company. Each survey question was assigned a point value, which was used in determining each company’s final score.

The Best Way to Get a Business Credit Card

We often hear the advantages of using business credit cards. But the benefits you earn also depend on how well you use them. Here are ten tips that may help you:

1. Apply from your personal bank. Getting a card from your personal bank can give you a faster approval with your application. If you haven’t yet established your business credit, your personal credit history will be used instead. Applying with bank who has had you as a client for a long time will work in your favor.

2. Don’t get too many credit cards. One or two should be enough for you to use in your business. Not only is managing multiple cards difficult, it also puts you at a greater risk of bad credit.

3. Use your credit card for all your business expenses. Some entrepreneurs use their personal credit with their business purchases, but it is wise to stick with your business credit instead. Even if you’re running a home-based business, it’s best to separate your personal finances from your business account. In addition, your business statement of accounts will be a big help in doing your accounting tasks and in filing your taxes.

4. Use your yearly summary as reference to your bookkeeping. The yearly summary of account provided by your card issuer will come in handy in your bookkeeping tasks.

5. Use your card wisely. Just because you have a card on hand doesn’t mean you shouldn’t watch your spending. Make sure that everything you charge on your business credit card is really important for your business.

6. Make the most of rewards. Take advantage of the rewards you can get from your business credit card by choosing one with the right reward program. Make sure that the card you get matches with the needs of your  business.

7. Distribute supplementary cards to your employees. Because all purchases charged to your business credit card will be reflected in your statement of account, you’ll have more control of your employee’s expenses.

8. Pay off your bills before the grace period. Usually, the card will extend up to a 21-day grace period before you incur the interest rate. To save your finances, make it a point to submit your payment before the due date to avoid the interest rate completely.

9. Check your business account regularly. Always check your business account to make sure that all the charges are accurate. Generally, credit cards provide business owners online access to their accounts, so you  can check them right from your desk.

10. Avoid cash advances from your card. Cash advances are not covered by the grace period, so you incur the interest rate the moment you take out the cash. You might as well charge it to your account and pay it back  before your payment due date.

Following these ten tips won’t eliminate all challenges or risks associated with credit cards, but they will help you establish a set of best practices to build upon.