Apr
16

Four Ways Payroll Impacts Your Business Budget

At TFG Card Solutions, we know as a business manager, it is important to examine every component of internal business processes. The payroll process, if ran inefficiently, can drain essential resources from your business budget by hindering assessment of employee compensation, employee payment, profit and loss calculation, and payroll-related taxes. Optimizing your payroll services is an easy way of fostering your business’ growth by focusing on these four areas of payroll expenses:

  • Employee Compensation: Calculation and management of employee compensation, particularly with the implementation of the Affordable Care Act, can be an intimidating task. A reliable payroll service can handle the intricacies of employee compensation, saving you time and maximizing your business budget.
  • Employee Payment: While employee payments have a predictable impact on your budget, the process of determining and distributing payments can have hidden costs. Choosing the right payroll service can help reduce your business’ payroll expenses through digital recordkeeping and automated services like employee time tracking that reduce the margin for error.
  • Profit and Loss Calculation: Not only can inefficient employee payroll processes shrink your business’ budget, but tracking these expenses can be difficult without the proper tools. The accuracy of profit and loss calculations is essential, and using a payroll calculator helps improve P&L calculations by providing you with concise, manageable data regarding your payroll expenses.  
  • Payroll-Related Taxes: Smooth, timely management of payroll-related expenses such as Social Security, unemployment insurance, and Medicare is integral. While the dent of taxes in your budget is inevitable, payroll services will minimize the burden by helping you avoid additional fees and letting you focus on your business’ growth instead of paying taxes.

Payroll processing can affect your business budget in a variety of ways, and efficiently managing your payroll expenses can help maximize your budget. Taking advantage of payroll services that handle these expenses for you will promote efficiency and organization within your business. Call Payroll Specialties Northwest today to take advantage of the future of payroll services.

Apr
1

Four Tips to Help You Prepare for Tax Deadline Day

April is tax month. You know what that means: Taxes need to be filed by the tax deadline at midnight on April 15th. If you are still preparing your taxes or have already filed them, here are a few tips from TFG Card Solutions to help you this year and the many tax years to come:

1. Go over your numbers again. Check all the numbers you have inputted to make sure they are accurate. These numbers include expenses, Social Security numbers, and checking account or credit card numbers if you are using direct deposit to file your returns.

2. Check to see if you have answered all the questions. You need to check the yes/no box on every question even if you think they do not apply to you. Then remember to sign the forms. Tax forms are not considered finished without a signature. If you are filing a joint return with someone, both parties need to sign the necessary documents. Even if you are filing electronically, you need to sign your tax return papers, whether with a PIN or other methods.

3. Double check to make sure your taxes have all the necessary forms and are going to the right destination. If you are paying your taxes with a check or money order, you will need to send your payments and information in with a Form 1040-V. The IRS gives detailed instructions on how to file your paper forms, and any missteps can delay processing. For instance, you will need to:

  • Make sure your name and address appear on your check or money order
  • Enter your daytime phone number and Social Security Number on your check or money order.
  • Enter the amount on the right side of the check per the IRS’s instructions: $XXX.XX, not $XXX, for example.

Also, make sure you have the correct postage. Stamp prices went up in January this year, so your old stamps might not be worth the right amount.

4. File electronically if you can. You can file for free using the IRS website. The online system helps with accuracy. It provides mathematical accuracy and will alert you if you have left out certain information like a SSN for a dependent. Plus, if you file electronically, tax refunds can be delivered quickly to your bank account or payroll card.

Last but not least, you can file an extension of time to file if you do not think you will be able to send the forms in on time. However, you should know that you will still need to send a check with the extension request. Receiving a six-month extension to file requires a penalty, but it is only 0.5% compared to a 5% fee for failure to file.

Contact us today to find out how electronic payment processing can help make tax time easier for yourself and your employees.

Mar
31

Tools for Creating and Managing Your Budget

Managing your finances comes down to a simple math equation: money going out must be less than money coming in. It’s not that simple, however, because many facets of life have rendered us blind to our spending habits. For example, technology allows us to automate payment for services and purchases, such as a coffee at Starbucks or a movie rental on iTunes, which means we don’t always see where our money is going. Setting up a budget may seem daunting and complicated, but there are a number of tools available to lessen the hardship. TFG Card Solutions started because we wanted to make payroll processing easier for employers, and money management easier for their employees.

If you want to know how to budget your money, the first step is getting a clear picture of your current financial situation. That means looking at all of your expenses, from your student loans to your monthly gym membership. TFG offers free online banking, enabling you to closely track and budget for your spending habits. You might be surprised at how much that morning coffee run is costing you in the long run.

The next step is tallying up your fixed expenses, such as rent, car payments, or student loans. Then set up online bill pay to ensure these bills are paid on time and before you can spend that money on entertainment or other non-essentials. Decide how much money you would like to save and add that total to your monthly expenses. Whatever you have left over is extra cash to spend how you like. However, as you examine your spending habits more closely, you will likely be more selective on where you spend your hard-earned cash.

The majority of us live on our smartphones these days, and much of our discretionary purchases happen on the go. With TFG’s Visa payroll cards, users can receive text or email alerts when funds are added or removed, and when the balance gets too low. Real-time financial information keeps runaway spending in check, because you can’t spend money that you don’t have.

With so many budget tools available, there is no excuse to keep spending blindly. Like any regime, you must be dedicated, but the results will be worth it in the long run as you achieve your financial goals. Contact us today to find out how you can take charge of your finances with a debit payroll card.

Mar
17

How Can Payroll Debit Cards Save Your Small Business Valuable Resources?

When it comes to managing payroll, small businesses face a number of challenges. Unfortunately, having fewer employees does not equate to less hassle and time. In fact, small businesses have fewer resources to devote to payroll management compared to large corporations that have dedicated staff for that task. Beyond tallying hours and cutting a check, small business owners must consider tax requirements and confidentiality. At TFG Card Solutions, our payroll debit cards can save small businesses valuable time and money.

A payroll card eliminates the time spent preparing, generating and distributing paychecks. Paper checks are expensive, too. According to the American Payroll Association, a paper check costs $2.75 more to generate than one electronic payment. Add to that replacing lost checks or sending out final checks for terminated employees, and the costs add up. For small businesses with multiple locations or contract employees, check disbursement is even more time-consuming and costly.

With TFG’s Visa payroll card, small business owners simply transfer an employee’s earnings to a payroll card, which works like a traditional debit card. Employees do not need a checking account to receive their wages. They have immediate access to their money, and TFG’s payroll cards offer online statements to track spending and better manage finances. We also offer account balances via text message and online bill pay for rent, utilities, and other expenses.

Small business owners have to juggle a number of tasks that take valuable time and money away from their core business. Let TFG Card Solutions make payroll management one less thing to deal with. Contact us today to find out how we can help you simplify your payroll processing.

Feb
17

TFG Card Solutions Presents Presidential Finance Tips and Quotes

Abraham Lincoln once said, “You cannot bring about prosperity by discouraging thrift. You cannot establish security on borrowed money. You cannot keep out of trouble by spending more than you earn.” Lincoln was likely referring to the national economy, but his words are just as pertinent to personal finance. At TFG Card Solutions, we make it easy for individuals to monitor their spending online and stay within their budgets with our Payroll Cards. Our automatic payroll system helps employers streamline their payroll processing as well, saving money on postage and check processing.

As we celebrate President’s Day this month, we can look for personal finance tips in other famous quotes about money from past presidents:

Thomas Jefferson believed in common sense budgeting, saying, “Never spend money before you have it.”

James Garfield also trumpeted saving, stating, “Wealth can only be accumulated by the earnings of industry and the savings of frugality.”

President Jefferson also had strong opinions about the banking industry. In debating the Re-charter of the Bank Bill in 1809, he said: “The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

While the modern banking industry is quite powerful, there has never been more transparency in personal banking. Through online banking and online bill pay, TFG Payroll Card holders receive real-time information on their personal finances wherever they are and free of charge. It helps people take control of their finances. They can easily track expenses and account balances. With direct deposit, too, people have immediate access to the money they earned.

Presidents throughout history have warned about overspending and championed individual financial rights. Our TFG Visa Payroll Card helps save business owners money and empowers employees to take control of their personal finances. Contact us about how we can help you streamline your payroll system.

Feb
12

Valentine’s Day on a Budget

Having a hard time coming up with Valentine’s Day date ideas? Whether you’re in a new or established relationship, you want to come up with a date that will wow your special someone without breaking the bank. At TFG Card Solutions, we believe in helping people take control of their finances and plan for expenses with the TFG Visa Payroll Card. Here are some fun date ideas for cheap:

Dig for discounts. Check sites like Groupon and Living Social for deals on meals, classes, tickets and other experiences. You can usually score deals at 25% to 75% off. Also, most museums, zoos and other attractions offer at least one reduced price admission day per month.

Be a tourist in your own town. Pick up a map from your local tourism bureau for exploring or join up with a free walking tour.

Take a trip down memory lane, and show your date where you grew up. Drive by your childhood home or school. Longtime loves can revisit the site of their first date or first house.

Look for discount entertainment. Check with the local high school drama department for a performance at a fraction of the price. Also, church groups and other community organizations often put on music or choir performances for free or a small fee.

Pick your dinner. Go foraging for mushrooms, berry or apple picking. Then prepare a meal together at home with your spoils, or bring a blanket and have a picnic.

Have a movie night at home. Check out a movie from your library or pick one up at Red Box for $1.

Go for a drive. Get out on the country roads, up into the mountains, or even explore a different neighborhood. All you need is a good soundtrack and some conversation.

You don’t have to blow your budget on creative romantic date ideas. Planning for your Valentine’s Day expenses is easy with online banking solutions from TFG. Contact us today to see how we can help.

Feb
3

Manage Your Money Better in 2014 with TFG Card Solutions

At TFG Card Solutions, we are committed to streamlining the payroll process for employers with efficient payroll card solutions. We also want employees to know the perks Visa® prepaid cards offer. With a Visa payroll card, you can simplify your money management strategies and stay on top of your finances. Learn more about how to better manage your money this year with a few helpful tips:

Take Advantage of Free Online Access

Your payroll card comes with free online access, so you can view your transactions and funds anywhere you have an Internet connection. With online access, you can stay updated on your finances despite your busy schedule.

Check Your Statements Regularly

Your statements can help you budget more effectively and are an integral part of any efficient money management strategy. Spend a few minutes reviewing your statements on a set schedule, such as bi-weekly or once a month.

Reviewing your statements can also help you investigate your spending habits and create a plan to make improvements in managing your finances. If you’ve ever wondered how to budget your money or improve your current budgeting strategy, viewing your statements is an excellent first step in becoming more cognizant of your spending.

Never Pay a Late Fee Again

By establishing automated bill pay, you won’t need to worry about paying a late fee. With the TFG Visa Payroll Card and online platform from TFG Card Solutions, you can setup an online bill paying schedule.

Another perk of automated bill pay is it eliminates the risk of your payment being lost in the mail, and saves you money on stamps. It is the fastest and easiest way to pay your bills and avoid late fees. If you aren’t using it already, consider making it a part of your financial strategy this year.

With a few simple adjustments, you can improve your money management skills, and a payroll card can make it easier than you think. Avoid common mismanagement hassles such as late payments and stay on top of your finances with these time saving strategies. For more helpful tips or information about paycards, visit TFG Card Solutions blog or contact us today.

 

Jan
21

Three Tips to Help You Navigate Tax Season Like a Pro

With tax season just around the corner, you may be feeling overwhelmed. At TFG Card Solutions, we believe it is important to provide you with a friendly reminder of upcoming tax season dates, as well as helpful tips to put your mind at rest. Navigate through this upcoming tax season like a pro without sacrificing your sanity.

Watch Out for Important Dates

There are a few different dates that you should plan for ahead of time:

January 31 – This marks the IRS’s new federal tax processing date, but early birds can file ahead of time to get it out of the way.
January 22 – This is the first day that state taxes will begin processing returns , but this date is only for e-files. If you plan on submitting a paper return, you will need to wait until January 23. Instead of waiting until the last minute to gather all of your necessary documents, get it done well in advance to avoid last minute delays, such as requesting copies for lost documents. Waiting until the last minute will result in delayed refunds.

Save Time by Filing Online

E-filing is the fastest and safest way to file your taxes. The IRS provides Free File, an invaluable tax preparing and filing tool. If you’ve ever wondered how to file taxes online, Free File is a great and easy-to-use starting point. Its software is complimentary for individuals with an adjusted gross income (AGI) of $57,000 or less. Even if your income is higher, you can still use Free File fillable forms. With e-filing, you can expect a faster refund, especially if you use direct deposit. As an added bonus, fillable forms ask you if you want to claim deductions that you may have forgotten about or have never heard of before.

Learn About IRS Tax Deductions

To maximize your refund, spend some time learning about tax deductions available on the IRS’s official website. Many people assume they do not qualify and select a standard refund instead. You may be surprised how many different types of deductions are available. If you qualify, the time you spent will be well worth it.

Filing taxes isn’t everyone’s forte. Whether you plan on using a tax preparer or doing it yourself, you should be aware of a few helpful dates and tips. If you are a business owner with more than 10 employees, keep in mind that e-filing is your only option. If you haven’t already, you can learn more about the benefits of payroll cards – the simplest payroll solution available. Visit our TFG Card Solutions blog or contact us for more helpful information.

Dec
22

Year in Review for Payroll Cards and TFG

At TFG Card Solutions, 2013 was a successful year with several accomplishments that have made our company proud. In June, TFG was named one of the fastest growing companies by the Portland Business Journal. With 137.77% growth, we ranked 35th among 100 private companies recognized for the fastest revenue growth over the last three years in the region. As a four time recipient of this award, we are honored by this achievement and aim for higher growth in the year to come.

Since 2004, it has been our mission to streamline payroll processing for companies and their employees nationwide by eliminating the need for traditional paper checks with payroll cards. Through exceptional customer support in the payroll card industry, we strive to increase direct deposit participation, maximize employers’ current direct deposit systems, and motivate unbanked employees to use our convenient TFG Visa® Payroll Card. Our cards make sending and accessing payroll funds instantaneous, saving time and money for both employers and employees.

Without a doubt, our growth has been influenced by the strong partnerships we have formed over the past decade. TFG provides prepaid payroll cards to over 2,000 companies across a number of industries throughout the country. This year, we proudly formed new partnerships, ranging from businesses in the software industry to nonprofits, including: The International Franchising Association, Adaptasoft Software, Sheakley HR, Vacamas Programs for Youth, Intellitek Systems, Fresno First Bank, Clean Scapes, Brian Head Resort, Tire Discounters, and many more.

In addition to strengthening our client base, we are thrilled to have formed a different kind of partnership by sponsoring the 5th Annual Swing Fore Diabetes Golf Tournament and Auction. As we enter the New Year, we plan to continue to give back to our community by supporting charities and non-profit organizations such as the Gales Creek Camp Foundation for Children with Diabetes.

TFG Card Solutions believes that every U.S. employee should have an easy and cost effective way to manage their pay. Contact TFG Card Solutions today to find out how we can help improve your payroll processing in 2014.

Nov
19

Brian Head Resort Launches Visa® Pay Card to Eliminate Paper Checks

With ski season just around the corner, TFG partners with Brian Head to provide sustainable, convenient payment options for remote resort employees.

Brian Head, UT. (November 11, 2013) TFG Card Solutions, the leader in payroll debit card services, is proud to announce its continued partnership with Brian Head Resort to streamline payment for employees and support the environmentally-friendly practice of paperless payroll. Seasonal businesses such as Brian Head Resort rely on efficiency, especially during this time of year. With the ski season upon us, the partnership with TFG Card Solutions will only enhance the resort’s organized and eco-friendly business approach.

Brian Head Ski Resort is home to one of the most celebrated ski areas in the country. At 9,600 feet, Brian Head Resort is the highest ski resort in Utah and boasts “The Greatest Snow on Earth®.” Guests enjoy access to two connected mountains with 71 ski runs, over 650 acres of available skiing terrain, luxurious lodging, and spectacular panoramic views over the stunning Wasatch Range.

“Being an employee at a ski resort in a remote mountain town can make cashing a paper payroll check very inconvenient. With direct deposit to a TFG payroll card, our employees have instant access to their funds on payday. The pay card saves valuable time, money, and the environment – all of which are vital in our industry,” said Burke Wilkerson, Vice President, General Manager, and CFO, Brian Head Resort.

Brian Head Resort’s partnership with TFG Card Solutions symbolizes their commitment to sustainable, eco-friendly practices. Payroll debit cards allow employees to receive, make, and process payments online, eliminating the need for unnecessary paper statements, checks and mailing envelopes. “We are delighted to partner with a reputable organization whose unique position exemplifies two of our product’s greatest strengths – the ability to access funds from virtually anywhere and the environmentally conscious shift from paper to electronic,” said Lindsay Wilson, Director of Marketing, TFG Card Solutions.

Because TFG Card Solutions streamlines the payment process for remote employees, TFG Payroll Debit Cards add considerable value to Brian Head Resort, which is located far away from banks and check cashing establishments. Payroll cards eliminate the hassle placed on employees to travel long distances to deposit or cash their paychecks. Furthermore, TFG Card Solutions offers numerous online banking and payment services via a unique, easy-to-use virtual platform.

About Brian Head Resort

Established in 1964, Brian Head Resort offers guests access to 650 acres of lift-served trails with an average snowfall of nearly 400 inches of light Utah powder. Brian Head Resort is located approximately three hours from Las Vegas, Nev. and four hours from Salt Lake City, Utah. The 1,320 feet of lift-served vertical is accessible by eight chair lifts. The area features a ski and snowboard school, terrain parks and tubing. For more information, please visit www.brianhead.com. Follow Brian Head on Facebook, Twitter and YouTube.

About TFG Card Solutions, Inc.

TFG offers payroll debit card solutions that help businesses of all sizes increase direct deposit participation, maximizing their current direct deposit system and empowering unbanked employees. Payroll debit cards save both the business and its employees money every single pay period. For more information, visit www.tfgcard.com.