Category: Payroll

5 Common Mistakes Small Business Owners Make with Payroll Taxes
Paying your employees for the time they have put in is not as easy as you might think. The truth is that businesses of all sizes have to record everything. Organizing your payroll, making sure all info is correct, and staying current on all requirements is imperative to your safety and success.

Before you send your workers a check, you have to meet various tax and regulatory requirements. This is what makes processing payroll more complicated. In fact, it’s quite common for business owners to make payroll mistakes when they don’t have a bookkeeper. And it’s not something you want to ignore or try to fix after the fact. That’ll cause even more problems.

When processing payroll, you have to adhere to certain rules. However, you must first avoid the following common mistakes to save money and stay compliant with payroll taxes.

1. State Unemployment Tax Errors

Unemployment taxes also have to be accounted for, just like payroll taxes. They are paid by employers and withheld at the state level. You must ensure that you file them regularly.

Keep in mind that every state has its own requirements and rates which you have to meet depending on the state where your employees reside. You have to be extra careful if you operate a business in different states or close to the state border.

2. Employee Information Errors

One of the most common mistakes that you need to avoid when dealing with payroll taxes is employee information errors. It occurs right when you hire an employee and complete his or her paperwork or make changes along the way.

If you are not cautious, it is easy for errors like wrong Social Security numbers, addresses, and even misspelled names to occur. These costly mistakes are often not easy to correct and only cause clerical headaches in the future.

It’s even possible for the IRS to fine you for an inaccurate tax return or delayed income taxes. You have to be very meticulous and check the information entered with your employees a few times to ensure accuracy.

3. Outdated Employee Information

Another mistake that startups make that costs tax time is outdated employee information. Even after you have correctly entered employee information into your payroll processing software, you also have to maintain it. Otherwise, your records become outdated.

You have to regularly check employee legal name changes, addresses, tax payments, benefits, and more. Generally, you must update the information of workers when they have a baby, get married, or move to a different area.

4. Employee vs Independent Contractors

In addition to the above, it’s common for small businesses to mis-classify their workers as independent contractors when submitting tax forms. If you are unaware of accounting principles, you wouldn’t know how to properly classify employees.

Now, you have to consider IRS-mandated requirements. However, these are not as well-defined. Only if you have control over how an employee performs his or her duties, would you be able to classify him or her as an employee. It is important that you learn more about what makes an employee different from a contractor.

We live in an era where our economy is growing more complex and more connected. More and more people are working as contractors, are employees working from home, or working several jobs for multiple companies.

Startups such as Lyft and Uber have blurred the lines between how workers and contractors are classified. You have to be careful. President Obama had initially issued an executive order in 2014 to increase scrutiny in order to prevent companies from mis-classifying workers. The government has only enforced more stringent laws ever since.

5. Payroll Tax Inaccuracies

Small businesses waste $850 in fines on average every year for late or missed payroll tax payments. The fines are imposed by federal and state tax agencies. However, if your business makes plenty of payroll tax errors, it would only add up business expenses that you would be unable to claim in your tax return.

Payroll taxes must be paid at the local, state, and federal levels on a pay as you go basis. This means that payments would be due on every payday. There is no denying that keeping up with tax requirements would prove difficult if your business operates in different locations or if you don’t have a centralized office and rely on a distributed team.

The Importance of Maintaining an Accurate Payroll and Payroll Tax Process

The main payroll mistake that you can make is not knowing just how important it is to maintain an accurate payroll and payroll tax process. This is why you need to learn more about establishing a proper tax process. Ignorance is never an acceptable excuse when the taxman comes calling.

The payroll process represents an accounting system that connects your organization with various agencies that are responsible for the collection of taxes on the wages you pay your employees.

As you are fully accountable to both your employees and tax authorities, you have to ensure that the payroll process is precise. Besides, an accurate payroll saves you from the stress and hassle that would emerge when your tax deadlines are near.

Business owners must also understand that maintaining an accurate payroll process is an ethical issue. When you hire workers, you enter a contractual relationship with them that requires you to compensate them for the hours they have worked.

If you fail to maintain your payroll, you would be unable to adequately compensate employees and it could be considered a form of theft. This could be used as grounds for litigation against you by your employees should a conflict arise.

Moreover, an accurate and precise payroll process is integral to reconciling tax liabilities. Every business is legally responsible for withholding taxes from employees to pay federal and state income taxes along with Social Security.

Only when you have a precise process, can you pay taxes accurately. If you fail to do so, you would end up accruing expensive penalties which could result in a tax audit.

Consequences for Certain Mistakes

Payroll errors can hurt your business in ways that you cannot even imagine. Here are some of the repercussions that you need to know.

Damages Employee Trust: When employees trust an employer, they are likely to work hard and increase your productivity. However, if you damage this trust, it would affect productivity adversely and even result in your star performers looking for work elsewhere.

Wastes Times: Dealing with tax inquiries and corrections only wastes time. You will end up spending a huge amount of time trying to correct the errors.

Costly: Certain payroll mistakes would prove costly as you would have to pay for them without being able to claim the expense.

Damage to Your Reputation: When you make payroll mistakes, it damages your reputation in the market and deters customers from choosing your business and keeps quality talent from partnering with you.

The Upside of Staying On Top Of Things

There are many reasons that will convince you to stay on top of things. Let’s look at a few of them.

Reduces Expenses: One of the main reasons to focus on your payroll process is that it helps reduce expenses. As the IRS wouldn’t require you to pay any penalties.

Boosts Employee Morale: By taking care of payroll taxes and paying your employees properly without interruption, you will also notice an improvement in employee morale. If all is well with their paycheck, their tax payments and their benefits, they’ll stay loyal to you and dedicated to their work.

Keep Your Business Running Smoothly: An accurate payroll system keeps you clear of the law and the risk of getting shut down, which would definitely affect your brand and your relationship with your customers.

Accurate and organized payroll is a great foundation for the rest of your accounting and bookkeeping process, helping you accomplish the basics before adding on everything else. This lowers your stress and helps you focus on leading your team.

Benefits of Hiring a Professional Payroll Tax Expert

There are many advantages of getting professional payroll tax help from an experienced bookkeeping service provider.

Helps You Stay Organized: One of the main benefits of a professional bookkeeping service is that it would provide an effective system to ensure that you’re able to manage responsibilities, tasks, and meet deadlines.

Define and Document Your Processes: The payroll tax expert would provide clear documentation of the process which you can utilize for finding answers to all types of questions you might have.

Avoid Mistakes and Spot Problems Early: Bookkeepers are always monitoring your process and crunching the numbers. This in turn allows them to spot errors within documentation or your process, correct some past mistakes and spot opportunities for doing things better in the future.

Keep Up with the Latest Laws: Professional bookkeeping services are always up to date with the latest laws and tax codes. They will work with you to make sure you don’t miss a single beat.

Conclusion

Your payroll process is nothing to take lightly. It is part of the foundation of a strong company. It keeps you on the right side of the law, keeps you organized, protects your relationship with employees and customers, and makes other accounting practices run more smoothly.

Sound Accounts helps small business owners create and manage the perfect payroll and bookkeeping process. Connect with us today to learn more about reducing stress and increasing productivity with better bookkeeping.

For more information about the payroll process, check out our frequently asked questions below.

FAQ

What Is A Payroll Error?

A payroll error can be inaccurate information, a wrong payment, a late or missed payment, improper employee designation, or several other things.

Do Payroll Taxes Affect Employees?

If you aren’t keeping up with your tax process, the consequences can destroy your relationship with valued employees, leading them to talk bad about you and your organization, look for work elsewhere and sometimes even bring litigation against you.

What Challenges Do Payroll Professionals Encounter During The Payroll Process?

Payroll professionals encounter a number of challenges during the payroll process including the following.
- Record keeping
- Misclassification
- Managing changes
- Tax non-compliance
- Over or under payments
- Manual payroll processing
- Confidentiality and privacy
- Keeping up with the most recent law and regulatory changes in the relevant states
April 13, 2022
Small Business Payroll Options: How to Choose the Right Service for You

When it comes to calculating employee pay, determining payroll taxes, making payments, and sending necessary tax forms for ensuring compliance, a small business payroll option is just what you need. Payroll is usually complex and difficult to tackle entirely on your own. You are likely to struggle if you have several employees to manage.

According to data provided by the IRS, it was found that 40% of small businesses lose an average of $845 every year on tax penalties. This is why it makes sense to use a payroll solution. It would handle all the hard work and help you stay on top of the legal requirements for your state.

As there are various payroll providers, you might not know which payroll software to use. However, there is no need to worry. We’ll give you exactly the information you need to move forward with confidence.

7 Trusted Payroll Service Options

These choices represent some of our favorite payroll services. Each one carries its own features and benefits. Only you can decide which is best, but this guide will give you a quick view of a handful of options.

1. Gusto

One of the best payroll companies that offers a powerful payroll tool is Gusto. It allows you to perform all types of tasks, simplifying the payroll process. You can generate reports, prepare tax filings, and make important decisions. Take advantage of this all-in-one accounting solution to take your business to new heights.

Known for its competitive pricing, you can browse through its different prices to determine which plan to go with. What sets Gusto apart is that it is packed with features that allow you to handle everything. Besides, your employees would appreciate you using the software.

Automate your payroll no matter which state you operate in and get all the support you need when you use it. As it is very easy to use, it won’t require any prior experience to unleash its full potential. Its tax services include automatic calculation of taxes and withholdings, along with end-of-year tax forms. Moreover, Gusto offers excellent customer service that you can rely on for dedicated support.

For quick reference, here’s a list of some of Gusto’s features:

Automated Taxes

W2s and 1099s

Child-support Garnishments

Tip Credits: Minimum Wage Adjustments

Gusto Debit Card

Paperless Paychecks

Multiple Pay Rates

Unlimited Payrolls

Flexible Payment Schedules

Net-to-Gross Calculations

Contractor Payments

Expense Integration

Payroll Reports

Time-Tracking Integrations

Federal R&D Tax Credit

Deductions

And so much more…

2. QuickBooks Payroll

Another amazing small business payroll option that allows you to fully utilize your resources is QuickBooks Payroll. Most of its features are similar to those offered by Gusto. It even accounts for checks, deposits, and employee health benefits.

If you’re looking for a well-rounded online payroll service with upfront pricing, that offers different pricing plans, QuickBooks has got you covered. It’s possibly the most used software out there. And for good reason. For years, individuals and business owners across industries have learned to trust their most important bookkeeping needs to QuickBooks suite of services, allowing them to manage their finances, their payroll, and continue filing taxes with ease. You’ll likely find it to be the perfect fit for your business.

Some of its full-service payroll tools and advanced features include company tax payments, automatic calculations of withholdings, 1099 e-file, tax penalty protection, time-tracking, connections with bank accounts, same-day direct deposit, automated payroll reports, and much more. As it integrates with most accounting platforms, you should have no trouble using it. Besides, it also provides strong customer support from a dedicated team and decades of use and refinement which have made it, perhaps the most recognizable bookkeeping and payroll software solution out there.

3. Paychex

The next payroll software that we just had to mention is Paychex. It allows you to expand beyond payroll and covers HR modules, including recruitment and hiring. Boasting world-class compliance expertise, you can use this tool to stay on the right side of the law. The system is regularly updated to keep up with the latest changes in the tax code.

Features include employee self-service, direct deposit and on-site check printing, general ledger support, garnishment payment services, accounting software integration, W2s and 1099s, new-hire reporting, labor compliance and worker’s comp insurance, tax credit services, financial wellness programs, an awesome 5-star mobile app, and several others.

Besides, it even offers 24/7 support, which is often not the case with other options. With an online library and comprehensive resources, you can rely on the software for tackling all types of issues. Even if your accountant or bookkeeper isn’t proficient, he or she should be able to learn how to make the most of the system to maintain compliance.

4. OnPay

Considered a solid payroll solution, OnPay provides integrations for just about every accounting software out there. It is possibly the best time-tracking tool available. Generally, it is recommended for businesses that are on the lookout for integration options.

You’ll have an easy time processing payroll as it streamlines the entire process and even allows you to run things using your smartphone. It’s also extremely easy to use and handle all 1099 and W2 filings as well as annual employer tax filings. OnPay also has positive customer support reviews.

Some features include:

Integration with QuickBooks, Xero and more, integrated 401k, wage garnishment, employee self-onboarding, time off tracking, multiple PTO accrual rates, automated tax payments, reimbursements, digital paystubs, mobile friendly access, a tax-accuracy guarantee and too many others to list here.

5. Wave

Offering a flat rate to businesses, Wave is a great payroll option. The price you pay for the service depends on which state you live in. It even provides free accounting software which you can combine for a more affordable option.

If you’re contemplating which payroll tool to use, you can try out Wave for free for up to 30 days. Its tax services include free tax filings, contractor 1099s, and employee W2s in 14 states, such as Texas, New York, and California. However, you should keep in mind that it has average reviews for customer service.

Here’s a look at some of Wave’s great features, which include both payroll and comprehensive bookkeeping.

Estimates, invoice payment reminders, invoice scheduling, live bank feeds, expense tracking, receipt scanning, contract management, 12 different reports, multi-currency support, exchange rate calculations, customizable invoices, and more.

6. ADP

A major reason we’ve included ADP is that it’s possibly the most experienced solution out there. It caters to every type of business regardless of the size. It can easily handle hundreds of workers. As your business grows, you will find ADP to be an incredible asset.

ADP offers automated payroll, time and attendance tracking, multiple integrations, tax compliance support, integration with HR and benefits, a wide range of apps from ADP Marketplace, and countless other tools and solutions.

It is worth mentioning, however, that it is not as easy to use as some other solutions. The learning curve may be a bit more involved. Still, it is definitely worth it. Its tax services include 1099 and W2 filings and even employer tax filings. With 24/7 customer support, you can reach out to the company at any hour to get the help you need.

7. SurePayroll

Lastly, SurePayroll is also a notable choice. It is suitable for small businesses that operate in a niche industry and struggle to find an appropriate payroll solution. The service works for just about every type of business, from retail outlets to churches and even non-profits.

Even though it’s not the easiest option, it’s quite intuitive, so you should have no trouble navigating through it. Some of its tax services include employer, 1099, and W2 filings. You can either opt for its no-tax filing plan or full-service plan. Its customer support also has a great reputation online. Just a few of SurePayroll’s tools include:

Calculates payroll taxes

Mobile functionality

Payroll step-by-step

Process year-end forms and reports

Auto Payroll

Pay 1099 contractors

Employee self-serve access

Why Certain Choices Work Better Than Others For Certain Businesses?

Not every business is the same. This is why a payroll option might work for some businesses and not for others. There are many factors that come into play when selecting payroll software, such as payroll legislation compliance, integrations, security, support, features, and ease of use.

It’s important for you to think about and discuss your priorities, the features that benefit your business and workflow the most. You can line them up side by side or use a chart online that someone else may have already compiled and created and use it to compare and contrast to figure out which one is best for you.

The Importance of Keeping Payroll Organized and Well-Managed

Maintaining your payroll is necessary to ensure that your small business continues to operate without any issues. Here are some of the benefits of an organized and well-managed payroll that will convince you to invest in a small business payroll solution.

Saves Time: When you organize your payroll, you get to save a ton of time. It ensures that you are able to load data quickly, right when you need it most. In addition to this, it even lets you generate reports instantly rather than having to go through an endless pile of payroll records.

Cost-Effective: A major advantage of using a payroll solution for keeping your payroll well-managed is that it is cost-effective. By using a payroll service, you get to save money by avoiding compliance penalties. Similarly, you also get to make sure that you don’t overpay employees, vendors, or different subscriptions and services.

Improves Compliance: As the possibility of making errors would be mostly eliminated when you use a small business payroll solution, it would help improve compliance. The fact is that there are countless payroll tax rules and regulations that you need to keep up with. By using the right tool, you get to avoid stress.

Conclusion

With the right payroll software, you get to calculate how much your employees earn based on the wages set and the hours worked. It also ensures that you pay the correct payroll taxes, including local, state, and federal taxes.

Managing payroll manually often results in errors, leading to confusion and IRS fines. Opting for a payroll solution helps you maintain compliance and avoid these nasty consequences. Payroll and bookkeeping service solutions keep track of multiple streams of information, allowing you to know exactly where your money is going, how it’s being used, how it might be used more effectively, and how to capitalize on new opportunities. It’s always wise to take advantage of the best tools available. Don’t hesitate to get on board with a trusted digital payroll solution and experience the peace of mind they can provide.

Sound Accounts is your complete bookkeeping service solution. We help business owners find greater productivity, organization, compliance, and success by managing their books and opening greater opportunities through sound financial practice. Contact us today to get started.

For answers to some of your payroll service inquiries, check out our frequently asked questions below.

FAQs

What Is The Best Way To Handle Payroll?

The best way to do payroll for your small business is by starting with a good payroll software. It will ensure that you stay organized, efficient, and compliant. It’s also wise to link up with an experienced outsourced bookkeeping service provider to make the most of your software, provide financial advice and help you spot opportunities for improvement.

Do I Need a Payroll Service if I Only Have One Employee?

Since payroll taxes apply even if you only have one employee, you must maintain your payroll. There are no special exemptions for any type of business. While managing payroll and bookkeeping in smaller companies is often more straightforward than with larger corporations, it is usually the right idea to use a dedicated program to keep yourself organized, avoid mistakes, and set the precedent for continuity and success as your business grows.

What Is The Easiest Payroll Software To Use?

If you’re searching for the easiest payroll software, QuickBooks is probably your best option. It offers an intuitive user experience that you will quickly become familiar with. Besides, it even provides plenty of resources and how-to videos to help you get started. There’s a reason it’s one of the most trusted options out there.

April 6, 2022
How to Use Xero Accounting Software

Xero is one of the most popular accounting software programs out there. It is widely used by small businesses everywhere. If you’re a new Xero user, it is important that you learn how to make the most of this resource. In this guide to Xero accounting software, we’ll share all the information you need to get started. The following steps will allow you to manage your finances with greater ease and confidence.

1. View the Xero Dashboard Video

As a newbie to Xero accounting software, the first thing that you need to do is watch the Xero dashboard video to get an idea of how it works. It’s located at the top left corner and will provide you with valuable information about navigation.

2. Enter the Business Details

The next thing that you need to do is provide all your company details. If you are running a limited company, you’ll have to enter the registered office address and the registration number. The information you provide would be displayed on the invoices you issue clients. To enter or update the business details, you need to head over to Settings and select Organization Settings. Here is the information that you will need to provide.

Logo

Email

Website

Trading Name

Display Name

Physical Address

Registered Address

Organization Type

Registration Number

Phone and Fax Numbers

Organization Description

3. Head to the Financial Settings

Make sure that you go to Financial Settings from Advanced Settings to provide the following information.

VAT / Sales Tax Details: The VAT period, VAT number, and VAT scheme should be filled in.

Financial Year End: To make sure that the right year-end appears on all of your reports, you must determine your financial year-end first.

4. Include Company Branding

Another great thing that you can do with Xero accounting software is that you can add your company branding. To do so, you have to go to Invoice Settings from Settings to make sure that the invoices include your logo and payment terms. By covering your payment terms, you can improve your cash flow and encourage customers to make payments on time.

5. Create the Chart of Accounts

One of the main reasons why businesses rely on Xero accounting software is that it allows them to import their chart of accounts from another accounting software. Then, it’s possible to modify the chart of accounts. An accounting service provider can help you decide the chart of accounts. Otherwise, you can add, customize, and delete the accounts based on your business goals. For changing the accounts, you have to check out the Chart of Accounts in Accounting. It would enable you to customize the chart of accounts.

6. Create the Bank Account Feed

If you have a PayPal account and credit card, you will need to create your bank account feed. You can watch the video on this to get started.

7. Reconcile Regularly

Even if you don’t have much experience with bank reconciliation, Xero makes everything super easy. Within a few minutes, you can go through the pre-matched items to make sure that all your data is updated. Since Xero would be connected directly to your bank account, it would automatically pull up transactions. In fact, it even remembers when you categorize transactions. Therefore, you can click “OK” to ensure that it sticks to the category of your choice. It’s important that you reconcile your accounts every week to ensure they remain accurate.

When you update your invoices regularly, you also benefit from a clear picture of your cash flow. With an accurate view of your cash flow, you can avoid falling behind on payments and make better decisions. You can also make use of Xero’s useful add-on apps to help you reconcile more efficiently.

8. Create the Payroll

If you have employees, you’ll need to utilize Xero to create a payroll for monitoring expenses. It would provide you with access to all your payroll costs without having to go through different spreadsheets to determine total costs. Creating the payroll is straightforward. You can visit Payroll from the Payroll Overview to get started. If transferring payroll data from a different system during the financial year, you will need to add opening balances.

9. Include Payment Services

Small businesses that use an active payment service should link it to their Xero account. Some options include GoCardless, Stripe, and PayPal. As there are plenty of payment options to choose from, you should have no trouble finding the solution that’s right for you. All you have to do to get this going once you’ve decided on a service is head to Payment Services which is located in Invoice Settings.

10. Create Payment Reminders

To ensure that all your customers stay on top of their payments, you can also create payment reminders on Xero accounting software. Getting paid on time is necessary for staying afloat. By setting up payment reminders, you can expect to get paid quickly and keep your books more accurately. You can head to Invoice Reminders by opening Invoice Settings. Only if you have the habit of regularly reconciling receipts should you set up the payment reminders. If you chase payments that customers have paid, it can hurt your reputation. To avoid this, make sure to reconcile daily.

11. Add More Users

Xero accounting software also lets you add more users. To add more users, you need to head to Users from Settings. This means that you get to add the bookkeeper, accountant, and just about any other stakeholder. Here is some of the information offered by the software.

Send Invitation to a User

Edit a User

Add a User’s Details

View Your Xero Users

12. Generate Basic Reports

To unleash the potential of Xero accounting software, you need to know how to generate basic reports. Only when you have entered the data will you be able to put these reports to good use. You can view the Profit and Loss, Balance Sheet, Aged Payables, and Aged Receivables. Visit Reports in Accounting for more options.

13. Connect Apps

Lastly, you can connect apps to the Xero accounting software. It offers a variety of add-ons and apps that you can leverage for streamlining processes and saving time. You can view the apps for performing a variety of functions such as document management and cash flow forecasting. Check out the Xero app marketplace to find out more. By connecting Xero to apps, you can get more out of the software.

Conclusion

Now that you know how to use Xero accounting software, you can get started. There is a lot you can do with this incredible tool. It’s a strong choice for many businesses. However, it is still important that you partner with a great bookkeeping service provider to help you plan ahead and make the most of your financial data.

Sound Accounts helps business owners manage their finances and put their data to work for them. We’ll stay on top of your bookkeeping so you can rest easy and have the knowledge you need to make excellent business decisions. Connect with us today to get started.

Check out our frequently asked questions below for more information about accounting software and bookkeeping.

FAQ

What does Xero accounting software do?

There is a lot that you can do with Xero accounting software. If you haven’t used it yet, you’re missing out. It is a cloud-based accounting software, designed to help small businesses manage all their finances. You can rely on it for performing bookkeeping functions such as payroll and invoicing. It can even be connected with apps and your bank accounts. You’ll have access to just about every type of information you could possibly need.

Which is better, Xero or QuickBooks?

Since Xero and QuickBooks are both extremely popular, chances are that you are wondering which

software is better. It is important you understand that these two applications are designed for different purposes. Xero is a powerful accounting software that caters to small businesses that require simple navigation and processes. On the other hand, QuickBooks is designed for businesses that have an accountant on board and prioritize scalability. Therefore, it is difficult to claim that one is better than the other. It all comes down to your requirements.

Is Xero difficult to learn?

The best thing about Xero accounting software is that it’s easy to use. Unlike most accounting software solutions, it is relatively straightforward and doesn’t require accounting expertise. This means that you should get the hang of it within a few days. Besides, Xero even has a training portal that offers courses which you can take to learn how to navigate within the program. The learning programs do not require any prior knowledge and teach you everything you need from the ground up..

How Much Does It Cost To Set Up Xero?

You can decide whether to use either the free version of Xero or the paid version. If you want more features, you will need to spend at least $13.50 a month. However, it is well worth the cost.

Do I still need a bookkeeper or bookkeeping service if I use Xero?

Although it isn’t necessary just to use Xero, you will need one to make sense of the reports and help you plan ahead. He, she, or they can manage your payroll, produce graphs, spot hidden details and issues, and make projections to ensure that you’re getting the most from your software.

March 30, 2022
What is the Average cost of accounting services for small business?

It is a wonderful thing when your small business grows to the point that you need to add support staff. And one of the best investments you can make in support staff is to hire outsourced accounting services. Outsourcing your bookkeeping to a professional service provider can free up your time and allow you to focus on growing your business. It also ensures that you have an expert accounting professional who can manage your small business finances with accuracy.

But how do you know what to budget for when it comes to accounting services? Let’s break down the different ways you can look at the cost of accounting services so that you can make the best financial decisions possible for your small business.

How to calculate the cost of accounting services

Accounting expenses should be included in your businesses’ overhead costs. These are costs that do not necessarily turn a profit, but are nevertheless necessary for the function of your business. Other examples of overhead include software, rent, licenses applicable to your industry, shipping, and legal expenses. When you understand that accounting services are a necessary part of your overhead, it is easier to budget an appropriate amount for that line item.

The fees for accounting services vary based on your business size, needs, and even your business structure. For example, if you ship a physical product, your accounting services will need to keep track of incoming and outgoing inventory, warehouse stock, shipping costs, and more. If you have a large staff, your accounting services will have to factor in payroll management. Are you a sole proprietorship who just needs occasional support to keep all your invoices straight? Can you manage basic bookkeeping tasks, but need help to create accurate financial reports and forecasts? These are all different needs that may have different prices associated with each task.

If you hire a part-time bookkeeper or business accountant for simplified accounting tasks, then you will likely pay an hourly rate for their services. As your needs increase, you can add on more hourly work as needed. The hourly rate for outsourcing a bookkeeper runs between $25.00 and $300.00 an hour depending on several factors, especially if services involve more complex accounting practices.. Keep in mind that this is a national average, and the average in your city may differ. A skilled and experienced bookkeeper will usually land on the higher end though it would still be a worthwhile investment because of the expertise they bring to your small business.

If you run a larger or more complicated business, you may need to pay a monthly retainer for a fixed number of tasks and services from a freelance accountant. The average price of outsourcing your bookkeeping can range from $500 a month to $2500 a month, depending on the amount of work and the complexity of the bookkeeping you need.

Or you may choose to go the route of accounting software, which can streamline your bookkeeping and provide similar reports and insights that a bookkeeping professional can. In that case, your costs will be based on the accounting software you choose, whether it is a one-time desktop software purchase or a cloud-based monthly subscription. You may also have different subscription options where your monthly fee will depend on the size of your business or the number of software users.

PCMag.com did a 2021 round-up comparing ten top accounting software systems, which includes not only specifics and benefits for each but a cost comparison. If you were to choose from those options, you could pay anywhere between $3.99 a month to $60 a month. Within that price range, you have a wide array of options to suit your needs and find the product that gives you the features you want at a price you can afford. Just be mindful that you get what you pay for, and you still may end up wanting to hire a bookkeeper to manage the software for you.

If you have a large business or run multiple businesses, it may be most valuable to have an in-house bookkeeper. But if you go that route, you’ll be adding a full-time staff to your payroll and possibly including benefits, making this the most expensive option if you are just comparing dollar amounts between the above options.

The cost of not having an accountant

The flip side of this is, of course, counting the cost of not having an accountant. That may not seem as straightforward or tangible as looking at the hard numbers of hiring an accountant. But consider the following questions:

How many hours a month are you spending on bookkeeping, and what is your hourly rate? How much are you investing in managing your small business accounting yourself? How much time are you putting into it? Could that time be better redirected to other areas of your small business, such as pursuing growth opportunities, improving your marketing, or coming up with new products and services? Is your time more valuable as a bookkeeper and managing reports, or as a visionary for your small business? What is the return on investment when you are your own bookkeeper vs. hiring a bookkeeper?

You know your small business best, and as a business owner you are already juggling multiple priorities. Does hiring a bookkeeper help you better realign your priorities in a way that promotes growth? If so, the cost is a worthwhile investment, no matter which option you choose.

FAQ’s

What are the benefits of bookkeeping services?

You’ll get peace of mind, knowing that a bookkeeping expert is managing your small business accounts, maintaining your financial records, and providing tax preparation and other tax services. You’ll benefit from their experience and skill at maintaining detailed records. You’ll also have more time to devote to managing and growing your business. A bookkeeper can also give you a clear picture of your cash flow management and the overall financial health of your business. This gives you the knowledge to make wise financial decisions as your business grows.

What can I expect from a bookkeeping service?

Bookkeeping services can include invoicing and bill pay, bank and credit card reconciliations, financial reporting, financial statement preparation, accounts payable or receivable management, sales and sales tax reporting, tax planning, filing business taxes and more. A bookkeeping service can also help clean up your existing financial files, adding financial information to a new bookkeeping software, and even training on bookkeeping software.

So how much will bookkeeping services cost my small business?

The short answer, it depends! Do you need support on a monthly basis, or just in advance of quarterly tax returns? Do you want to hire a bookkeeper, get an accounting software subscription, or a combination of both? There are many affordable options out there that will fit your needs and budget. Most experienced bookkeepers and accounting software services offer options for a flat rate per month. Your annual costs for bookkeeping will be easier to plan for when you can break it down into cost-per-month.

If you are ready to expand your business and outsource your bookkeeping, Sound Accounts is here to help. We offer both monthly and quarterly bookkeeping services so you can get the support you need that fits in your budget. Contact us for a free assessment today!

October 27, 2021
What Does a Bookkeeper Do Exactly?

Bookkeeping is the process of recording financial transactions and other information related to a business or organization. This includes keeping track of income and expenses, payroll, accounts payable, accounts receivable, and more. But more than that, what a bookkeeper does is give you peace of mind. When you hire a bookkeeper, you get an expert at managing business accounts, tracking expenses and income, and ensuring that your quarterly taxes are paid accurately and on time. But that’s just the short answer. Let’s get down to the nitty gritty of what a bookkeeper can do for your small business.

What can a bookkeeper do?

Most bookkeepers are no longer keeping hard copy “books” and ledgers to track financial statements and other transactional information for business owners. To manage bookkeeping services, they may use spreadsheets, accounting software, and even bookkeeping apps that connect bookkeeping software to banks and other financial institutions to make tracking income and expenses easier. They perform a variety of bookkeeping tasks all designed to help you manage your small business finances in a healthy and prudent way.

Bookkeepers use these tools to complete data entry and record transaction details for both income and expenditures. They’ll track credits (incoming money) and debits (outgoing money) for each account of your small business. They can manage both paying bills and employee payroll. Bookkeepers can create a balance sheet, income statement, cash flow statement, statement of changes in equity, and many other types of financial statements that help you understand where your business is financially. Each detailed report can highlight a different snapshot or key metric of your businesses’ financial health at any given time.

Bookkeepers also produce and/or pay invoices for inventory orders, services, outgoing transactions, and other bills. They can manage accounts receivable, accounts payable, and employee payroll services. This ensures that your bills get paid, your employees get paid, and you get paid on time. Their attention will ensure that you don’t have any overdue accounts, and that any debt payments happen on time. They can ensure that you have a healthy cash flow throughout high and low-volume cycles of your business.

Because they have the full financial picture of your small business, your bookkeeper can help you make better budgeting decisions, identify patterns, and understand the seasonal flow of your income and business expenses. They can help you understand the metrics of your company’s financial health, monitor debt levels, keep you up to date on any tax code changes, and report on issues as they come up. They can highlight the financial impact of business decisions and provide the best value recommendations for a financially sound future.

Beyond the practical services that a bookkeeper provides, their value also lies in the efficiency they bring to your small business. As a small business owner, you obviously have the acumen for managing the financial details of creating and owning a business. Still, hiring a bookkeeper means you have a financial expert keeping an eye on the bottom line, helping to ensure that all your choices lead to a more focused and successful financial makeup within the framework of your business. Even freelancers can benefit greatly from the organizational and financial benefits of a good bookkeeper.

One of a bookkeepers’ most important tasks is to monitor financial records to ensure they are accurate, which means reconciling and reporting any discrepancies found in the bookkeeping records. They’ll be able to minimize and correct errors to ensure that your financial reports and data are accurate. The peace of mind and attention to detail that a bookkeeper brings can be invaluable if your business is audited. Having accurate bookkeeping records can make the auditing process go much more smoothly than if you have incomplete records.

They also free up your time and allow you to focus on the areas of business ownership that you excel at or enjoy the most, such as planning for future growth, focusing on customer and user experience, or creating new products and services. And as your business grows and your accounting needs increase or become more complex, your bookkeeper can also train additional bookkeeping staff to meet the changing needs of your professional objectives. One of the best financial decisions you can make is to hire an expert bookkeeper who can support the financial health of your business and train other employees to do the same.

Sound Accounts provides bookkeeping, payroll, and licensing services for small businesses. Contact us to see how we can best support your growing business.

For quick answers to a few of your bookkeeper inquiries, check out our frequently asked questions below.

FAQ’s

What does a bookkeeper do?

A bookkeeper records and reconciles all financial aspects of your small business. They can maintain financial records, manage invoicing, bank reconciliation, payments, and payroll. They manage day-to-day accounting tasks in addition to generating both annual and monthly reports to keep you up to date on the financial health of your business. And their experience can simplify the process of paying small business taxes each quarter.

How can a bookkeeper help my small business?

They can take the load of making and recording financial transactions off your plate. Their expertise can give you peace of mind and free up your time to manage other areas of your small business. They can also help you understand the overall health and seasonal patterns of your small business, provide business recommendations, and help you make wise financial decisions through accurate reporting.

Can I just use a bookkeeping software instead of hiring a bookkeeper?

Bookkeeping software or cloud-based bookkeeping services are fantastic resources, but they are only as good as the information you put into it. It can store your business transactions, but it can’t make intuitive business decisions, identify growth areas, or catch mistakes and reconcile errors in the same way that a person can. Hiring a bookkeeper is an investment that will pay off for your small business.

October 20, 2021
7 TIPS TO PREVENT SMALL BUSINESS FRAUD

Indeed, our world is raging with RFID hackers and identity theft that target people. Despite the size, why wouldn’t you be worried about the likelihoods of business fraud? From the small grocery store to an independent hair stylist, there are many avenues through which scammers can apply their malicious intent, and cheat you.

No doubt, small businesses are exposed to business fraud. Yes, these businesses hire people they trust. But they can’t stop suspicious behavior—even though it’s from their esteemed partners.

Research shows that fraud affects one in four small businesses yearly – with SMEs losing about $25.6 million annually.

That said, small business frauds are occupational frauds, which usually ravage small businesses or start-ups. The Association for Certified Fraud Examiners (ACFE) has it that small businesses are generally more susceptible to organizational fraud than the larger ones.

There are several reasons why these frauds occur, and we shall briefly highlight some of them.

First, most business owners have their hands full and so have to rely on delegation. Here we see employees performing multiple functions. There are usually little or no checks and balances. It allows them to do some illegal stuff.

Second, sometimes business owners become too trusting with employees. It can lead to the absence of formal procedure, which means things don’t get recorded. This situation makes fraudulent activities very easy and mostly unnoticed.

Third, hiring fraudulent individuals can also make your business vulnerable to fraud. The reason is obvious.

We have now seen certain situations that can lead to fraud. It is then vital to look at ways to prevent it. But first, let’s take a look at some of the major fraudulent activities. Knowing this will provide awareness of how fraudsters carry out these fraudulent acts.

Cash theft

Cash theft is done through skimming, Larceny, or Fraudulent disbursement.

False invoicing

False invoicing involves presenting an invoice that does not relate to a real sale or payment. In cases like this, the perpetrators make the company pay for goods or services they did not receive.

Identity theft

Fraudsters or cybercriminals could steal a Company’s identity. It gives them access to the company’s vital documents. There are also cases where these fraudsters pose as legitimate suppliers and then advise changes to existing payment arrangements. You can uncover this type of fraud when real suppliers emerge.

Check tampering

Here, the fraudsters convert the organization’s funds by altering a check. Checks that have not been voided can be illegally cashed, with a forged signature.

Payroll fraud

An employee can make false claims for expense made and then demand a refund. Another common payroll fraud is the issue of “ghost worker.” This practice sees the payroll controller add a non-existent employee to the company’s payroll.

If the company is operating a direct payroll deposit policy, it makes it easy for the “ghost funds” to go straight to the perpetrator’s account.

A small business owner could have the best ideas and work hard to see the business thrive. However, fraudulent activities can threaten that success. How then can you stop this from happening? Below are 7 tips that can help prevent small business frauds in business.

How to prevent small business frauds in business

1. Put a fraud policy in place

Fraud policy should indicate repercussions for committing fraud (termination of employment, prosecution). These policies should cover both the tangible and intangible assets in your company.

2. Check the books from time to time

It is essential that you do this as a business owner, as it helps you to ascertain that there are no discrepancies. You can ask your bank to give you the bank statements of your business accounts. It helps you monitor your cash flow.

3. Get professionals or Accounting firms to handle your finances

This will bring for more transparency and accountability. Also, demand for daily or weekly reports from the accounting department.

4. Have a password policy

Try to update or change your passwords from time to time. Also, make the passwords a bit complex or difficult to decipher.

5. Segregate cash related functions

Don’t let one employee perform all the accounting and bookkeeping duties. Let there be a team or department that handles that. Why? It will make them serve as watchdogs to one another.

6. Be mindful of who you hire or do business with

Avoid recruiting or dealing with individuals with fraudulent or dubious tendencies. Working with fraudulent people will expose your business to fraud. Avoid them!

7. Restrict access to master file records of your vendors/clients

Any changes to be made should require supporting documentation. It also applies to payroll as it helps to eliminate illegal payments or changes in pay rates.

Building a business is an uphill task. When you put in so much work and effort, you should be able to rip the dividends and see your business grow. Fraud is a major threat to the growth of your business. So make sure you apply the above tips to keep your business safe and secure.

June 15, 2019
IRS Releases New Draft of Form W-4

The IRS has been trying to release a W-4 that more closely reflects the changes in the Tax Cuts and Jobs Act (TCJA) that was passed in 2017. These changes made by the TCJA affected itemized deductions that were normally claimed on a Schedule A and eliminated personal exemptions. While the IRS did give us a new W-4 in February 2018, this new form did not cover situations for all taxpayers. In June of 2018, the IRS released another draft version of the W-4 for 2019. Unfortunately, that draft was also met with criticism from tax professionals who felt that the form still wasn’t enough to protect taxpayers from claiming the wrong withholding. Taking the criticism to heart, the IRS did not release a 2019 W-4. Additionally, the IRS announced that penalty relief might be available and, in March of 2019, the IRS expanded the relief for those taxpayers making payments of at least 80% of the tax shown on the return for the 2018 taxable year. Despite the penalty relief, concerns about withholding remained.

Yet Another Draft

Because of these concerns, W-4 revisions have remained a priority to the IRS. This morning, the IRS premiered another draft version of the W-4 to be used in 2020. That draft can be viewed here (downloads as a PDF). The draft form is a little bigger than the older W-4 – taking up a whole page and including additional worksheets.

“The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,” said IRS Commissioner Chuck Rettig. “The primary goals of the new design are to provide simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors.”

While the IRS may believe this form is more simplistic, they want you to account for multiple jobs within your household, including whether you held more than one position or you and your spouse work and file jointly. Another section asks taxpayers to claim their dependents and to include the $2,000 child tax credit for each child under 17 or the $500 credit for other dependents. Additionally, taxpayers can use this form to clearly outline other types of income that didn’t have taxes withheld such as interest, dividends, or retirement income. Lastly, you can list the number of deductions you expect to claim if you think you’ll be itemizing.

For many, this form is anything but simplistic.

What About 2019

As we approach the mid-year point, we are running out of time for taxpayers who may have been unhappy with their 2018 tax return. “Two-income families and people with multiple jobs may be more vulnerable to being underwithheld or overwithheld following these major law changes,” the agency said in a statement.

In order to feel more certain about your 2019 return, we suggest you work with your CPA or take a look at the IRS Withholding Calculator to figure out how much to have withheld from your paychecks.

More Changes Coming

Although the IRS has given us a new draft to review, they are taking public comments at WI.W4.Comments@IRS.gov. Comments should be submitted before July 1, 2019 and they won’t be responding to any comments. The IRS is planning to release employer instructions soon. They advise that you see this website for the latest Form W-4 information and this website for the latest information on employer instructions.

May 31, 2019
Employee or Contractor
Businesses must examine the relationship between it and the worker to determine if the worker is an employee or a contractor. Distinguishing between these two is important to determine if an employer must withhold income taxes and pay Social Security, Medicare taxes, and unemployment tax wages paid to an employee. Generally, the rule is that an individual is a contractor if the payer has a right to control or direct only the result of the work, not what will be done or how it will be done. To better determine how to properly classify a worker, the IRS asks that you consider these three categories:

Behavioral Control

A worker is an employee when the business has the right to direct and control the work performed by the worker, even if they don’t exercise that right. The categories that fall under behavioral control are:
- When and where to work, what tools to use, where to purchase supplies and services, etc. If a business gives these types of instructions, chances are, the worker is an employee.
- If instructions are more detailed it may indicate that the worker is an employee. Fewer direction means less control and the worker may be a contractor.
- Does the business use evaluation systems to measure the details of how the work is done? This would mean the worker is likely an employee.
- Is there on-the-job training? If yes, this is a strong indication the worker is an employee.
Financial Control

If the business controls the financial and business aspects of the worker’s job, they may be an employee. Consider these points:
- If the company invests significantly in the equipment the worker uses for someone else, they are likely an employee.
- If there are unreimbursed expenses, contractors are more likely to incur those than employees.
- Is there an opportunity for profit or loss? If yes, the worker is likely a contractor.
- Is the worker free to seek out other business opportunities of this same type? If no, they are most likely an employee.
- Do you pay a regular wage for an hourly, weekly, or commission? Then your worker is probably an employee. If you are paying for a specific project, they may be a contractor.
Relationship

The perceived relationship between the worker and business often indicates the classification of the worker. This may include:
- Written contracts describing the relationship between the parties. However, a contract stating a worker is an employee or contractor is not sufficient to classify a worker’s status.
- Benefits. If your business provides benefits, you are likely hiring an employee. Benefits are not usually extended to contractors.
- Is your relationship permanent? If you believe the relationship will last indefinitely as opposed to a specific period of time, you may be hiring an employee.
- Services provided are a key activity of the business. If the services the worker provides are a key aspect of the regular business of the company, you should classify them as an employee.
Consequences of Misclassification

If you accidentally classify a worker as an independent contractor and it is later discovered, your business will be liable for employment taxes. The IRS can help you determine the status of your workers with Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding. IRS Publication 15-A, Employer’s Supplemental Tax Guide, is also a great resource.

If you have any additional questions or concerns about your workforce, please, reach out to us at Sound Accounts! We would love to help and “our strength is YOUR numbers!”
May 15, 2019
Top 10 Tasks Small Business Owners Should Consider Outsourcing

Most entrepreneurs don’t go into business because they do all aspects of business well. They know their skill, task, or particular industry well so they start a business. Successful business owners understand this concept. They readily outsource the parts of their business they don’t want to tackle, enjoy managing, or understand. Let’s take a look at some of the tasks you could be outsourcing.

Marketing and Social Media

According to Entrepreneur magazine, “Over 40 percent of companies have an executive in their organizations who is directly responsible for content marketing. Unfortunately small businesses like yours may not have the budget for that.” So, what is a small business to do to get their products in front of customers? Hire a marketing and social media team to hand this task. You could start out small by outsourcing this to a writer, engaging some freelancers on Fiverr, or employ an agency. Not only will you save money, but you are more likely to build better client relationships because your content will be higher quality.

Bookkeeping/Payroll

Good financial reports can make or break a business. When your reports are clear and easy to read, you can use them to plan for the future. You can also present them to a lender if you are looking to procure a loan. Unfortunately, it is very easy to make mistakes and end up with reports that don’t make sense. You could also find yourself in trouble with the state or federal governments for improperly paying your taxes. Outsourcing your bookkeeping and/or payroll can save your company a lot of money in the long run.

IT

We all have that relative who claims to know all about computers. Some of us hire them to set up our networks and workstations. But, do they really know all the ins and outs of security? Is our business one that is subject to specific technical regulations such as HIPAA or HITECH? Making sure that our networks and workstations are secure and won’t be hacked easily is very important to the survival of our businesses. Our clients aren’t likely to stick around if we make it easy for hackers to steal their information.

Office Cleaning

Clean and tidy offices are comforting to clients. Not many clients are going to want to return to a space that looks unkempt. But who has the time, as a busy entrepreneur, to clean the floors and make sure the paper towels get filled? Nobody! Hiring a janitorial service can save you a lot of time and money by keeping your office clean and presentable.

Taxes

Much like bookkeeping, most business owners don’t know the first thing about business taxes. Hiring a professional will not only save you time, but it will likely save you money as a tax professional knows what deductions to look for that you may not have claimed. Additionally, having a CPA manage your taxes lowers your audit risk. And, the CPA will be the one representing you to the auditor if they complete your taxes and you get audited anyway.

Writing

Blog posts, ad copy, website copy, biography information, oh my! Business owners have a lot to write. Most of us, however, don’t have the time or ability to write all of this or to stay on top of all of it. We don’t have the understanding of all that’s required or who to write a blog post that will score high in SEO. This is another task best left to the experts.

Scheduling and Administrative

It’s hard for business owners to get much done during the day. If we allow ourselves to get bogged down with repetitive tasks like answering emails, setting appointments, and playing phone tag, we will never get anything done. Hiring a virtual assistant to manage your schedule, answer emails, or return phone calls can go a long way to saving you time and money.

Graphic Design

We all need good graphics for our advertisements. So, unless your business is graphic design, it would likely be best for you to be spending your time working on your business instead of designing graphics yourself. With the freelancer marketplaces opening up, it is not difficult for a small business to outsource this task even with a small budget.

Website Design, Development, and Updates

We have one chance to make a first impression. Our website is often the first impression a client has of our business. Our websites must be flexible to be viewed on a wide variety of platforms from desktop computers to cell phones to tablets. Websites must reflect our brand image and also be updated regularly so that it continues to function. Unless you are a web designer, this can also be outsourced to a freelancer to ensure that your site is turning visitors into customers.

Training

Are you a teacher? Do you know how to motivate a sales team? What about putting together a curriculum for onboarding new employees? If you are unsure how to do these, we suggest that you outsource this process. Providing training or motivation for your employees and staff will go a long way toward keeping them happy and productive. Therefore, unless you are a trainer by trade, we highly recommend that you seek out a company who specializes in training other companies and employees.

There are a lot of other tasks and projects that small business owners can, and likely should, outsource. Unfortunately, most of us entrepreneurs don’t want to give up that control and hand those tasks over to someone else. However, knowing what your weaknesses are and having a willingness to give those tasks to someone who is an expert at it will save you a lot of time, money, and frustration in the long run.

Interested in outsourcing your bookkeeping, payroll, or office management? Call us today! We would love to help!

August 15, 2018
Outsourcing Payroll

Ask just about any CPA and they will tell you they don’t feel their clients have the expertise to properly manage payroll processing. Most will even suggest that their clients’ time would be more productive spent working on other aspects of their businesses. We tend to agree with them. Keeping up with the demands of payroll is not easy and it’s time consuming. Here are some of the other reasons you should consider outsourcing your payroll.

Saves Time

If your business uses paper time sheets, you are stuck calculating the time to pay your employees. Regardless of how many employees you have, you will also be spending time each pay period with data entry and checking your accuracy. Working on your business is a better use of your time.

Saves Money

When you hand your payroll to an expert, you can cut costs as you will not have to train employees or develop a payroll department in your company. Additionally, time saved is money saved. You won’t be calculating payroll each pay period; printing, signing, and distributing paychecks or pay stubs; generating reports for bookkeeping and accounting use; or preparing and paying payroll taxes and returns.

Avoid Mistakes and Penalties

According to the IRS, 40% of small businesses pay an average penalty of $845 each year for late or incorrect filings and payments. Not only do these errors add up, but mistakes to paychecks anger your employees. Outsourcing your payroll burden to a trained professional can take the load off of you, the business owner, and keep your employees happy.

Compliance

While the cost of penalties and interest is high, each mistake you make opens your business up to an audit. Payroll regulations change frequently, sometimes throughout a year, and staying on top of these changes is not at all easy for a small business owner. Payroll experts understand the law. That is what they are trained to do. If there are mistakes, they will make corrections and handle the liability of any errors they make.

Technology is Expensive

Investing in the latest technology is expensive. Payroll providers must invest in high performing software, technology, and support to remain competitive and cost effective for their clients.

Data Security

Much like technology, investing in the infrastructure to keep your data safe is expensive. Payroll providers make fraud protection measures affordable by sharing their costs across multiple clients.

Peace of Mind

We all know our employees mainly work for their paychecks and/or benefits. When you hand your payroll processing off to an expert, you can rest assured that the expert will manage any issues that arise with payroll. Most payroll experts also have processes in place to insure the accuracy of their work.

If doing your own payroll is taking up too much time, you’re getting hounded by state or federal reporting agencies, or you are concerned about the security of having an employee with access to their coworkers’ sensitive information reach out to us. We would be more than happy to help!

April 15, 2018