Accounting Basics

What is a PEO?

A professional employer organization (PEO) is an outsourcing firm that provides services to small and medium-sized businesses (SMBs). Typically, the PEO offering may include human resource consulting, safety and risk mitigation services, payroll processing, employer payroll tax filing, workers’ compensation insurance, health benefits, employers’ practice and liability insurance (EPLI), retirement vehicles (401(k)), regulatory compliance assistance, workforce management technology, and training and development.

PEO Companies

What is a payroll solution?

Payroll software is an application used to manage, organize and automate the employee payment. The software tracks all payments and maintains all payment records. Effective payroll software will allow management to monitor time and attendance, tax information and pay structure.

Payroll Services

Limited Payroll Services (including payroll & compliance)

What is a grant?

A nonprofit grant is financial support given to nonprofits by corporations, foundations, or government agencies. They are beneficial for nonprofits because they provide the opportunity for additional funding that doesn’t need to be paid back and increases awareness of their organization.

What is a business expenditure?

In the broadest definition, a business expenditure is the money you spend ‘wholly and exclusively’ for your business. This definition is simple to apply when you incur a cost exclusively for your business, e.g. office supplies.

IRS Resources

Why are donors important?

Donors come to your nonprofit because they believe in your mission. They stay with you because you prove yourself worthy of their trust and commitment. Transparency and dependability are key. When you say you’re going to do something, be true to your word.

7 Reasons Why Donors Give

What are end of year donation statements?

A year-end statement is a one-page letter that reminds your donors of their cumulative giving made over the past year. It’s easy to produce and a terrific opportunity to thank them for their support. Ideally, your statement/letter should go out between Jan. 10 and Jan 30.

What is a Stipend?

Stipends are paid to students (or interns) for the purpose of allowing the student to further his/her program or academic requirement. An employee can be paid a stipend for many reasons. Stipends for mileage or other types of reimbursement are common, as are payments for special events, such as music performances. If you did not receive a Form W-2 or 1099, the stipend would be treated as a fellowship grant and still count as income on your tax return.

What is a Vendor?

Vendors are people or companies that you owe money to or subcontractors that work for you.

What is a non-reimbursed business expense?

Non-employees are not reimbursed unless they are providing a service or their presence is required at a system event. The system will pay these expenses if the business purpose of the activity or event and the contribution of the non-employee are fully documented. … Instruct the payee to keep receipts for all expenses.

Updated on April 21, 2021

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