Littleton, Colorado – With less than months remaining in the year 2019, Smart Payables—a leading payment processing firm based in Littleton, Colorado—has begun preparing to help its business partners issue their end of year bonus checks to employees.
According to estimates by employment legal experts, about 31 percent of businesses give bonuses to all employees in their company. Another 19 percent give bonuses to some of their employees, depending on their performance. Smart Payables has recognized that about half of all businesses issue bonus checks, which is why the company believes having designated bonus-issuing services is so important.
Currently, as the Small Business Administration (SBA) explains, there are many different ways can prepare end of year bonuses. Some businesses will deliver lump sum payments, others will distribute bonuses over time and others may offer a combination thereof. The SBA then goes on to explain that the bonus structure that makes the most sense for a given business will depend on their accounting objectives and the size of the bonuses being issued (the lucky few receiving bonus payments over $1 million will be governed by a different set of rules).
End of year bonus payments can help many businesses reduce their end of year income and, consequently, lower their future tax obligations. This is especially common in years (such as 2019) where the economy has experienced significant growth.
Workplace studies have consistently shown that end of year bonuses are good for a company’s morale and may help retain employees for longer. While there are still many businesses that do not offer these bonuses, this number has been slowly increasing over time.
Keeping these things in mind, Smart Payables has put several systems in place to make issuing end of year bonuses easier than ever. The company offers a comprehensive approach to payment processing and is on a mission to make it easier for its partners to “get smart” with the ways they do business.
Company Name: Smart Payables
Contact Person: Rich Lloyd
Email: Send Email
Phone: (720) 287-0030
Address:8392 S Continental Divide Rd #105
State: CO 80127
Country: United States