Payroll is a finance-related business process that calculates and disburses employee salaries and benefits. To run a business successfully and keep its workforce motivated, companies should prioritize accurate and timely payroll processing. However, payroll management is a complicated task with many layers of guidelines, and it is constantly upgraded based on the company’s needs. Making mistakes in this aspect can not only cost resources and add-on finances to the company but also create a sense of distrust amongst the workforce. Common payroll mistakes to avoid With due diligence, companies can avoid several oversights. Some common errors include the following: Not tracking working and overtime hours It’s important for all businesses to note down the working and overtime hours of the employees not just for calculating payments but also to access productivity and efficiency for long-term business success. These issues are especially prominent when an employee travels for work or must participate in tasks outside the work hours or office premises. It’s best to automate this process using systems like biometrics to simply the payroll management tasks. Sending incorrect W-2s A W-2 is an important payroll document that enlists all crucial information related to the employee’s salaries, their benefits, taxable income, 401k, and other financial details.

Real estate has always been a popular way to invest money. This is because there’s a constant need for good housing options. Buying a property for investment purposes will give good returns every year. However, one must take a certain level of risk. People should also have enough knowledge about the market to avoid huge losses. One way to succeed is to know the five common mistakes other real estate investors make when investing. Not making a solid plan One should have a well-defined plan before starting the real estate investment journey. Buying a house can be risky without understanding how it will generate gains or income. Since there are different types of real estate properties, people can start by studying each type. For example, a vacation rental, an office, and a home. While one may feel tempted to invest when an attractive deal lands, it is wise to take a step back and think if the investment fits into long-term goals. Always consider how the investment will fare if the market goes down! Skipping research Just like any big purchase, investing in real estate requires research. However, the research here needs to be more thorough. After all, a home is more expensive than a television or a car.

Many people prefer tried-and-tested, low-risk investment options because these offer protection in the face of economic uncertainties. Index funds are among such investment options, and quite a few of them end up performing better than other types of mutual funds. Vanguard, a giant in the investment management industry, offers a host of index funds that strike the right balance between risks and returns. Here are some of its best index funds to consider buying today: 1. Vanguard S&P 500 This popular index fund is also called the Vanguard 500 Index Fund (VFIAX), and it tracks and invests in stocks that are a part of the S&P 500 index. Basically, the S&P 500 index tracks the stocks of the top 500 companies that are listed on stock exchanges in the country, so there is a good chance of high returns. Also, investing in this fund diversifies the investor portfolio to a great extent, reducing overall risk. The risk further diminishes with this type of investment because it tracks a highly reputed index in the financial market. The Vanguard S&P 500 lends itself well to long-term investment goals, wherein the plan is to let the corpus grow on its own time before reaping its benefits.

If you think prepaid debit cards have no value, you might want to reassess your theory and catch up with this smart budgeting tool. Prepaid cards can save you from overspending and help you budget without much hassle. You also won’t have to worry much about transaction fraud or losing millions from the account in case of theft. That’s not all. A prepaid debit card can come in handy in many other situations too. Easier money management Prepaid debit cards are an effective tool to curb unnecessary expenses. If you cannot help but go a little crazy on your retail therapy spree, this card might be the perfect solution. Once you load your card with a certain amount, you know without a doubt that there’s no extra spending you can indulge in. Since the card encourages people to manage their money well, many have opted for it as a go-to payment method. Help with business budgeting If you’re bad at tracking how much you spend or often fail to meet business expenses without spending out of pocket, prepaid debit cards can help organize your finances. Getting a prepaid card for business expenses means you no longer have to worry about either spending your personal cash or going over budget with business spending.

Every year people tend to rush to file income tax returns as the financial year stats converge. The Internal Revenue Service (IRS) has a specific set of guidelines that ensures the filing process is easy for individuals to understand and file quickly. But many people tend to make mistakes on their forms which can lead to the income tax department rejecting the document. Therefore, here are eight mistakes to avoid when filing income tax returns. Premature filing Getting things done earlier than the deadline isn’t always simple while filing taxes. Institutions and organizations that issue the latest tax forms may send them later than usual. They may even send an updated version of the document a few weeks after the original is sent. If one files for taxes prematurely, they may risk missing out on any such changes in the documentation, which may lead to a rejection or delay in the returns process. Wrong tax filing status There are five tax filing status types: head of household, married filing jointly, qualified widow(er), married filing separately, and single. Unfortunately, several individuals pick the wrong one while filing the forms, which may affect their return. The tax filing process determines several factors, including the amount of standard deduction you are entitled to (if you are not itemizing) and the respective tax credits and deductions forms.

Credit cards are easy to use and super convenient when used properly. But, these cards can also be devastating to your financial health and can have a negative impact on your credit score if you use them wrong. Poor or irresponsible credit card usage can lead to debt, which can affect your long-term financial stability. Read on to learn about which credit card habit of yours might be doing more harm than good. Not paying your credit bill in full One of the most common credit card habits that will hurt you, in the long run, is not paying your credit card bills in full. Paying only the minimum due or only part of your bill does not really allow you to make any progress on paying off your balance. In fact, in such cases, you are more likely to end up paying more interest. Plus, you are also damaging your credit score and raising your credit utilization. It is a good practice to only spend how much you need and pay off all of it at once. Not checking your statement often Not checking your credit card statement can also lead to trouble. There could be a chance that you forgot about some expenses.

Investing in precious metals has long been popular for diversifying portfolios and protecting wealth. Precious metals like gold, silver, platinum, and palladium have maintained their value over time and could serve as a hedge against inflation and economic uncertainties. However, before diving into the world of precious metals investing, it’s crucial to understand the nuances of this market and make informed decisions. This article explores essential tips to know before investing in precious metals. 1. Understand the types of precious metals Before investing in any type of precious metal, it is essential for the investor to understand the different types of precious metals available. The most common precious metals are mentioned below: Gold Gold, which is known for its historical value and stability, is often considered a safe asset. It might be bought in various forms, including coins, bars, and jewelry. Silver Silver is less expensive than gold and has various industrial uses, making it more volatile but potentially profitable. It’s available in coins, bars, and other forms. Platinum Platinum is rarer and more valuable than gold, but it is also more volatile. It’s used primarily in the automotive industry and is available in bullion coins and bars. Palladium Palladium is a precious metal primarily used in the automotive industry for catalytic converters.

Acquiring a home loan is a crucial financial choice that demands thoughtful contemplation and preparation. Whether individuals are first-time homebuyers or looking to refinance, navigating the mortgage application process can be complex and challenging. To ensure a successful and financially sound journey into homeownership, it’s essential to avoid common pitfalls that can have long-lasting consequences. This article explores critical mistakes that one should avoid when applying for home loans. Neglecting to check credit scores The first step in the home loan journey should involve a thorough review of one’s credit history. Credit scores are key determinants in the mortgage application process, reflecting creditworthiness and directly impacting interest rates and loan terms offered by lenders. Failure to check and, if necessary, improve credit scores can lead to higher interest rates and less favorable loan terms. Before applying for a home loan, individuals should request copies of their credit reports from the major credit bureaus and review them carefully. Failing to shop around for rates Many homebuyers make the mistake of accepting the first loan offer they receive. To make an informed decision, shopping around and comparing   offers from multiple lenders is essential. Also, taking time to request quotes from different financial institutions, including banks, credit unions, and online lenders, is advisable.

A certificate of Deposit or CD is a type of savings account option that many explore for financial security. CDs are known for their guaranteed and stable returns, making them a great investment for those who want to play it safe. Banks and credit unions offer them for a specified maturity period at interest rates. However, one can make some rookie mistakes when dabbling in such an investment. One can avoid these pitfalls while opening a CD. Opening fee-based account Banks often need one to have a checking account before applying for a CD. However, these banks also have a cost associated with opening a checking account. According to statistics from 2022, the national average return rate of CDs ranges from 0.03% to 0.39%. However, CD rates keep changing, and some banks are providing even 5% APY as of October 2023. A fee-based account can reduce the returns extensively. For instance, if one takes the national average return rate, say Chase Total Checking, which charges a monthly fee of $12, one may end up paying more in fees than one might earn in returns. To avoid this, ask the representative of the bank if there is a minimum deposit requirement that can help you waive the fee.

A credit score is a number between 300 and 850 that records one’s creditworthiness. Those with higher credit scores are more likely to receive loan approval and reduced interest rates. This score is based on one’s credit history, drawn from factors such as the total number of accounts in their name, types of loans, length of credit history, debt utilization, etc. Several credit-building apps have emerged on the market to help people improve their credit scores. How credit-building apps work Credit-building apps tend to offer three distinct services. These are as follows: 1. Credit monitoring With major credit bureaus, there are restrictions on how often one can access their credit score. However, some apps offer credit monitoring services to allow one to check their score daily, weekly, or monthly. They also offer tips and suggestions for how to improve one’s score. Lastly, they also monitor activity on one’s accounts, sending alerts for any new accounts or suspicious activity that may occur. 2. Credit building lenders Some apps also offer credit-building loans. As the name suggests, these are meant to help build one’s credit score. Since one makes regular payments in a short period of time, these loans can significantly improve one’s credit score.