It’s almost impossible to believe that it’s been over ten years since the worldwide financial crisis of 2008. Since then, the world has changed. Traditional methods of earning a living aren’t sufficient – or desirable – in today’s world of ever-changing technology and increased global competition. At least, that’s the opinion of experts like Mike Volpi, founder and CEO of speedwayPayments.com.
In today’s world, employers aren’t necessarily looking for the most experienced candidate for a specific job. Instead, they want someone who is flexible enough to handle any situation that comes their way, and who will adapt and change as needed to keep up with the times.
That’s what makes Mike Volpi so special. Rather than sticking to one source of income and banking on employers to keep paying you what they are used to, Mike has created a system that allows you to automatically generate multiple streams of income from a variety of employers – all while making the most of your free time.
Here are some more details about Mike Volpi and speedwayPayments.com.
Who Is Mike Volpi?
Mike Volpi is the founder and CEO of speedwayPayments.com, a digital payment company that provides payroll solutions for employers. Mike started his company in 2008 after leaving the U.S. Marine Corps with a strong desire to be his own boss and to provide for his family.
Prior to starting his company, Mike was the CFO of a private equity company, Trigent Management Group (TMMG), and also worked as the chief administrative officer of the Volpi Group, an internationally-owned construction company.
How Does SpeedwayPayments.com Work?
SpeedwayPayments.com is a payroll services provider that offers a suite of solutions for small businesses, including Payroll, HR Services, and Tax Compliance. The company’s software automates nearly every aspect of the payroll process, from calculating payroll to sending out payroll checks. All a business has to do is set up the initial employee information and schedule and the app takes care of the rest, ensuring they follow the proper procedures to avoid any payroll-related penalties.
With over 16.7 million employees in over 200 countries, Adobe is the world’s #1 productivity company. And what does Adobe offer its users? An extensive collection of tools that can make your life easier, of course! Let’s take a look at some of the software that you might not know about that can help you streamline your workflow and become more efficient.
One of the core functions of any business is to pay the bills. For most companies, that means turning to an external payment service like Acumen or Paychex to process their payroll. While these services can be very convenient for businesses, there is a reason why they have millions of users. Complexity is the word of the day. For example, let’s say you’re a small business owner who decides to outsource their payroll. You’ll have to decide what type of benefits you’ll need to offer to attract and retain quality employees. What are your salary structures and how will you handle deductions? Is it better to be paid weekly or monthly? What special tax issues might you have to address? Are you legally obligated to provide your employees with insurance? Each of these questions has several answers, and it would be best to have a team of professionals help you navigate this process. While it’s not impossible for a business owner to manage their own payroll, it’s highly inefficient and probably not the best use of your precious time. Hiring the services of a company like Acumen or Paychex ensures you’ll have someone available to answer your questions and take care of any issues that may arise. You’ll save a lot of time and effort, and who knows – you might even learn a thing or two along the way.
It’s not only about paying your bills, you also need to ensure that your people are properly managed. For small businesses, this often means doing quite a bit of paperwork and following a series of steps to ensure your employees are paid on time, with the proper deductions made, and that they follow the proper tax forms and reporting requirements.
There are several pieces of software that can help you manage your staff more effectively. For example, Trellis HRMS from Episys is a human resources management system that can help you create tasks, set deadlines, and follow-up on any tasks that aren’t completed. You can create special projects or tasks for your employees and monitor their progress. You can even create deadlines for yourself so you don’t forget about an important project. These types of features might not seem that important to a business owner who is just trying to meet their payroll, but it can be highly beneficial if you want to ensure your employees are being handled correctly.
Finally, we’ve arrived at the part of this article that everyone has been waiting for. Taxes! The IRS, the Bureau of Revenue, and the various state tax agencies have all developed an entire ecosystem of rules and regulations that must be followed whenever you’re dealing with money – especially if you’re a business owner who doesn’t want to deal with multiple streams of income and trusts the IRS to do their work for them.
The simplest and most convenient way to pay your taxes is with the use of an automatic payment app. These apps allow you to set up regular payments through your checking account so you don’t have to think about it every month. The best part is that they usually take care of all the paperwork for you so you don’t have to file any forms or do any of the research that might be required to properly track your income and expenses. Here are a few examples of popular automatic payment apps:
- H&R Block
- Quicken Payroll
- QuickBooks Online Payroll
- TurboTax Online Payroll
- YNAB (Yet Another Business Finance Application)
Why Should You Partner With A Professional?
While all of the above software can be very helpful in certain situations, it’s still vital to have someone on your side who has expertise in this area. Why? Because you can’t always expect the software to have all the answers, and in some cases, it might even cause you more trouble than it’s worth. For example, let’s say you discover that you’re dealing with an under-reported expense that you didn’t discover until after-the-fact. If you report this incorrectly on your income tax return, you’ll owe a large sum of money to the IRS. It would be best to catch these errors early on instead of waiting until you’re issued a IRS summons and forced to come clean. Professional help would be the best course of action in these situations because they have experience determining what to report and how to navigate these tricky tax waters.
Partnerships are complicated, and nobody is an expert in every area of business. That’s why it’s best to hire the help of a professional when you can’t easily understand what is happening or why certain things are happening the way they are. Even small businesses can have a significant amount of money tied up in payroll and taxes, and it would be smart to ensure these financial obligations are properly managed. A professional can help you determine what documentation you’ll need to provide, and whether or not these obligations are even worth your while. Sometimes, the easiest and best solution is to partner with someone who has experience in this area.
Let’s face it, being your own boss doesn’t mean that you’re necessarily an expert in every area of business. It takes time to figure out how to navigate this new world of technological change and increased competition. What you need are the people who know how to make it easier for you to do what you do best. That’s why it’s essential to find professional help when you’re stuck. Otherwise, you’ll simply become overwhelmed and paralyzed by the task at hand. Your best chance of succeeding is by taking the time to learn as much as you can.