Business Development

Top Reasons You Need to Understand Payroll Accounting

Payroll accounting is essential for two reasons: financial management and compliance with existing laws. In a nutshell, payroll accounting is done so that a company is able to pay its employees accordingly. Among the tasks under it is making sure that employees receive correct remuneration, deductions are accurate, and that payroll expenditure is not spent on unnecessary costs.

At the same time, every organisation has to adhere to tax laws and other regulations imposed by the government related to employee wages. By means of payroll accounting, you become more capable of reporting wages paid and taxes withheld during internal and external audits.

What payroll accounting does

Basically, payroll accounting involves documenting all transactions related to payroll, including:

Payroll accounting

  • salaries, wages, commissions, bonuses, etc.
  • payroll taxes withheld from employees’ paychecks such as income tax, social security, and health insurance
  • paycheck deductions (insurance premiums, contributions, and wage garnishments)
  • employer’s portion of fringe benefits

All these data are entered in a payroll journal. These entries are made as expenses (when they have already been paid), or liabilities (they are owed but are not yet paid).

How payroll accounting works

Payroll accounting begins with the primary task of gathering accurate records of the time each employee in the company has worked. Knowing the number of hours rendered by the employee serves as the basis of compensation, regardless if workers are paid by the hour or are salaried. With this information, an employee’s monthly payment can be adjusted depending on whether or not they have received any pay deductions or bonuses.

Computing for employee pay can be tedious. Some employees in the company are salaried, so their compensation will begin with a base rate each month. Meanwhile, employees who are paid by the hour may work for a varied number of hours every week (calculating for their wages, including their taxes due, will also vary).

Why you need to understand payroll accounting

You cannot run a business properly if you do not have a proper understanding of payroll accounting. It is mainly because it is your employees that do the groundwork in keeping your business alive.

Understanding the company payroll can be challenging, especially when you are not an accountant, auditor, or HR admin. However, knowing at least the basics of payroll accounting helps you run the business better because:

  • You are able to pay your employees accurately. Minimising disputes in salary computations increases employee morale, which leads to greater productivity and retention.
  • You realise where your payroll funds go. At times you may notice that a big chunk of your payroll funds is spent on expenditures that don’t serve your employees. You can then decide whether to remove these line items or not. For instance, you have an allocation for clothing allowance, but because of the work-from-home setup, your employees no longer need to spend on uniforms unlike before. Funds for this line item can be spent elsewhere, or become part of another fringe benefit (e.g., meal subsidy or pension).
  • You learn to reconcile payroll disputes. It is important that you know how to verify the accuracy of payroll expenses and liabilities. These are issues that, when left unresolved, may result in company losses. When you are able to account for payroll expenses and liabilities, you clear out unnecessary spending and save money that can be better utilised by your business.

 

Benefits of Managed Workplace Services for Businesses

Much more businesses are resorting to managed workplace services as opposed to traditional IT Support. Technology is essential in the workplace and the need for innovation and productivity increases as technology advances. Companies have to constantly consider new models that reinforce the technology platform and the realities of today’s businesses. To help your business reach a new level and stay productive, it is important to implement digital transformation.

On-Site Support

Managed workplace services accelerate progress with IT automation and well-trained, accessible technicians. A great company that offers managed workplace services is CompuCom. They help businesses across the United States and have over 6,000 trained, certified, fully vetted employees working with a 90% first visit resolution rate. The company offers onsite IT support services. While receiving IT support, you will get break/fix/installation services, desktop computer options, support for mobile devices, printers, laptops, and networks.

IT Desk Services

IT Desk services are another form of workplace services that you can implement in your business. This creates a great way of contact for support issues and new service requests. You will receive support based on the specific needs and requirements needed to maximize productivity. With a personal-driven focus, the help desk will not just reach the device but also you as a person. You can receive self-service mobile support through the CompuCom Service Desk app. You can chat with a technician to receive quick answers, and the app integrates self-service for password unlock and resets. You will receive many things including:

  • comprehensive multi-tenant ITSM platforms
  • actionable analytics that increases automation and lowers costs
  • support options including self-service, over the phone or through chats

Benefits

If you are not tech-savvy this is okay because with managed workplace services you have someone who is great with technology come in and help fix your problems. Traditional technological support does not meet business goals, lacks accountability and cannot enable your business platform. Workplace services can change all of this with strategic consulting that helps pinpoints issues, business goals and then immediate solutions. Workplace services have the right standards, processes, and tools to do this. You will be offered knowledge in your business’s productivity so that you and your employees can build knowledge and so your employees can be more efficient. You may learn how to use software such as Skype and Microsoft Word. Monitoring reports can be analyzed to show how these applications are being used. Workplace services can also help unify employees and departments, ensure the security of data, lower costs, provide consistency and structure throughout the business, empower employees to reach new heights of productivity. They can also monitor your systems to make sure issues are identified and corrected before further issues occur.

Workplace services are mandatory in the workplace especially the way technology keeps advancing. Workplace services have the ability to keep up with these technological advances and can offer so many benefits to your business. Once implementing these services in your business you will notice a difference in both your sales and employees.

3 Branding Exercises Every Founder Must Conduct

Recent years has seen brands become more than just their names, logos and mascots, as the importance of branding has seen a huge growth! Brands today have a voice, authority and power that they can wield in the market to create an impact on their target audience.

Many companies have started concentrating on the value of a brand instead of just the trademark which basically means that more time and effort can be devoted to creating impactful content and a brand message.

We’re living in an age where everything that a company does is regarded as its brand. A brand encapsulates an entire community where there is real-time engagement happening with a story, useful content, charitable deeds, not to mention it is inspirational as well.

A company’s founders, its employees, offices, pets and everything remotely associated with it will be considered as a “brand” by the audience.

A brand that’s holistic in its approach, requires quite a bit of work and unwavering commitment from the whole team to create an impression. So when you start giving your brand character, it only makes sense that everything and everyone related to the company is on the same page with the exact same mission.

This will involve ascertaining the kind of perception you want people to have of your company.

As a founder, here are some engaging and fun exercises with quite a bit of insight that you and your team can conduct to give your brand more definition. So let the creative juices flow and let’s take a look at what these exercises are and what they entail!

Giving clear definition to your brand

You must already know what you want your business to be like and that’s great to start with. In this exercise, we’ll take you a step ahead. Rather than just enlisting words that define what your company is, create a list of words that help communicate what your company and brand “isn’t”.

For instance, you want to come across as a band that’s fun but not petty, smart yet not complex, simple but engaging. Once you complete your list, ensure that you deliver it to the team that’s responsible for churning out content and putting the message across. Know this – the more your brand’s voice conveys what they aren’t, the more clarity and cohesiveness your brand will harbour.

brand message

The Personality Makeover!

This is one of the most favourite exercises for founders as it permits your team to delve into the abstract realm and get creative and rather innovative with their ideas and decisions.

Think about your company and then humanise it. Think of it as an entity with layers and various traits, assign it a gender if that helps. Is it more technical or does it have an artistic side? If your company were a movie, which celebrity would pull it off well?

Once you have enough character for the profile of your company, you can now start thinking about its relationship with its consumers. Are you acting as their friend, confidante, advisor or something else?

Your brand has more to it than just being a supplier of a particular service or product. As a brand, you are an important constituent of your consumer’s life, so ensure that you create content that supports your characteristics in the marketplace.

This way people will relate to it better.

The Story

Finally, take some time to shed some light on your story and what it entails. Consumers are prone to connect with a brand better that has an engaging story to tell because it makes the brand more human. It gives a brand more character than just being a product or a service.

Break it down for them, speak their language and have the protagonist, an antagonist, a desire that drives you to do what you do and spices it up with some conflict.

When you approach it this way, you have more to go on with, which gives your brand more credibility. As the founder, take some time out to ponder over your brand and its character.

Once you figure this out, you can convey the same to your team and you’ll begin to see how it make your brand and its story, more engaging and united!

You can take help of traditional promotional methods like cheap printed pens to be more visible and top of mind for your consumers!

Can Lead Generation Companies Help Your Business Grow?

Just like vehicles, businesses have a central part that keeps them running. In vehicles, it’s called the engine while in businesses it’s called sales. Your sales fuel tank must be kept full for your business to run smoothly and efficiently. To fill your sales fuel tank, you must master the most efficient strategies on how to attract and convert the visitors to your website into potential clients. Doing it yourself can seem a more affordable and reliable way out. However, in reality, it’s the most expensive and unreliable strategy to try. Let’s have a look at the benefits you will reap when you hire the right Lead generation agency.

Attract More Accurate Leads

Lead generation companies have years of industry experience and expertise. They know where and how to hunt for the most accurate leads. They also know how to make the leads compatible with your business. With the right lead generation agent, you’re assured that your website will be activated to attract customers who love the services and products you offer. These are industry gurus so they know how to sieve internet searches to settle for clients who will be interested in your services and products.

Doesn’t Come With Time Limit

When you place the fate of your business to qualified and talented lead generation agents, you’reguaranteedto get internet coverage for 24 hours a day, 7 days a week, throughout the year. Even when you’re off from operation, your business will be available to customers. In short, your business will be attracting relevant clients throughout the year even when you’re out of operation. There is no other method of advertisement that gives you the kind of exposure you can get from hiring lead generation companies.

Share in the Ever Competitive Market

The current state of the market is super competitive. Regardless of the kind of services and products you offer, the market is super competitive and there is no assurance that you will get clients. With this kind of competition, unless you’re smart enough to invent new and smart strategies to reach out to potential customers, you may start and close business without getting anyone interested in your products and services. The best thing about lead generation agents is that they are industry gurus and will know where to place your business online for it to attract more leads and customers. With their many years of experience and expertise, they promise to make your business a success and get you the kind of clients you have been looking for.

Conclusion

Currently, there are hundreds, if not thousands, of companies that claim to help businesses generate more sales and leads. Selecting the best may not be the easiest job. It may even prove to be extra hard for amateurs. However, if you’re smart enough, you can have the assurance of getting the right company for you. zncleadgeneration.com is one of the best and most reputable lead generation agencies you can count on to deliver to customer expectations.

Learn Agile Coaching for Amazing Results

Agile systems have become one of the hottest topics in the world of software development today. Many large companies around the world have been adopting Agile systems in some form or the other, and the companies which do not have it in place today are far lower than the percentage of companies who do. It has almost got to the point that you cannot be competitive in the modern world without Agile systems, especially in Software Development.

What are the benefits of Agile?

The delivery of the software to the client is the quickest in Agile systems. This is owing to the use of time-boxed, fixed schedule sprints of up to 4 weeks, which means that new features can be implemented quickly. Therefore, you get the chance to develop beta software at an early stage and check if it has business value and develops it further from there. 

The costs associated with development are also predictable, along with the schedule of it. The entire process is extremely structured since the team can only perform the tasks assigned in the fixed time schedule box. Therefore, the client easily understands the costs of each feature that is being developed and has a better idea about the project as a whole. Decision making is improved greatly, along with the capability for additional iterations. 

What is Agile Coaching?

Agile coaching is not about actually teaching the agile system to the stakeholders involved – by now, they would have an idea about how the system functions. The word coaching is actually is a misleading one, since it does not involve actual coaching. The Agile coach is responsible for developing a healthy environment of trust and mutual understanding within the stakeholders so that the development can be smooth.

Initially, Agile teams were expected to be self-organising and self-sustaining – no coaching was thought to be required for the team. However, that was easier said than done – the team members and stakeholders were often found to differ on important issues and key decisions, so a common decision-making capability was found to be wanting. An Agile coach has huge value in the current scenario, considering how important coaches have turned out to be in the entire development process of large projects.

Coaching is more about the building a healthy environment, and less about bringing forth any deliverable, tangible results. The end result will be evident in the way the team is functioning, and how smoothly the project progresses towards its goals.

What is ICP-ACC about?

ICP-ACC training, or ICAgile Certified Professional –Agile Certified Coach certification is meant to improve the coaching skills of Agile stakeholders – be it Product Owners, Scrum Masters or aspiring Agile Coaches. ICP Agile Certified Coach training is usually conducted over a three-day period, where the students are taught about the various aspects of coaching like building bonds, mentoring, handling resistance from individuals and team building and collaboration between the stakeholders. This means that the workplace would be improved instantly, owing to the Agile Coach.

No Down Payment Business Loans: Easy way to start Business

The onset of Globalization has resulted in the rapid growth of business sectors around the globe. New business firms are entering into the market, offering there products and services to the customers and catering to their needs and requirements. This has also resulted in the growing level of competition prevailing in the economy.

Business firms who wants to invest their capital in new sectors and market or people who want to start their own company need some resources. In order to arrange for all these essential requirements, a firm needs funds which they can acquire by way of business loans. There are different types of business loans available in the market like: Short-term loan, Long-term loan, Collateral loan, No down payment business loan, Equipment loan, and many more.

No down Payment Business Loans

Down-Payment Loans:

When we buy a costly product or service, we do have the option of paying for it entirely or sometimes we are given the choice to make the payment in installments. One such type of payment is Down- Payment, which represents only a certain amount or percentage of the full price of the product or service.

Business organizations who want to start a new venture capital or small business firms who want funds for growth and development of their business can apply for No down Payment Business Loans. People can get loans from government institutions like banks or they can also acquire the required funds through money lenders. In exchange for such loans, we have to pay certain sum or percentage to them. In case of No Down Payment loans, the firms are not required to pay any rate of interest to the lenders.

The business firms needs to keep in mind certain things before applying for any type of loan. Some of them are:

  • The type of business activities undertaken by the firm.
  • The size of the organization.
  • An accurate financial budget requirement report.
  • The time period for which the loans need to be taken.
  • Credit worthiness of the firm.

Business firms who apply for No down payment business loans should be aware of the fact that they are borrowing the entire amount, not paying any sum. It is beneficial for firms who don’t have enough cash flow and enables them to acquire the resources they require for the business activities and for expansion purpose.

Choosing Software as an Accountant

Being an accountant means you’re in a position of trust, even more so for the clients that you have and will get on board in the future as you are going to be stringently going through their finances with a fine toothcomb.  You need to be the best that you can be for them, one to assist them as you should and two because you want to leave them so impressed that they continue to use you time and time again.

software package for accountants

How are you going to ensure you stay on top?  Sure, there are lots of way you could possibly think of to stay ahead of your competition but a big one is software.  Yes, you read that correctly.  Software packages can assist you no end when it comes to enhancing your offering.

The world of software can be confusing sometimes, and perhaps even immoral sometimes with the kinds of contracts you may be asked to commit to, so to make sure you have a good chance of getting the best deal for you and / or your organisation, please take a look at the guide below.

  1. Check out any potential pitfalls in offered contracts – Companies that provide software to accountants know that if they areactually goodat accounting they will do well. This means that there are occasions where contracts are drawn up and it penalises you for being that good.  Instances including doubling the software price, or making you sign up to an escalator pricing structure (basically where you pay more the more successful you are) have been known in the past – so watch out for these.
  2. Additional Charges – Check out any offers for additional charges you may not realise are included, such as support services. Failure to realise the additions before signing a contract could prove very costly further down the line
  3. Check out contract cancellation notices – it is well known that contracts across all industries have small-print cancellation clauses or ones that aren’t mentioned at the time of signing. Check through to make sure there are no automatic auto-renewals or 3-month written cancellation clauses included.  If there are, make sure you’re happy with the set up before signing.

When it comes to choosing your software package as an accountant, you ideally want something that is feature-rich, giving you the tools you need to do your role effectively and with the minimum of fuss, whilst also making sure it is cost-effective to save your pockets taking too much of a hit.

Head on over to BTC Software at www.btcsoftware.co.uk where you will find that feature-rich, cost-effective software package for accountants that you are after.  Even if you decide not to take it out, there’s no harm in speaking to them as they are experts and will be able to answer any questions you may have.

Remember, choose the software package that suits your needs and requirements best, and doesn’t create a black hole in your bank account balance.

Make sure to count the pennies!

Basics to run a successful business are easy to learn!

In the day of the modern world, technologies play a pretty important role in the evolution of the mankind.  We people have faced various technological innovations over the years. However, even with such types, some remains more important than the others. One of these advancements also includes the introduction of the internet. This is because it has improvised the lives of people with the ease of communication and the data sharing, and it also serves as the knowledge base of a wide range of information that helps people to educate themselves more easily.  Such an improvised medium of learning has greatly helped people to improve their personal and the business standards. As a result one could find a large number of organizations involved in providing various business services to people this includes online travel agencies, online retail stores, and review websites, and online gaming organizations, trading companies, online movers, and movie streaming websites etc. In spite of the differences in their services, there are certain factors that are to be satisfied in order to remain successful in the business industry.

Organizations and the success!

The aim of any of the business organizations is to remain successful which is characterized in terms of its profits. And in the recent times where the number of business organizations has increased greatly in numbers, it is not easy to remain successful! However, there are certain factors that have to be met in order to remain successful among others. One of the most important ones would include preference of people which in turn depends on the types of services provides and its associated quality and their ease of access etc. And people also tend to prefer the organizations that remain updated with the latest technology and the business trends. And with vast availability of the resources, it has become easier for anyone to be an entrepreneur but however in order to run a successful business organization; one has to meet all of the above-mentioned criteria. Such factors become more important in certain business domains where the competitions are at a peak than the others. One of these also includes the online retail stores in which the appearance of their website and their ease of access and the additional offers such as the discount rates plays a predominant role in determining their preference among people. The quality of services becomes more predominant in terms of the gaming industry that interest people more than any others services.