President Donald Trump has signed into law the most extensive overhaul of the US tax code in nearly 30 years and it’s arguably the most significant legislation of Trump’s presidency. But for small and medium businesses (SMBs), across various industry verticals such as Automotive, Healthcare, Manufacturing, Not for Profit, Restaurant, Technology and Retail, the pertinent question is, how can they leverage this tax reform to their advantage?
Cash flow is the lifeblood of an organization as cash flowing regularly into a company is necessary to pay salaries, buy inventory and literally keep the lights on and the doors open. Companies are forced to slow their growth when they lack the cash inflows that are required to support the cost outflows. Owners who cannot efficiently manage their business cash flow are almost certain to fail and those who are able to manage can improve nearly every aspect of their business.
Below are five tips for managing the cash flow of your business:
Over the last 10 years, the outsourcing of business processes in general and non-core functions like IT, HR, F&A, Procurement and others have evolved rapidly and come to be routinely serviced from delivery centers located in different continents. The activity that began as “lift and drop” of the processes from high cost to low cost locations is evolving to transforming the business processes through “Platform-based Processing”. This involves building processing capabilities, leveraging the software platform and making it available to customers on a “transaction pricing” model. In essence, it is a SaaS++ model wherein the Business Processes are delivered as a Service, “BPaaS”, leading to a lower Total Cost of Ownership for the end customers.
Managing payroll is a task that demands a great deal of attention and even a minor error in its processing can result in significant monetary losses for a business. Further, compliance issues, employee regulations and frequent changes in the tax laws, make payroll processing a highly challenging procedure and it can become difficult for businesses to successfully navigate through it without any problems.
Below are some of the critical challenges that small and medium businesses face while processing payroll for their employees:
Payroll processing plays a vital role in every business – no matter how big or small it is. Managing the payroll process effectively is truly complex as it requires knowledge of current taxes and regulations, an well-structured system and careful planning. As a result, it is essential for SMBs to execute their payroll process in a streamlined manner.
So the question is, how can SMBs ensure the success of their payroll process? In other words, what are the key features and “must have’s” that every business’ payroll process should have to minimize the complexities and ensure correct and on time payments to its employees?