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Top 5 Accounting Challenges and How Small Businesses Overcome Them

As the language and integral part of business, accounting plays a critical role in the success of every business operation. It allows you to keep track of your income, assets, liabilities, and expenditures and at the same time helps ensure statutory compliance. Accounting also helps you make important business decisions by providing you with quantitative financial information.

A business may fail due to the absence of a proper accounting system. The problem is, many small to medium business owners do not have a solid accounting background or accounting degrees. And given the fact that accounting can be quite tricky and confusing, even basic tasks can become a major challenge if operators don’t have formal or proper training.

Let us take a look at the most common accounting challenges that businesses experience and how they are able to overcome them.

Payroll Accounting

For large businesses, payroll services and preparations are handled by either the HR or finance department. But for many small to medium enterprises and startups, payroll is often taken care of solely by the accounting department.

Managing payroll entails more than just entering data on spreadsheets and computing each employee’s compensation. It is an error-prone and time-consuming task that requires you to keep track of the changes in the employment law and regulations. It also entails data management and reporting, record keeping, handling payroll taxes, and payroll cost management, to name a few.

One of the effective solutions businesses consider is payroll outsourcing. By using payroll outsourcing services, most (if not all) of the aspects related to payroll accounting are handled by a third-party contractor. This allows businesses to focus on other important matters in their daily operations.

Accuracy of matching revenues and expenses

If you are using accrual accounting as many businesses do, you have to adhere to the matching principle. This principle suggests that the expenses incurred and the associated revenues generated should be reported in the same period.

Matching revenues and expenses accurately can be quite challenging especially if it involves a large number of entries such as service contracts or sales.

One way to overcome this challenge is to establish an accounting system and prepare a written policy regarding the calculation of allocation and linking or matching expenses and revenues. This way, you can avoid confusion and ensure the consistency and accuracy of your entries. You may also hire an independent labor contractor or accounting agency to help you create and maintain an accounting system and written policy.

Managing, keeping, and organizing receipts

Tax-related records like receipts should be kept and organized. The problem is, receipts can quickly pile up and before you know it, you already have thousands of them on your file. Without a proper system in place, it would be challenging for you to manage and organize these receipts.

The best solution for this is to sort out receipts and other related records as they arrive according to different categories like type or date. With proper categorization, it would be easier for you to keep and organize your record. For paper-based receipts, it also helps if you have them scanned and stored in organized electronic files. You may also consider saving them in the cloud and keeping a backup file. Some companies partner with a manpower supplier that can provide them with the right talent for this position.

 

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Why Using Staffing Agencies Getting In Trend Nowadays?

The use of staffing agencies and manpower services in Gandhidham is getting in trend nowadays. There are a lot of reasons why this is happening. If you are one of those curious about why more and more companies are now looking into using staffing agencies and labor supply services for their manpower needs, or if you are wondering whether this option will work for your company or not, you may please continue reading. Below we will outline the major reasons why this staffing option is steadily increasing day after day.

Using a staffing agency can save you time, effort, and resources

It is no secret that hiring new staff will take your company time, effort, and resources. This may not be a major concern for large companies with a dedicated in-house hiring and recruitment department. But, for small and medium-sized companies with limited budgets, this may consume a large portion of their time and resources.

Partnering with a reliable manpower supplier in Gandhidham can help you save time, effort, and resources by eliminating the need for you to go through the lengthy, expensive, tedious, and time-consuming hiring process and to train newly hired staff. By using a staffing agency, you don’t have to collect and review hundreds of resumes and application letters, qualify potential candidates, conduct a series of interviews, perform background checks, and more because the staffing and manpower contractor will do all these for you.

Staffing agencies can provide you with qualified talents whenever you need them

When in need of additional staff especially for a one-time task, short-term project, or seasonal work, companies often turn to a trusted manpower supplier. Manpower and staffing suppliers have a pool of qualified talents on their database who are ready to provide you with the necessary services you need.

Using a staffing agency can help you avoid the hassles and headache of handling payroll

Handling payroll and workers’ compensation can be expensive. Oftentimes, payroll preparation and processing are done once or twice a month only. It would be impractical for your company to hire, maintain, and pay a team that will only work a few days a month to prepare and process the payroll. Instead of hiring and maintaining an in-house payroll team, you can save more time and resources by either using payroll outsourcing services or a staffing agency.

Aside from payroll services, a labor contractor can also help you find the right talents who can handle other related tasks such as workers’ benefits, unemployment claims or benefits, and contractor payroll taxes.

Using a staffing agency can help you minimize expenses

Using a staffing and labor supplier in Gandhidham will not only allow you to save money by not going through the whole hiring process, but it can also help your company minimize expenses by eliminating the need for you to hire and maintain a recruitment staff.

Using a staffing agency allows flexibility

Trusted staffing and labor contractor can provide your company with talented workers who possess the right skills, training, expertise, and knowledge for specific tasks and who can meet your company’s wide range of needs.

Using a staffing agency allows your company to adjust your workforce and hire additional talents whenever needed. This makes it easier and quicker for you to find talented workers who can meet your evolving business demands.

 

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Important Things to Take Note of When Looking for A Long-Term Manpower Service

Important Things to Take Note of When Looking for A Long-Term Manpower Service

Partnering with a manpower contractor is a smart move for businesses that frequently need short-term workers. Instead of going through the long and costly hiring process, businesses can use labour supply services to find the right talent for any vacant position they have in their organization or for completing a seasonal, short-term project.

Important Things to Take Note of When Looking for A Long-Term Manpower Service

However, simply partnering with just any labour supplier is not enough. You need to find the right agency you can partner with for a long run and who can support your business objectives and growth. Below are some of the important things you need to consider when looking for long-term manpower services in Ahmedabad.

Define your needs

You would want a manpower agency that can supply you with the right talents for your organization. However, it can be difficult to find the right agency if you do not clearly know your hiring needs yet. If so, consider defining your needs as a first step to finding the right manpower supplier.

Clearly define the needs of your organization and then use this as basis when choosing a labor contractor. Do you need executive-level or entry level workers? Are you looking for a jack of all trades talent or someone who possess some specialized skills? How often do you need to hire new workers? These are just of the questions that can help you define your hiring needs.

Choose the right agency

There are three main types of labor contractors- general labor contractors, executive recruitment agency, and staffing recruitment firm.

  • General Labour Contractor. A general labor contractor or contingency recruiting agency focuses on providing workers for a specific industry. An example of the industry-focused services offered by a contingency recruitment agency are payroll outsourcing services, hospitality recruiting and housekeeping services, retail recruiting, healthcare recruiting, and technology recruiting. If you need someone to fill in some entry or mid-level positions in your industry-focused organization, the best option is to hire a general labor contractor.
  • Executive Recruitment Agency. An executive recruitment agency or retained search firm is a type of manpower agency that specializes in executive recruiting. If you need the right talent to sit on a vacant C-level or top level positions, contact an executive recruitment agency.
  • Staffing Recruitment Firm. A staffing recruitment firm or temporary recruitment firm focuses on hiring temporary, seasonal, and short-term workers. If you need to hire short-term workers for a temporary project or to temporarily replace a full-time employee who is on a sick/vacation leave, the best agency that can help you is the staffing recruitment firm.

Check and understand the manpower agency’s talent selection process

You would want to partner with a labour contractor who can provide you the right talent at the right time and not just any mediocre worker. If so, it would help you decide if you know how the agency find, engage, attract, screen, and recruit potential talents.

How does the manpower agency treat their talents?

Partnering with a manpower contractor is like having an extension of your organization’s human resources department. If your company treats all your employees well with respect, you might also consider partnering with a manpower agency with similar alignment of values to yours. This will not only help ensure longevity of your partnership but it will also help ensure successful candidate placement and promote harmony.

5 Key Payroll Items Every Business Needs to Include in Their Payroll

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Top 3 Most Outsourced Business Functions

Outsourcing specific tasks instead of hiring new employees can help you save more time and resources. Not only that, but it also enables you to get more tasks completed within a time-frame. Entrusting important tasks, processes, and projects to the right professionals will help ensure that your project is in the right hands. Here are the top three most outsourced business functions.


 


Contracting and Subcontracting Labor Force

 

There will be times when you need extra hands but hiring new employees is not an option. For instance, a short time, one time, or seasonal project that will only take a few days or weeks. Instead of hiring a new employee, companies often outsource the work needed from a labour supplier.

Contracting and subcontracting specific tasks and projects is a cost-effective and quick way to get the job done without going through the time-consuming and possibly expensive process of hiring new employees.

The good thing about contracting and subcontracting from a Labour contractor  is that this option offers you flexibility- that is, you can hire more contract workers when your business is busy and reduce the number of contract workers when you don’t need them. It is just that simple, no string attached.

Payroll Preparation

Payroll-related tasks are one of the business functions that are often being outsourced to third-party service providers. With payroll services in Baroda, the service provider handles a business’ compliance and administrative functions of paying employees and workers.

Payroll preparation is not only a time-consuming task, but it is also quite tricky. Managing and preparing payroll involves a multitude of tasks including calculating taxes, creating payroll alternatives, providing management reports, preparing checks or bank deposit entries, and calculating deductions. Instead of hiring an in-house payroll team, small and medium-size businesses prefer outsourcing payroll.

Outsourcing payroll will not only allow you to save time, but it will also enable you to save money and resources. Instead of paying a full-time in-house team whose duty includes preparing payroll twice a month, it will save you more if you let a professional payroll service provider handle the task and hire them only when needed. Plus, it also allows you and your team to focus more on your core tasks.

Facility Management

There are many reasons why you need to always keep your facilities neat and clean. One, the cleanliness of your facility mirrors the image of your business. Who would want to stay in an accommodation facility, for instance, if the place is messy, smelly, and grubby? Would you want to dine in a restaurant with poor sanitation? Perhaps you will just pass by the restaurant and choose to eat somewhere else instead.

Another reason is that your employees deserve to work in a clean and orderly environment. Your office environment will affect the health, focus, and productivity of your staff. Those employees working in a clean environment tend to focus more and to complete more tasks.

Unfortunately, because many businesses these days focus more on keeping their business running, and growing, some may forget the essence of maintaining cleanliness inside their facility. While sweeping and dusting every now and then can help at least lessen visible dust and grime, this is often not enough to keep your facility clean. The best solution is to hire a facility management company that offers not just industrial and commercial cleaning and housekeeping services  in Baroda but also other services that your company might need.

Understanding The Basics of Labor Contracting

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Payroll services in Ahmedabad

Outsourcing Payroll Services: What You Should Look Out For

Organizing financial transactions and preparing statements are just part of running a business. And these tasks seem to never stop filing in. Not to mention the time-consuming payroll preparation that needs to be done on time. Although you only have to prepare the payroll on a weekly, bi-monthly, or monthly basis, it can still eat up much of your accounting department’s time especially if you are running a huge business with a large number of employees.

Payroll services in Ahmedabad
There is, however, a good solution for this. And it is outsourcing your payroll works to a reliable third party payroll servicing agency. Hiring payroll services will not only help ensure that you hit the pay-day schedule on time and delegate tasks affordably but it can also make you able to keep your focus on other important aspects of your business. Before hiring payroll outsourcing services, though, know that not all payroll providers offer the same type, quality, and level of service. The good thing is that there are things that can help you find the right payroll provider. Below are some of the critical things that you need to look out for when hiring payroll services in Ahmedabad.

Be specific about what and why you want to outsource payroll

Before outsourcing your payroll needs, you need to ask first why you want a third party agency to do the payroll for your company and what specific tasks you need to be done. Make sure that the answers to these questions are aligned with your business goals and objectives.

Do you want to cut costs and save time? Do you want to let your staff focus on developing growth strategies or on the other essential financial tasks? Do you want to leverage the expertise and skills of an external team of professionals? Are you going to outsource payroll for rank and file workers alone or all the employees in your company?

Being clear with these matters can help you trim down your options, avoid unnecessary services, hire the right professionals for the task, and get the best results. 

Do your research

If it is your first time looking for payroll services in Baroda, you need to do thorough research first. Thoroughly check every inch of detail you find about the payroll agencies on your list. Read some testimonials, ask for reference or feedback from their previous and current clients, check the agency’s credentials, reputation, and licenses, and compare services and prices.

Technology used

Each agency offering payroll services in Gandhidham may use different technologies in preparing, maintaining, and keeping your payroll books. When contacting payroll agencies, ask about what technology they are currently using. If possible, stir away from those still relying mainly on manual payroll preparation such as using a pencil, calculator, and ledger book only. Does the agency use the latest technology? Does the accounting software they use can ensure the security of your sensitive financial data? Are the agencies using a cloud-based technology that you can easily access anytime? Do they use the right infrastructure and tools for your growing business?

Reputation and experience

It is always best to choose a payroll service provider with a proven track record. Before finally deciding which provider to hire, check the agency’s reputation and experience first. Try to investigate whether or not the company has already dealt with some payroll issues or disputes in the past.

Cost and contract

You may want to hire payroll services that your company can afford. See if the cost of outsourcing payroll to such a company fits your budget and if the rate is reasonable enough. Also, check the specifics of the contract before signing it. Are you looking for a one-time service only or a recurring service? How often the payroll preparation needs to be done? The type of structure or service you choose can have a huge implication on the total cost.

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Organizing financial transactions and preparing statements are just part of running a business. And these tasks seem to never stop filing in. Not to mention the time-consuming payroll preparation that needs to be done on time. Although you only have to prepare the payroll on a weekly, bi-monthly, or monthly basis, it can still eat up much of your accounting department’s time especially if you are running a huge business with a large number of employees.

Payroll services in Ahmedabad
There is, however, a good solution for this. And it is outsourcing your payroll works to a reliable third party payroll servicing agency. Hiring payroll services will not only help ensure that you hit the pay-day schedule on time and delegate tasks affordably but it can also make you able to keep your focus on other important aspects of your business. Before hiring payroll outsourcing services, though, know that not all payroll providers offer the same type, quality, and level of service. The good thing is that there are things that can help you find the right payroll provider. Below are some of the critical things that you need to look out for when hiring payroll services in Ahmedabad.

Be specific about what and why you want to outsource payroll

Before outsourcing your payroll needs, you need to ask first why you want a third party agency to do the payroll for your company and what specific tasks you need to be done. Make sure that the answers to these questions are aligned with your business goals and objectives.

Do you want to cut costs and save time? Do you want to let your staff focus on developing growth strategies or on the other essential financial tasks? Do you want to leverage the expertise and skills of an external team of professionals? Are you going to outsource payroll for rank and file workers alone or all the employees in your company?

Being clear with these matters can help you trim down your options, avoid unnecessary services, hire the right professionals for the task, and get the best results. 

Do your research

If it is your first time looking for payroll services in Baroda, you need to do thorough research first. Thoroughly check every inch of detail you find about the payroll agencies on your list. Read some testimonials, ask for reference or feedback from their previous and current clients, check the agency’s credentials, reputation, and licenses, and compare services and prices.

Technology used

Each agency offering payroll services in Gandhidham may use different technologies in preparing, maintaining, and keeping your payroll books. When contacting payroll agencies, ask about what technology they are currently using. If possible, stir away from those still relying mainly on manual payroll preparation such as using a pencil, calculator, and ledger book only. Does the agency use the latest technology? Does the accounting software they use can ensure the security of your sensitive financial data? Are the agencies using a cloud-based technology that you can easily access anytime? Do they use the right infrastructure and tools for your growing business?

Reputation and experience

It is always best to choose a payroll service provider with a proven track record. Before finally deciding which provider to hire, check the agency’s reputation and experience first. Try to investigate whether or not the company has already dealt with some payroll issues or disputes in the past.

Cost and contract

You may want to hire payroll services that your company can afford. See if the cost of outsourcing payroll to such a company fits your budget and if the rate is reasonable enough. Also, check the specifics of the contract before signing it. Are you looking for a one-time service only or a recurring service? How often the payroll preparation needs to be done? The type of structure or service you choose can have a huge implication on the total cost.