Signing out of account, Standby…
Keep more of the value your business generates by following these tax time tips.
While there are other benefits, one of the most important reasons you’re in business is to make money. And it stands to reason that if you’re in business, you’d like to keep as much of what you generate as possible. That could be why so many people hate paying taxes.
But if you’re doing your bookkeeping correctly, you’ll find there are ways to keep some of the value your business generates. All you want to do is pay your fair share. And keep what’s left to run a successful small business or grow that business into something even bigger.
Above all, remember that you pay taxes on your profit, and your profit is your income minus your ordinary expenses; you report this to the IRS every year on Schedule C. So when you sit down to do your taxes or hand your information over to your tax accountant, you should be sure you’ve tracked every single business expense.
Related: These Are the Top Tax Filing Mistakes Made by Small Business Owners (and How to Avoid Them)
What deductions are obvious? Anything you buy that directly affects your business and is used for your business. If you’re in construction, it’s the cost of your equipment and raw materials. If you’re a web designer, it’s the software you use. Look at Schedule C and you’ll see the obvious ones: advertising, office expenses, licenses, utilities and more.
You need to be careful defining some expenses, especially if you’re running your business out of your home. Yes, you can deduct the part of your home that you use exclusively and regularly for business. But if you work weekdays at your home office and watch football from it on Sunday, it’s not exclusive to your business. If you only do your month-end bookkeeping in it — even if that’s all you do in it — once-a-month office use is not considered regular use.
But when you’re assembling your receipts or downloading expense data from your small business financial management system to provide to your tax accountant, there are certainly some expenses that you might not have thought to include. There may be other expenses you claim that are not eligible deductions. If filed in error, these mistakes could cost you fines — or worse — if you’ve deducted more than you should have or are permitted to.
Related: Here’s Why It Pays to Track Every Tiny Business Expense
While Schedule C enumerates 21 types of expenses, you still might miss some perfectly legal deductions. For instance:
Related: 75 Items You May Be Able to Deduct from Your Taxes
Just remember, you can’t deduct what you aren’t tracking. Prior to the 1980s, you didn’t have many options — record-keeping systems included paper, pencils and file cabinets. The late 20th century made spreadsheets an option, which required ensuring formulas were put into the correct cells as well as remembering where the related backup documentation was saved.
The modern era has given way to even better ways of tracking information, and distilling years of accounting and bookkeeping know-how into an easy-to-use software platform. Now you can stay on top of all of the purchase orders, invoices and receipts you’ll need as a backup to your accounting records. And, have them all safe in a cloud-based system. Files, images, emails and scanned paper documents can be captured from a mobile device or a computer and stored safely online. You can categorize all transactions easily by account category and relevant tax schedule for subsequent reporting and filing.
These systems can be accessed from anywhere your business takes you, from home office to factory floor to out-of-state business pitch. You can pull them up when needed (such as for a loan application, a meeting with your accountant or deciding on financing a business improvement).
Consider financial document management solutions that can also automatically extract data from these documents. Instead of keying these numbers into a spreadsheet or paying your tax accountant to do this manual work, systems like Neat automatically feed financial data to accounting and tax software. These systems can make it easier to account for all of your business expenses — the obvious ones and those that can be often overlooked.
Related: The Most Forgotten Tax Deductions Business Owners Should Take
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AI continues to rise in importance as forward-thinking organizations strive to elevate services, enhance information access, reduce costs, respond faster to opportunities and threats, and create better products. AI and a host of related technologies such as augmented intelligence, machine learning, deep learning, process automation, and natural language processing are being deployed in areas as diverse as supply chain management, manufacturing, healthcare, medical research, and financial services.
Although definitions of AI and what it can provide organizations vary, a widely cited description developed by Gartner is that AI applies “advanced analysis and logic-based techniques, including machine learning (ML) to interpret events, support and automate decisions and to take actions.” While leaving room for differences of opinion, Gartner points out that in order to capture the opportunity of AI, it is important for an organization to articulate and agree upon a generally accepted definition focused on what it wants AI to accomplish.
With companies across industries today attempting to decrease risk, increase efficiency, make better decisions, and deliver better experiences, AI is on the rise. According to a 2021 McKinsey Global Survey on AI, 56% of all respondents’ organizations had adopted AI in at least one function, up from 50% in 2020. The report also noted that AI adoption since last year has increased most at companies headquartered in emerging economies. Across regions, the adoption rate is highest at Indian companies, followed closely by those in the Asia-Pacific region.
As with the last two surveys, the McKinsey study pointed out, “the business functions where AI adoption is most common are service operations, product and service development, and marketing and sales, though the most popular use cases span a range of functions.” Leading the charge as the top three use cases identified were service-operations optimization, AI-based enhancement of products, and contact center automation. “As AI’s use in business becomes more common,” the report added, “the tools and best practices to make the most out of AI have also become more sophisticated.”
With organizations recognizing the great potential of AI, it is not surprising that the market size is also expected to increase dramatically. According to Grand View Research , the global AI market size was valued at $93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. “The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing,” Grand View states.
As part of our efforts to focus attention on the innovative knowledge management vendors that are imbuing their offerings with AI and automation, in this issue, KMWorld presents the KMWorld AI 50: The Companies Empowering Intelligent Knowledge Management. We invite you to explore the companies on this list to understand why they stand out, and to also review the AI Trailblazer section in which executives of these organizations explain the value of their intelligent approaches.
Be sure to join us as we continue to explore AI and a wide range of other knowledge management topics in person at the annual KMWorld conference at the JM Marriott in Washington, D.C., November 7-10.
We encourage you to visit the websites of the companies on this year’s list. In the AI TRAILBLAZER Spotlights, executives share their opinions and how their solutions help customers realize their business goals.
KMWorld is the leading publisher, conference organizer, and information provider serving the knowledge management, content management, and document management markets.
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Your company’s goals can be more easily achieved when you have an effective employee management system in place to keep track of and reward your staff for their consistent efforts. An employee management system directs and oversees the operations of employees. In addition, it securely collects and maintains your workers’ personal and work-related data. Thus, storing and accessing information is made simpler.
It is easier and faster to manage administrative tasks in the employee management system. As you know, employees are critical to the success of your company, and their efforts directly impact the bottom line. It is an essential component of human resource management. Additionally, EMS improves employee engagement and retention, which lowers company expenses and boosts productivity.
In order to help you stay organized, you can leverage the intelligent module inside HR management systems. You may access all of your employees’ information with the help of the software. Employee management software has the advantage of being cloud-based. Providing you with access from any location.
You don’t have to wait till you get back to the workplace if you need support from some of your staff while you’re away. Your employee’s data is easily accessible with any employee management software. A lot of useful time is saved because you don’t have to search through the database. With the time saved, your HR department can assist you in putting some strategic initiatives into action to boost productivity.
Standard metrics for employee management are available in the employee management system. Your company’s staff management demands can be handled with ease by customizing or creating new metrics. The mobile HRMS offers a user-friendly interface that makes it easy for you to manage the performance of your staff.
The software gives you a bird’s eye view of your entire workforce. Leveraging tools like an analytically driven metric system, the HR management system can benefit you greatly. Your business can get the most out of its employees by using the timesheet management and time tracking software that is all in a single resource.
In any organization, payroll is often one of the most challenging duties for the HR team to handle. Taxes, beneficial corporate policies, and other deductions are just some of the factors they must keep in mind as they endeavor to manage this task. This may appear simple, but it’s also prone to mistakes because it’s such a tedious and time-consuming activity.
Accurate payroll can be automated using a cloud-based employee wage management system. This is a way for you to create trust with your employees. With an employee management system, you can also avoid legal issues.
Employees expect and deserve a positive work environment and culture. You can use an employee management system to improve your employee database management, as well as your employee payroll and incentives. As a result of this, your staff will be happier and more productive.
The happiness of your employees is a direct result of showing gratitude for their hard work and dedication. Your employee recognition program can be managed using an employee management system. Data-rich wage slips and other features encourage the employees. As a result of downloadable reports, improved employee-HR relations will result in increased employee retention and productivity.
Other legal and regulatory obligations fall on employers in relation to information regarding management and personnel. Depending on the industry in which you operate, you may be asked to present a specific record at short notice during a regulatory audit. If you fail at this, you could incur a significant penalty.
Notwithstanding, businesses may find it difficult to comply with current laws that are relevant to their industry because enforcement can be a minefield. An employee management system makes it easy for organizations to capture, document, and report the details of their employees whenever it is necessary. Full W-4s, I-9s, and other tax and compliance documents are just a few clicks away. If you use an employee management system, you can also receive a notification before a record is due for an update.
(Download Whitepaper: Employee Engagement 101)
In order to keep your employees motivated, you need an incentive-based management system. Rewarding your employees lets them know that you value the work they’ve put in.
Employee performance is often used as the basis for a company’s incentive program. To earn more money, employees are encouraged to be more productive. For instance, when an employee makes more sales, his or her overall commission rate rises.
Monetary rewards for your employees shouldn’t be the only consideration when it comes to rewarding them.
Increasing employee satisfaction can also be achieved through employee recognition. Showing your appreciation for your employees’ efforts can be as simple as sending a thank-you note or throwing a party.
To ensure a successful implementation of performance management tools, communication is critical. Understanding what, where, when and how are critical for employees. Make it clear why you’re using these tools and what you hope to gain from them.
Keep employees aware of the overarching goals of the tools you use and make it clear that your organization is aligned with those goals. Explain that there is an initial investment of time required for implementation, but that the results will show that no time was wasted. Establish lines of communication in advance of, during, and following the launch of each tool.
An employee cannot be expected to learn a new program on his or her own. Get managers ahead of the game so that they can properly train their team using the program. Use walk-throughs to alleviate any trepidation your staff may have about the new project.
It is important to ensure that your employees are trained on both technical and human aspects of the system. Enjoy the full potential of the program by teaching your personnel how to use it.
Having too many regulations might be frustrating. Employees should be able to design their own new programs. When employees have a say in the process, they are more likely to participate and buy into the idea.
If your new program has rules or guidelines to follow, consider whether the program would be doomed without following them. Defining processes that effectively drive your initiatives may be an option if too much flexibility is keeping you from achieving your initial objectives. There are times when fully defined processes are beneficial, and there are others when flexibility must prevail!
Remove the drudgery from their daily, and you can be guaranteed that your employees will be happier. Modern point-of-sale systems free up time for employees to focus on achieving their individual goals and building relationships with customers. As any smart business owner understands, smiling staff (and high-quality service) lead to happy, loyal customers who are eager to support your business’s growth and stability for years to come.
Indubitably, you will save money and time on staff management if you use a solid employee management system. In addition, you’ll be able to use the information you gather to continually enhance your company’s performance in the industry.
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Ultimate Guide to Human Resource Development (HRD)
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Techfunnel Author | TechFunnel.com is an ambitious publication dedicated to the evolving landscape of marketing and technology in business and in life. We are dedicated to sharing unbiased information, research, and expert commentary that helps executives and professionals stay on top of the rapidly evolving marketplace, leverage technology for productivity, and add value to their knowledge base.
Techfunnel Author | TechFunnel.com is an ambitious publication dedicated to the evolving landscape of marketing and technology in business and in life. We are dedicate…
March 15, 2022 10:00 ET | Source: Access Corp. Access Corp.
Woburn, Massachusetts, UNITED STATES
WOBURN, Mass. and SWORDS, Ireland, March 15, 2022 (GLOBE NEWSWIRE) — Access, the world’s largest privately-held integrated information management services provider, and OASIS Group, the largest privately-owned Information Management provider in Europe, jointly announce today the acquisition of the North American and European physical asset storage and services business of CGG Smart Data Solutions.
The deal includes Access’ acquisition of several North American facilities, as well as OASIS’ acquisition of four facilities in Europe. All facilities remain dedicated to the storage and management of subsurface rock and fluid samples, paper and magnetic assets and access to complex digital data structures via the acquired PleXus solution.
“We are pleased to welcome Smart Data Solutions clients and Team Members to OASIS Group,” said Nicholas Knight, Chief Commercial Officer at OASIS Group. “The division’s specialist technical knowledge and focus on providing innovative solutions such as PleXus will strengthen our offering to our clients in the energy industry.”
“Given their long-standing strategic partnership and joint focus on records and information management, Access and OASIS will provide an excellent home for the physical asset storage and services business of Smart Data Solutions,” said Sophie Zurquiyah, CEO, CGG. “I expect that the acquiring partners will continue to expand and advance the service offerings to best support the needs of all clients well into the future.”
“Access and OASIS Group have been supporting clients collectively within the energy industry for decades and understand the complexities of assets associated with the management of specialist data and information,” said Ken Davis, Access CEO. “The acquisition of Smart Data Solutions’ facilities and Team Members reflects our companies’ respective commitments to help clients around the world harness the power of their information through innovative technologies.”
This transaction marks the 180th and the 55th successful acquisition for Access and OASIS Group, respectively.
Access is the largest privately-held records and information management services provider worldwide, with operations across the United States, Canada, Central America and South America. Access provides transformative services, expertise and technologies to make organizations more efficient and more compliant. Access helps companies manage and activate their critical business information through offsite storage and information governance services, scanning and digital transformation solutions, document management software and secure destruction services. Access has been named 12 times to the Inc. 5000, the ranking of fastest-growing private companies in the U.S. For more information on Access, please visit AccessCorp.com.
About OASIS Group
OASIS Group, the largest privately-owned Information Management provider in Europe has been providing clients with secure records and information management solutions since 1999. Established in Dublin, Ireland, OASIS has since expanded internationally and are currently operating across 6 European countries, employing over 1,700 Team Members and servicing over 11,500 clients. With a proven track record of developing award winning information management solutions, OASIS’ Omnidox Suite was recently awarded ‘Software Product of the Year’ at the prestigious DM Awards, for the third year in a row. For more information, please visit www.OASISGroup.com.
Contacts for Access: