Category Archives: Business

The world’s most expensive natural disasters

The true cost of a natural disaster is not only counted in the loss of human lives, but also the impact it has on the long term day to day circumstances that the surviving victims have to deal with. Damage to infrastructure can mean long-lasting effects and subsequent rebuilding projects can sometimes take decades to get things back to where they were before the event.

 

Of course, the scale and type of natural disaster risks differ greatly depending on where you are in the world, but even Europe suffers fatalities, injuries and clean-up costs due to extreme weather events.

 

St Jude

 

The recent St Jude storm (or Christian as it was called elsewhere in Europe) is expected to cost insurance companies more than €1bn, a figure only surpassed by the cost of February 2010′s Xynthia storm which resulted in a total payout of 1.3 billion.

 

The storm arrived in the UK on the same day that the patron saint of lost causes has his holy day, and the hurricane-force wind gusts caused widespread damage with at least 18 people being killed across various European countries. A peak gust of wind of 120 mph was recorded in Denmark.

 

Although the storm set new records for wind speeds at several meteorological stations, the total wind damage was less severe than that of previous ‘big storms’. This was because the storm itself covered a smaller footprint and also hit some less densely populated areas than others before it.

 

Predictions

 

The increase in accuracy of weather forecasts has been credited with helping to keep costs down. The rating agency Fitch suggested that St Jude would have been more costly to insurers if there had been less notice given and policyholders had not been able to take measures to “batten down the hatches”.

 

A longer lead-in time also means that government agencies and infrastructure companies can alter timetables and prepared for damage limitation exercises in order to minimise disruption and lessen the effects of lost man hours.

 

Even so, the scale of weather-related events in Europe can still result in significant sums being paid out. Rating agency A.M. Best pointed out that although the effects of the recent storm fell well within most insurers’ catastrophe budgets, the €4bn cost of flooding incurred across Germany and central Europe last June puts this figure into perspective.

 

Worldwide

 

Whilst it is too early to accurately predict the cost in both lives and money of the latest disaster to hit the Philippines in the wake of Typhoon Haiyan, the effects of last year’s Hurricane Sandy on the east coast of the USA in late October is estimated to have caused between $30 billion and $50 billion worth of damage.

 

The tropical storm force winds covered a moving area that was 950 miles in width at some points and the resulting tidal surge hit inland as far as New York’s Manhattan Island. As much of the affected area is built on low lying land, tunnels and subways were severely affected and various infrastructure systems took heavy damage.

 

All in all it was the second most expensive storm in US history after 2005′s Hurricane Katrina. The effects of high winds and surge tides hitting densely populated areas once again proved to have devastating and costly results.

 

However, in spite of Hurricane Sandy the total cost of global disasters both natural and man-made in 2012 was actually significantly lower than the previous year’s, according to a report released by reinsurer Swiss Re.

 

In 2011 a total of $380 billion made it the mostly costly year in history for disasters, outpacing the previous year’s $218 billion by some way. However, the ongoing cost could be even higher as the problems with the Fukushima Daiichi nuclear disaster continue in the wake of the devastating aftermath of the earthquake and tsunami in Japan.

 

The Swiss Re study also revealed that regional location can have a significantly high impact on the relationship between numbers of people involved in a disaster and the eventual cost. An event such as an earthquake would impact similar numbers of people in Jakarta as it would in Los Angeles, but the American city would see costs around 25 times higher, mainly due to the total amount of working days lost.

 

Climate

 

When the effects of high winds and tidal surges can be so dramatic, the question as to whether or not they are actually increasing in intensity arises.

 

There is a great deal of controversy about the whole issue of ‘climate change’ and when insurers want to evaluate a risk they need to take into account all the data that may apply.

 

Of course, no one actually doubts that the planet’s climate changes, if the planet had not substantially warmed in the past we would still be in the middle of an Ice Age. However, the question as to whether man-made influences are having significant effects is a hotbed of debate.

 

“Have disaster losses increased due to anthropogenic climate change?” was the title of a 2010 paper in the Bulletin of the American Meteorological Society, by Netherlands researcher Laurens Bouwer. In it he looked at 22 disaster loss studies in various parts of the world and found that each showed an increase in damages from weather-related disasters in recent decades.

 

Of the 22 studies, 14 concluded that there were no trends in damage after corrections for increases in wealth and population had been made. In all 22 studies, increases in wealth and population were the “most important drivers for growing disaster losses.”

 

However, as with most aspects of any claims regarding climate change, Bouwer’s review was critiqued. Neville Nicholls of the School of Geography and Environmental Science of Montash University in Australia published analysis in the Bulletin of the American Meteorological Society and claimed that Bouwer’s study did not include the impact of improvements in building codes and weather forecasting.

 

Nicholls claimed this meant that the damages were actually reduced because of these two important factors and he concluded: “The absence of an upward trend in normalised losses may be due to a balance between reduced vulnerability (from improved weather forecasting and building techniques) and increased frequency or intensity of weather hazards.”

 

Overdraft squeeze on small businesses

Small businesses are finding it harder to agree overdrafts with their banks, according to a recent study by IT finance provider Syscap. The total value of all outstanding bank overdrafts drawn by small firms in the UK stood at £15.4 billion in June 2013, compared with £18.4 billion in 2012 and £20.3 billion in 2011 – a reduction of 29 per cent in just two years.

 

Although the company conceded that banks have begun to tentatively increase their small business loans in recent weeks, it’s a tiny amount in comparison to the value of overdrafts that have been withdrawn in the last year – potentially forcing more small businesses to look elsewhere for short-term credit.

 

“Banks are being forced to hold more capital against the loans they write, and that capital has to come from somewhere. Small business overdrafts are an easy target for banks, as they can be withdrawn with little or no notice,” said Syscap chief executive officer Philip White.

 

He added that overdrafts have traditionally represented a “basic building block” for small businesses that allow them some flexibility with their cash flow. With this relied-upon source of credit now diminishing, even costs like VAT bills can create a crisis – particularly as, unlike loans, overdrafts can be withdrawn at any time without notice.

 

“This shows how crucial it can be for businesses to explore alternative forms of funding, that can provide the flexibility they need. If businesses find that their overdrafts disappear just when they need them most, it can unnecessarily threaten the viability of otherwise healthy businesses,” said Mr White.

 

As part of Small Business Week, which runs from September 2nd to the 8th, the Federation of Small Businesses recently partnered with the British Bankers’ Association to give small firms advice on how to improve their chances of successfully applying for a loan. Businesses seeking credit were advised to ensure their business plan was in good shape, develop their financial expertise and check their credit record before applying for a loan.

 

The organisations also recommended being honest and up-front about a business’s financial situation, and asking the lender for feedback if their loan is declined so they know where to improve next time. Small businesses were also advised to make use of the independent appeals process which has been agreed by the main high street banks in the UK, which could result in a refusal being overturned.

 

This post is brought to you by small business insurance specialist Jelf.

Thinking about starting your own business?

With high unemployment, spending cuts causing redundancies and reasonable loans hard to find, all businesses large and small are trying to navigate a path through some pretty unbearable economic times.

But you don’t necessarily need to be dragged down by other people’s woes.  If you’ve had a business idea which has been pushed to the back of your mind for a while and if you have the support to start up on your own, perhaps now might be the right time? We live in a nation of shopkeepers and even if you aspire to start a bookkeeping business, a salon or design agency rather than a shop, the only ideal time for you to start is now.

First, why set up your own business?

Where to begin? In theory there are many advantages of setting up your own business.  You can be your own boss, set your own targets and have the freedom to move in which ever direction you like. You want to wear pajamas in the office and finish at 3pm? Being your own boss is for you. Whichever industry you have experience in, you can use this knowledge for your own gain as you could also potentially earn more money, receive tax benefits and choose your own team (if you need one)! Of course reality is nothing like the dream, and many business owners find themselves working far harder than they ever did while employed – and often for less money too! Even so, the feelings of self-accomplishment, ownership and autonomy are usually felt to be worth their weight in (employer’s) gold.

We now live in an age where starting up a business is easier than it’s ever been. The internet and social networking sites mean starting up your own business has never been cheaper or simpler. There are even smart phone applications which can help you begin a business by accepting payment via a mobile credit card reader. From basic tax calculators to stock taking apps and the SME marketing App which gives you help and advice for marketing your business, there are hundreds of apps that can help and lots of online resources such as this mini guide to starting your own business from XLN Business Services. The extract below looks at if you have what it takes to become an entrepreneur.

 

From the Mini Guide to Starting Your Own Business by the team at XLN Business Services. Have you got what it takes?

What are the key points you should consider when beginning a business?

  1. Your idea – This will be the root of your business, it will mould your mission statement and the basis of what you will be selling. Think about what your ‘product’ will be and whether there is a market for your business. “How will you get customers?”, “Are you unique?” and “What competition will you face?” are all great questions to ask. Try summarizing what you plan to offer in just one or two sentences and then test this pitch out on friends, family and key contacts.
  2. Your business name – Check the name you have in your head doesn’t already exist by using Google and other online services.
  3. Register yourself – Depending on where you work and what you do, you will have to register with different authorities to let them know you’re now working for yourself. The reason you need to register is normally for tax and insurance reasons, so giving your local tax office a call is a good place to start as they can tell you what you need to do.
  4. A business plan. If you need funding for your business idea – you will need a plan. This will give potential investors (even if they are family members) or your bank manager (in the unlikely event you think you might qualify for a business loan or overdraft) an overview of your product, your objectives, a budget, cash flow and milestones. You want their money and they will want to see some thoughtful planning in return.
  5. Money – setting up a business means your monthly earnings may exceed what comes in, especially at the beginning. You must keep a track of how your money moves so keep records of what you spend and what sales you make – receipts, invoices and notes are all vital. These will act as evidence for the tax man, when he comes calling (which he will) and will help decide your tax bill. Being self employed also means a certain amount of responsibility for your own accounts. You will have to complete annual self assessment tax return, and check if you need to register for VAT.

Setting up your premises. Where will you be working? If your business needs premises other than your home, you need to find them and get them set up. Critical services like telecoms (so your customers can have a phone number to call and you can have internet service) and utilities need to be set up. You may need credit and debit card processing services. Depending on the type of industry you are in, the amount you spend on these services will differ. Choose your providers wisely as these may be big ticket items that you will pay a lot for over the years. You could use the telecoms, energy and banking names you are used to, but often providers who specialize in providing services to small businesses are cheaper, so make sure you do your research.

Should you take out an Income Cash Advance?

Many finance firms are wiling to offer a sum of $1000 to those in need of a short term loan, provided the beneficiary has a provable source of income and agrees to repay the amount as per the firm’s outlined repayment schedule. However, needless to say that you would end up repaying more than you acquire from the cash advance firm. This is because the cash advance firm is likely to charge an interest on such credit lending.

Getting hold of a $500 cash advance won’t be easy by any means. You would have to carry out a preliminary research of reputable cash advance firms willing to lend $1000. Though it’s easy to find cash advance of around $250 to $500, you might have to shop around a bit in order to bag $1000. It is recommended to keep several options open during your quest for a cash advance. This way, if one cash advance firm leaves you high and dry, you could easily switch to another.

Sums of $1000 and below are considered trifling amounts by bigger loan firms’ standards. Therefore, it is highly unlikely to acquire a $1000 loan from a loan firm. However, cash advance firms are a viable option for people in urgent need of around $1000. Cash advance firms would gladly approve your application, provided you have a provable income source. But, cash advance companies normally charge a higher rate of interest relative to bigger loan firms.

All in all, cash advance is a nice and quick way to acquire that much needed cash in a jiffy. But since the rate of interest is on the higher side, it’s best to take up a loan from a loan firm, if possible. In general, you should turn to a cash advance firm only when you have no other means of acquiring cash.

If you live in  the UK , see what the most common types of household units are and what they like to spend their money on.  Learn more about the basics by checking out our infographic.

QuickQuid provided me with this Infographic and they’re one of UK’s premier, short-term cash lenders.

Editions TV Show Looks at 4 Reasons to Buy a Second Home

Right now, the real estate market is considered a buyers market.  Over the last few years, home prices have fallen dramatically in most major markets, and interest rates on home loans are the lowest on record.  Both of these reasons makes it a really good time to buy real estate. You can find amazing country houses for sale.  However, what if you already own a home?  Should you buy a second home?

Editions TV with Terry Bradshaw looks at some major reasons why now is the time to consider buying a second home.  For many people, they go to the same few places all the time on vacation, and this can be a great reason to buy a second home.  But what other factors are there to consider?  What should you know?  Here are some of the key things to think about when considering buying a second home.

The Financial Implications

The first thing to consider about getting a second home is the financial implications of it.  As mentioned earlier, right now, home prices and interest rates are both very low.  This can make it financially easier to buy a home than it would have been in the past.   However, as Editions TV show points out, it can be incredibly difficult to get a loan right now.

Lenders are being very strict with who they lend to.  In order to get a loan on a primary residence, not even a second home, borrowers have to have impeccable credit, with very high credit scores.  As such, you may have to put much more down on a second home, or even pay all cash.  However, since prices are low, this can be a good investment.

 Editions TV on Family

Family is important to most people.  And having a comfortable place for everyone in the family to get together at is very important.  Having a second home can also be a second home for the entire family.  This can be a place where birthdays and reunions happen, or even fun family events like Thanksgiving or Christmas.  When you have a second home, it is more than just a place, it can be a meeting place for the whole family, who can hopefully enjoy it for years to come.

A Home Away From Home

Plus, having a second home can be a home away from home for you.  Instead of staying in a hotel, staying in a second home should be much more comfortable.  With a second home, you can decorate it exactly how you would want to.  You can furnish it with your belongings, and put up your family pictures.  That way, when you stay at your second home, it is just like being at your primary house.  That really makes it a much more comfortable place to stay than just any lodge or rental house.

Plus, when you have your own home, you can cook and have all the amenities that you’re used to having.  This can make it much more comfortable than a hotel room or something similar, and can be great if you plan on having family over.

Making It A Smart Investment

Finally, Editions TV with Terry Bradshaw believes that you can make getting a second home a smart investment.  First, if you travel a lot, look at how much you spend on hotels and lodging for the year.  Then, look at what the cost of a second home would be?  If they are close, why not invest in a second home that would probably provide you with more amenities that you would normally get while you’re traveling.

Second, a second home can be a good source of income when you’re not using it.  If you are thinking about getting a second home in a tourist area, you can leverage that home to be a vacation rental when you’re not using it.  There are many vacation rental firms out there, and they can handle the logistics of it while you just enjoy getting a paycheck when you’re not there.  And when you want to stay there?  You just let them know.

Business Day TV Features Computer Storage Services

Computer Storage Services is an information storage company that provides a variety of data backup services for companies of all sizes.  Computer Storage Services provides a range of onsite and offsite computer backup and storage solutions, with most companies choosing a combination of both services.

Business Day TV with Terry Bradshaw looks at how Computer Storage Solutions provides ideal storage and backup solutions for businesses of every size.  They have a variety of features and options that will work for most small to mid-sized businesses, and they provide an extremely reliable solution for most companies.

Business Day TV on Storage Solutions

The bottom line for most businesses is that information is only as safe as the place that it is stored in.  There are a lot of factors, both manmade and natural that can impact data storage.  That is why Computer Storage Solutions has designed redundancies to product data against a wide variety of potential disasters.

For example, you want to make sure that your information is safe from power failures, Internet security issues, or even manmade software issues.  Plus, there are always natural disasters that you need to be aware of and plan for.

Business Day TV show looks at how Computer Storage Solutions is a state of the art facility housed in a bunker-like building that is designed to withstand most disasters.  Plus, the facility is designed with a wide variety of back-up devices to ensure 99.9999% uptime.  For example, there are multiple transformers feeding the power to the facility to eliminate possible power failures.  Should grid power failures occur, the facility also has multiple diesel and gas generators to power back-up systems to ensure the datacenter keeps running.  Finally, there are multiple Internet feeds to the building to ensure that outside Internet access remains intact.

Also, Computer Storage Solutions is platform independent – meaning that it doesn’t matter what type of computer system you normally use.  Computer Storage Solutions works with all varieties of operating systems and software programs: Windows, Linux, Unix, Apple, MS Exchange, Oracle, Lotus, SQL, Novell, VMWare.  This means that no matter what data you have, Computer Storage Solutions can back it up and protect it for you.

OnSite/Offsite Options

Computer Storage Solutions also offers a variety of onsite and offsite storage options for businesses.  Business Day TV highlights how every business is different and may not have the same storage needs.  That is why it is important for services like Computer Storage Solutions to provide a wide variety of needs for businesses.

Computer Storage Solutions has an onsite storage device system that can facilitate fast large file restores locally.  Typically large file restores cannot be done over the Internet easily because 200 GBs of file transfers can exceed a month on some Internet connections.

For small file restores, they can be done over the Internet or locally, since they can be done much faster.

However, even in a worst case total data loss of large files, Computer Storage Solutions can provide all data on a disk and restore the files manually.

Security For All Businesses

Finally, security is just as important for businesses as is safety of the data.  For companies dealing with customer information, a breach of security of customer data, like Social Security numbers, can be detrimental to their business from a trust and liability perspective.

That is why Computer Storage Solutions is FIPS 140-2 Certified, meaning that it complies with the Federal Information Processing Standard that is internationally recognized for cryptography products, and was developed by the United States government for use by all government contractors.

This means that if you utilize Computer Storage Solutions to secure your data, you can be sure that your information will be safe and secure, and that unauthorized individuals will not be able to access it even if it is stored remotely.

How To Expand Your Business With A Tight Budget

Every business will experience a lack of cash at some point regardless of its size or the industry in which it operates, but for SMEs, start-ups or home-based companies, growing your business with very little cash flow can be nearly impossible. If you’re a small company, securing outside funding isn’t always easy.  There are ways, however, to grow your business without having to spend lots of money. First off you can open up a business savings account.

Get online

Every business’ biggest tool has to be the internet, so make sure you have a good web presence from the outset. Being able to put yourself in front of your customers 24 hours a day, seven days a week is absolutely invaluable, especially now that most consumers turn to the internet first to find services or products. Essentially, a good web presence lets you market yourself worldwide and helps you compete with your larger contemporaries. You could try getting a small business loan.

Don’t be afraid to put yourself out there and be part of the local business scene. Joining anything from business and trade organisations to working mums’ groups and freelance forums will help you meet a number of business allies and hopefully provide more opportunities to develop sales. Get involved in client-run focus groups or look to partner like-minded freelancers in your industry who offer slightly different skills from you. The likelihood is you can promote each other’s talents and services and secure more business together.

Go for inexpensive advertising opportunities, such as having car decals with your business details on family vehicles, regularly sending out press releases or contributing to trade magazines or websites. Take advantage of free classifieds and leave your business cards in strategic places, where potential customers may be passing by.

Take on help if you need it

Don’t assume that you can’t take on staff. OK, so you may not have the spare cash to pay an extra salary right now, but consider taking on a commission-only salesperson instead. This way, you only pay him what he earns. Alternatively, look for an intern or someone wanting work experience in your field. College and university students are a great choice as they want experience, although they may only be with you for short periods such as holidays or weekends.

Try to make the most of your reputation by holding seminars or training sessions to share your skills and techniques with others. Make sure you charge a small fee for attending and then get networking. Alternatively, write and publish white papers on your own industry area. Whether it’s ‘Writing for the Web’ or’ accountancy for oil contractors, others in your industry will want to know the latest developments and knowledge and will help make you an expert on the subject in your sector. Ask your potential audience to sign up with their business details to learn more or receive further articles, that way you can expand your contact list at the same time.

Finally, consider becoming a big part of the local community, from sponsoring local trade shows and high-profile events to getting involved with local activities. Every time your name is mentioned you’ll be getting great press, raising your profile and enhancing your company’s credibility.

Get the Most Back

Benjamin Franklin once said that there are only two things in life that are certain- death and taxes. To many people, the thought of paying their taxes at the end of the year is a mind-numbing, heartbreaking prospect. To others, it is nothing less than robbery where the government “steals” their money right out of their wallets. Whether you like it or not, paying taxes is just one of the things that we have to do. There are some ways that you can get more of your money back without having to resort to cheating. Tax write-offs and credits can maximize the amount of money you will get back on your tax return, so make note of them.

Childcare and Other Child Related Tax Benefits

For parents, children are a major expense, but at tax time, they can mean refunds. For lower earning parents, there is the Earned Income Credit (EIC) which allows for a set amount of a refund per child. Some parents may qualify for an additional tax credit. They may also be able to deduct some of the costs of their childcare expenses as well. Healthcare and other child related expenses may be used to figure some of these deductions, as well as positively affect things like government stipends, financial support, education funding, and many other issues.

Many families don’t receive the full benefits form owning children when talking about government and state funding. Children are a very valuable asset for parents who are thinking about going to receive an education for themselves, or for their children. In addition, depending on living situations, marital status, where you live and how much income you receive, the number of children you have can greatly affect how much you get back form the government and insurance.

Running a Business From Home

For those lucky few who are running their own business, expenses are a necessary evil. Home businesses incur tax debts like any other business, however, there are a few deductions that can bring these tax amounts down. For instance, you can deduct some of the cost of your home office (based on square footage and purpose of the room) as well as some of your utilities. Direct business expenses which can include your supplies and equipment can also be deducted up to a certain amount. If you have to use your personal vehicle to do your work for your home business, you can deduct some of the cost of its maintenance and regular expenses.

There are restrictions and limits to each of these deductions and which situations they can be used in so it is always a good idea to use a professional to make sure that you are getting the deductions that you deserve without running the risk of violating a tax rule. Tax preparation can be very time consuming and confusing, so using a professional can save you not only time but money as well. Knowing about how to make the most and get the most support for you and your family is your responsibility; don’t miss a deduction by trying to do the taxes on your own.

Rediscover your business when it’s down

It is never over till you have given up. The same saying applies to your business, especially if it has taken a financial hit. If the creditors and IRS are all over you, there is still a chance for you to make a comeback. Restoring positive cash flows is not an impossible task if one is really serious about restoring their businesses. It takes some out-of-the-box thinking and bold decision making to do so.

The first thing that one should do is to reorganize the business structure. Since it is your business, you should relocate your post from being the “CEO” to a “Consultant”. Yes, it may seem absurd, but this is the need of the hour. This way your entire focus would be on how to refinance and restructure your business.

In case of a business going down, there is always an issue with some negative spending. Your product or service may not have gone obsolete, but some of your expenses cause the sinking of your business. As a consultant whose job is to restore the business, one should opt for cutting down all unnecessary expenses and also those without which you can survive for an interim period.

Revamp your marketing strategy. With the advent of social media marketing and other similar tools, you can avail the option of cheap marketing. Revisit and rethink your marketing strategy. There is always room for improvement and also the margin to be more innovative. Through social media marketing, you can cut down your advertising cost as well.

While your business is in doldrums, you can affiliate yourself with a start-up or a business with which you are on good terms or you don’t owe money to. You can have joint advertising campaigns and similar tasks which would help you with your expenses.

All this being said the most important thing that can help you achieve all the points that have been mentioned above is if you can get an authentic financier. By contacting a financier who offers a merchant cash advance, you can keep your business afloat. Taking a loan for refinancing is always a bad option since it increases your overall debt. A cash provider can help you if your business has the potential to grow. Often, your product/service may have room to grow, but lack of funds or creditors slows you down. In such a case, you can rediscover your business through such options

Three reasons to outsource your payroll to online services

Whilst an in-house accountancy might seem reliable, it is often much more beneficial to outsource your payroll needs to an online service.

More than just being online, which has the benefit of being highly accessible any time of day or night, there are a few other advantages that you might not have considered. Whether it’s the reduced cost, automated process or the expert knowledge behind the service, there is plenty to benefit from outsourcing your payroll to a reputable online service.

Cost

To put it simply, most businesses can’t afford the cost of keeping accountants in-business to monitor the payroll duties. It can be expensive, offering minimal benefits. Since it’s a regular and inevitable cost, there would be little you could do in the way of saving costs with this option.

Even when you can afford it, it takes away a lot of staff hours. Doing some basic maths, by figuring out or determining how many hours each week and month are spent on managing payroll accounts, will show just how much time is being wasted on the payroll.

The alternative then, is to outsource somewhere cheaper. Since these companies regulate the payroll of various businesses, rather than solely relying on your custom, the cost is much more reduced.

Automated

Being online, the payroll process can be automated to a certain extent. Since it’s a regular procedure, it makes sense to have it done at specific points without constant input. It should still be monitored, of course, but by being automated you can save a lot of time and energy.

Furthermore, by being an outsourced automated process, any errors are not your responsibility. Should anything go wrong, the online service will quickly and effectively remedy the situation. Not only does this ensure that everything is in order but it will keep your employees happy as they get paid on time.

Knowledge and insight

Finally, online services work in a similar fashion to an accountancy firm, in that the staff and company providing the service understand the complicated system of the payroll and related taxes. This means that you’re entrusting your payroll, and the related money, to the hands of knowledgeable professionals such as Sage One.

More than just an expert opinion, having these accountants monitoring your payroll means you have access to professional advice. Both you and your employees will most likely have a limited understanding of the payroll system and the online service can easily explain any situations to you and your employees; keeping everyone happy in any situation and allowing for greater peace of mind. This, in turn, should hopefully keep the workforce happy, increasing productivity.

In conclusion, these are only a few of the advantages available when you outsource to an online service. Reliable and effective, online services are becoming a very popular option. If you’re looking to improve your payroll, than this might be an option for you too.

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