Choosing a Payroll Service that Fits Your Business

CHRISTOPHER MITCHEL | February 19, 2014

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As a small business owner, one of your most important tasks is ensuring that payroll is handled correctly. Employees expect their paychecks on time and taxes need to be accurate. Payroll taxes change frequently, such as the Red Tape Reduction by the Canadian Revenue Agency to help small businesses reduce their taxes, which can make payroll difficult.

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Thriving as an AAPI Business Owner: Common Challenges and Solutions

Article | May 31, 2021

May is Asian American and Pacific Islander Heritage Month. With the challenges currently facing the AAPI community, there isn’t a better period to reflect on the many positive contributions that AAPI community members contribute to society, culture, and the economy. While AAPIs have the highest rate of business ownership of all minorities, and those businesses account for half of all minority business employment in the United States, AAPI business owners continue to face a unique set of challenges.

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Small Business Trends & Forecasts for 2021/2022

Article | June 24, 2021

The year 2020 saw the impact of a sudden outbreak of COVID-19 that had a significant impact on all facets of life: education, shopping, environment, health, jobs, and many more. But the effect that it had on businesses was prominent and was the most challenging years in the history of small businesses across the globe. However, 2021 came up with a few small business trends & forecasts that gave some relief to small business owners and allowed taking advantage of these trends to survive small businesses. With everything turning digital, customer's behaviors changed, their preferences and values changed, markets turned volatile, and so did their expectations evolve. Hence, small businesses had to renew their focus on changed customers. Even though the coronavirus outbreak has not yet ended, small businesses are optimistic and ready to be resilient, adapting their business model to changing conditions. This blog provides crucial small business trends that can smoothen the way you run your business. Current Business Outlook National Federation of Independent Businesses (NIFB) says small businesses in the United States are going through a rough patch ever in their business history. COVID-19 affected different industries differently. The most common small business challenges faced during COVID-19 are: Loss of revenue Budget cuts Reduce salaries Temporary closure Temporary pivot Government restrictions are gradually easing with the increase in vaccine rollout taking place in full swing across the US in 2021. As everyone adjusts to the new normal, small businesses will be at the forefront of the economic recovery. According to the Small Business Trends survey, 23% of respondents reported revenue loss during the pandemic, while 6% reported increased revenue. In addition, 11% of small business owners polled said they had cut their budgets, and another 11% said they had temporarily closed their doors. As more small business owners become optimistic about 2021, there is no doubt that this optimism should go with proper planning and preparation. Find out few small business trends which are likely to dominate in 2021 and beyond and how to take advantage of the trends for your business growth: Faster adaptability and flexibility to any crisis With the change in consumer behavior resulting from the pandemic, the business operation also changed and adapted to the new normal of doing business. To stay afloat, many business owners spontaneously adapted and were able to identify innovative approaches to change how they operate. In addition, with the need to reduce in-person transactions, an increasing number of businesses emphasize the use of technology. Few small businesses have achieved record sales even during the pandemic by implementing a new and renewed business model that allows them to operate even with few in-person transactions. How are businesses innovating to survive the pandemic? Because of the pandemic, 43% of small businesses began to rethink how they do business. 32% of small businesses discovered new ways to deliver existing service offerings. 22% of small businesses encouraged their employees to reinvent themselves to adapt to new business changes. Rise in continuous remote work For many companies and professions such as teachers, creatives, trainers, and more, where remote work culture was just a possibility, it became a reality because of the pandemic. As a result, COVID-19 played as a game-changer and proved to be the perfect time for businesses to create their online presence. Remote work had existed even before the pandemic started, but COVID-19 accelerated this and turned into compulsive adoption. Remote work is here to stay even after the pandemic ends and might become a preferred way of working. Many businesses will transition to a distributed working model by 2021 and beyond. It makes perfect sense for small businesses to jump on board with this trend and go remote. The 2021 State of Small Business Trends Report has been released by the Small Business Expo, America's most prominent business networking and educational event for business owners, start-ups, and entrepreneurs. According to the report, three in ten respondents said they intend to keep their employees working from home after COVID-19, one in ten will return to the office, and six in ten said the Work from home policy did not apply to their business. Implementation of contactless payment options Cash-free or contactless payment was very helpful during the pandemic and has become a new norm. This pattern is expected to continue through 2021 and beyond. Small businesses have immensely benefited from electronic payments such as digital wallet payments, touchless debit cards, and credit card payments. These payment modes are easier to manage, more secure, ensure transparency, and saves time. When it comes to payment options, small businesses should consider being extremely flexible. As a result, selecting the right payment gateway platform is the first step in dealing with this trend. This is among one of the very encouraging small business trends for growth. E-commerce Dominance and Social Commerce Growth E-commerce was already flourishing before the pandemic, but its emergence just accelerated the e-commerce growth. According to the report, e-commerce will be the dominant force in 2021 and beyond. Thus, small businesses can capitalize on this boom by providing a seamless e-commerce experience for their customers by making their website mobile-friendly. Improved emphasis on employee happiness and well-being The pandemic followed by worldwide lockdown was complex for everyone, and one thing it made us realize was the significance of our physical health and, more importantly, mental health. Lockdown and remote work was mentally draining to most employees. For every organization employee, health and wellness became an utmost priority. Hence they had to come up with something to keep their employees engaged and happy during working hours. You have the advantage of smaller teams as a small business, and you can foster close relationships among your co-workers. Even if you work from home, you can always plan a fun evening together via video call. Small gestures can go a long way toward bringing your team together and increasing employee morale. You must go above and beyond by identifying ways to increase employee happiness. Embark on Influencer marketing Influencer marketing is like celebrity endorsement, which is common in the age of mass media. Social media has grabbed a large chunk of marketing in today’s world and stays in contact with the world. Influencer marketing is a subtle form of marketing that has emerged as a viable strategy for various brands. Because of their low cost and broad market reach, influencers are used by 25% of small businesses for social media marketing. The influencer marketing industry is the fastest-growing online customer-acquisition method and expected to expand further in the coming years to become the biggest future small business trends 2020/2021. Leveraging Digital Technologies Small businesses adopted technologies before the pandemic, which improved their bottom lines. Small business owners discovered that leveraging digital technologies and the internet enabled them to operate smoothly in the face of the COVID-19 crisis and restrictions while also ensuring the safety of their employees and customers. It allowed them to identify new revenue streams and reinvent their business models. 5G network and AI have become a big part of digital technologies for small businesses. Small business owners should invest in digital technologies and systems that will allow them to provide personalized customer service. In addition, using digital technologies can automate business processes and manage employees who work remotely. Digital tools have the potential to boost productivity and efficiency. They make you more agile. According to the survey, 77 percent of US small-business owners use technology for personal reasons, such as online shopping or media consumption. The 5G Network and Artificial Intelligence (AI) 5G network rollout and Artificial Intelligence (AI) are a big part of the business plan. The 5G network is a larger and better version of our 4G LTE network. The 5G network provides lightning-fast internet speeds, which expands the possibilities for using AI across industries. As a result, this combination opens new possibilities for IoT. Experts predict that by 2024, 5G networks will have a global penetration of 40%, handling 25% of all mobile data. In addition, 5G networks provide a much simpler setup process. AI can assist small businesses that are typically short on staff in automating processes and improving efficiency. AI can learn from data sets, analyze new information from various sources, and adapt as needed. This decision can help small businesses compete with larger competitors and prove the best small business trends and forecasts for 2021 and beyond. The Gig Economy As small businesses embrace the gig economy, owners and managers can hire freelancers to complete specific tasks within specific timeframes. When you allot a short-term project to your contracted worker, it eases the stress, and your staff workload brings flexibility and agility to your budgeting. You can hire as per your need of the time. By phasing out some employment setups for your small business, you can save resources and time by outsourcing expertise and equipment. Starting a side gig can help you create a business without losing an essential source of income from your current job. The gig economy in the United States grew to around 77 million people in 2020 and is expected to grow even more in 2021. In the United States, 57.3 million people work for themselves. Furthermore, freelancers account for approximately 36% of the total workforce. Thus, the gig economy is only going to get bigger. As a result, you must stay current on marketing trends affecting small businesses. Millennial Small Business Owners Millennials, or those born between 1981 and 1996, account for a quarter of the American population. This generation is most likely the most researched. Millennials are the first generation to grow up surrounded by technology, from computers to smartphones and tablets. With all this knowledge, this generation is transforming the world of small businesses. They adapt to the changing technology fast. This generation has altered the way we conduct business, from pressuring companies to improve their business practices to simply responding quickly to customers via digital channels. In addition, they are more aware of the current social climate because they are collective movers and shakers. As a result, millennial Small Business Owners are in favor of small business trends for 2021 and beyond. FAQs What trends do you foresee in small businesses? The trends in small business that will continue in 2021 and beyond are remote work will be the new standard, contactless payment options, 5G and AI technology, digitization will accelerate, businesses will continue prioritizing e-commerce. How new technology helps small business to grow? Technology allows small business owners and employees to work in the office, on the road, from home, on the road, or even across the country. As a result, technology can assist businesses in gaining a competitive advantage in the global marketplace. Why should small businesses adopt new technologies? The impact of new technology on business operations is significant. It enhances business communication while also optimizing production, inventory management, and financial record-keeping. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What trends do you foresee in small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "The trends in small business that will continue in 2021 and beyond are remote work will be the new standard, contactless payment options, 5G and AI technology, digitization will accelerate, businesses will continue prioritizing e-commerce." } },{ "@type": "Question", "name": "How new technology helps small business to grow?", "acceptedAnswer": { "@type": "Answer", "text": "Technology allows small business owners and employees to work in the office, on the road, from home, on the road, or even across the country. 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How to Apply a Tax to an Invoice

Article | July 8, 2021

There are currently millions of pages of legal tax law on the books, creating challenges for business owners of all stripes. Even those with relatively “simple” business models are often wondering whether they are paying their taxes correctly and on time. One of the most common challenges faced by business owners is whether or not to apply taxes to an invoice. Invoices often represent a significant portion of all financial transactions. When you issue one, does this create a tax obligation for the issuer? The recipient? Both? Neither? Unfortunately, the answer to this question is one that is highly situational. Whether you need to pay taxes on an invoice will depend on the legal status of both parties involved, the nature of the invoice itself, and a variety of other factors. Having accurate and correctly taxed invoices will help your business improve its reporting and payment cycles, along with other functions like invoice factoring. Because applying taxes to an invoice can be difficult for some people, you may want to consider working with a professional accounting firm.

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How Bookkeeping Capitalizes On Young, Digital-First SMBs

Article | February 28, 2020

An entrepreneur who opens a coffee shop or launches a FinTech startup isn’t in business to crunch numbers and file taxes. Yet, the burden of financial management, from tedious data entry to compliance challenges, is a nonnegotiable part of starting a small business (SMB). Waseem Daher, CEO of Pilot.com, recently told PYMNTS that this burden was felt acutely within two previous businesses he had founded, leading to a wake-up call. “In our very first company, we were totally bootstrapped — and because of that, we had to be very frugal, so we did our own bookkeeping,” he said. “In retrospect, it was a big mistake. It’s not a high-level use of any founder’s time, but it opened our eyes to the problem.”

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