#Top Payroll Outsourcing Companies In Canada

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In today’s fast-paced business world, success is often measured by your ability to adapt, innovate, and expand. But how do you manage that growth when the complexities of local tax laws, international accounting, and HR management start to pile up? This is where Upcloud Accounting steps in, offering you a way to scale your business without the stress.

Why Choose Upcloud Accounting?

At Upcloud Accounting, we’re not just another accounting firm—we’re a strategic partner in your journey toward global success. Our mission is simple: to provide you with the tools and expertise needed to grow your business effortlessly. Whether you're a startup looking to expand globally or an established company aiming to optimize your operations, we have you covered.

Comprehensive Services for Global Growth

We understand that managing a business on a global scale requires more than just number-crunching. That’s why our services extend beyond traditional accounting. We offer a complete package that includes:

Local and International Accounting: Stay compliant and confident, knowing that your finances are handled by experts who understand the intricacies of both local and international regulations.

Local Tax Filing: Navigating tax laws in different countries can be daunting. Our team ensures that you meet all your obligations, avoiding costly penalties.

HR Outsourcing: Building a remote team is more than just hiring—it’s about creating a work environment that fosters growth and productivity. We manage all HR aspects, from recruitment to payroll, so you don’t have to.

Investment Opportunities: Looking to invest globally? We provide insights and opportunities to help you make informed decisions that align with your business goals.

The Filipino Advantage

One of the things that set us apart is our sourcing of highly skilled accountants from the Philippines. The Philippines has become a hub for world-class talent in the accounting sector, offering professionals who are not only qualified but also culturally aligned with global business standards. This ensures that you receive top-tier service that fits your budget, allowing you to maximize your ROI.

Trusted by the Best

Don’t just take our word for it—Upcloud Accounting is trusted by hundreds of businesses in the Philippines, United States, Canada, and Australia. Our commitment to excellence earned us the Top Quality Brand for Virtual Accounting Services in Asia in 2022. This recognition is a testament to the quality and reliability of our services.

Ready to Elevate Your Business?

The road to global success doesn’t have to be complicated. With Upcloud Accounting by your side, you can focus on what matters most—growing your business. Contact us today to discover how we can help you achieve your goals.

Contact Us:

Email: consult@upcloudaccounting.com

Address: Unit 1B, Lleida Tower, Circulo Verde, Calle Industria, Quezon City, MNL 1110, Philippines

[proficiencytaxca]

Ottawa's Premier Bookkeeping Services

In the heart of Canada's capital, Ottawa, businesses in Nepean are thriving and contributing to the region's economic growth. Behind every successful business lies a robust financial foundation, and bookkeeping plays a pivotal role in maintaining that stability. In this blog post, we will delve into the significance of professional bookkeeping services in Nepean Ottawa, and explore why businesses should consider partnering with Ottawa's premier bookkeeping services.

The Importance of Bookkeeping Services:

Bookkeeping is the systematic recording, organizing, and managing of financial transactions within a business. It provides a clear and accurate picture of a company's financial health, facilitating informed decision-making. In Nepean, where businesses are diverse and dynamic, having reliable bookkeeping services is essential for long-term success.

Accuracy and Compliance:

One of the primary reasons businesses in Nepean should invest in professional bookkeeping services is to ensure accuracy and compliance with financial regulations. Ottawa's premier bookkeeping services employ skilled professionals who are well-versed in the nuances of Canadian tax laws and financial reporting requirements. This expertise ensures that businesses remain compliant with regulations, minimizing the risk of audits and financial discrepancies.

Focus on Core Business Activities:

Outsourcing bookkeeping services allows Nepean businesses to focus on their core activities. Instead of spending valuable time navigating through complex financial records, business owners and managers can dedicate their efforts to growing their enterprises. Ottawa's premier bookkeeping services understand the local business landscape and provide tailored solutions to meet the unique needs of Nepean businesses.

Cost-Effective Solutions:

Hiring an in-house bookkeeping team can be a significant financial burden for small and medium-sized enterprises in Nepean. Ottawa's premier bookkeeping services offer cost-effective solutions, providing businesses with access to experienced professionals without the overhead costs associated with maintaining an in-house team. This cost efficiency is particularly beneficial for startups and growing businesses looking to optimize their resources.

Advanced Technology Integration:

Ottawa's premier bookkeeping services leverage cutting-edge technology to streamline processes and enhance efficiency. Cloud-based accounting software and automated systems allow for real-time collaboration and quick access to financial data. Nepean businesses can benefit from these technological advancements, gaining a competitive edge in the rapidly evolving business landscape.

Tailored Services for Nepean Businesses:

Every business in Nepean is unique, and its bookkeeping requirements may vary. Ottawa's premier bookkeeping services recognize this diversity and offer tailored solutions to address the specific needs of each client. Whether its payroll management, expense tracking, or financial reporting, these services ensure that Nepean businesses receive customized support to meet their financial goals.

Bookkeeping Services Nepean Ottawa:

For Nepean businesses seeking top-notch bookkeeping services, it's crucial to consider local expertise. Ottawa's premier bookkeeping services understand the intricacies of the Nepean business environment, offering personalized solutions that go beyond generic accounting practices.

Conclusion:

In the bustling business landscape of Nepean, Ottawa's premier bookkeeping services stand out as essential partners for sustainable growth. From ensuring compliance to providing tailored solutions and leveraging advanced technology, these services play a pivotal role in shaping the financial success of businesses in the region. Nepean businesses looking to optimize their financial management should explore the benefits of partnering with Ottawa's premier bookkeeping services and pave the way for long-term prosperity.

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Why Choose an Offshore Software Development Company?

The need to develop applications has become more acute than ever. From desktop, web, and mobile apps to blockchain and IoT applications, there are a range of software applications that today’s businesses look to continually develop. However, cost along with other factors often can create roadblocks to application development. Thus, businesses, especially from the US, Canada, Europe, and Australia are finding avenues to partner with a good offshore software company. Apart from cost optimization, the reasons prompting this move are many.

According to an HBR study, 73% of offshore arrangements support growth strategies of companies. Offshore software development has thus emerged as a flexible solution for businesses.

When you partner with the right offshore company you have control that your business needs in the face of uncertainty. Deloitte Consulting reported that offshore development has become a trend that started about the time of the pandemic and has been holding strong. BCG study has found that 89% of companies intend to strengthen existing relationships with their offshore development partners.

Since working with offshore partners has become an increasingly preferable choice, let’s understand the important reasons as to what's prompting businesses to go for the choice of working with offshore software development companies.

Reasons Why Choose an Offshore Software Partner

It's not uncommon for Western companies to offshore their business processes to countries like India, China, Malaysia, Philippines, and countries from Eastern Europe.

Offshoring has become a popular business strategy as companies seek to take advantage of the lower cost of labor and discover untapped markets. But why exactly do companies choose to offshore their software development?

Well, you've landed in the right spot. In this blog, we'll outline the top reasons why companies opt for offshoring development of software.

Higher Gains

When it comes to offshoring, everyone talks about lower costs. But let's get specific. Say you set up a seven person development team in India to work alongside your seven person team in the US. The pure salary difference is huge - comfortably three to four times cheaper. And that's just the beginning.

The total cost of doing business offshore (including premises, admin staff, legal work, payroll, developer salaries, insurance - the works) is typically 50% of the cost of your at-home developers' salaries. It's everything else - the offices, admin, and the like - that makes the biggest difference. Let’s say $125k, which means the other $125k goes straight into your profits.

So why partner with an offshore development company? Well, not only is talent more cost-effective, but the quality of their work has improved. For example, IT engineers across India are getting the same education and training as Westerners, making them incredibly capable. Plus, the lower cost of living in India means that salaries remain smaller, regardless of the quality of service.

Vast array at your disposal

In the technology industry, It's getting really tough now to find people with the right skills for certain jobs, especially the really specialized ones. The ones that are the hardest to fill are the ones that deal with most sought-after technologies like security, cloud computing, and artificial intelligence, blockchain, or IoT. It's a real challenge for companies to find the right people for these roles.

IT leaders are feeling the heat to keep up with all the latest skills while sticking to a budget. And let's face it, building up your own in-house team can be cost-intensive and time-consuming, which is why outsourcing software development to experts overseas is becoming more and more popular.

According to Statista, offshoring software development is the top choice for IT leaders looking to save some cash. By tapping into the global talent pool, you can find skilled workers at much lower costs.

Take India, for instance. They've got over 5 million programmers over there! And get this, Indian developers are ranked in the top 10 most skilled software developers in the world by TopCoder. And they're even ranked 35th by SkillValue among the 100 countries with the best software engineers.

The Secret Sauce

A well-designed strategy is the new secret sauce in software development. Turning a brilliant idea into software that perfectly caters to market needs can be quite a daunting task in today's competitive market, especially for startups. You don't want to end up creating a product that no one wants or needs - that's every entrepreneur's nightmare. So, what do you do? Well, it's worth seeking guidance from a more experienced offshore company.

An offshore development agency uses a design thinking approach to co-create a product development strategy with you. Basically, it's a framework that lets you create products by looking at the world from your user's perspective.

The key features of this approach include empathizing with users, defining the problem, brainstorming potential solutions, building a prototype, and testing your solution. By using this approach, an offshore partner prevents the possible risks. So, apart from costs offshore strategy also helps tap into a large and talented talent pool that resides overseas.

Uncompromising Assurance

Undefeatable quality assurance is one big benefit of the offshore option. The reason is that offshore software firms operate in a fiercely competitive space, where they distinguish themselves through the quality of their services.

So, offshoring can be a real game-changer to ensure you end up with a quality product that's as risk-free as a bubble-wrapped, well-protected package. A good custom software development company that provides offshore services will thus always be focused on keeping quality on top of everything.

By working with a reputable offshore company, you can ensure that your products meet or exceed quality standards. Say goodbye to those pesky quality-related issues and get ready to exceed customer satisfaction. Plus, delivering high-quality products will make your business stand out from the competition.

Growth Certainty

Let's talk about the struggle that a business has to ride on when it comes to growth and expansion. As most entrepreneurs have all been there - trying to tackle every area of our business, but feeling like their employees are drowning in work.

As Max McKeown, English writer and consultant, once said, "Adaptability is about the powerful difference between adapting to cope and adapting to win." And what better way to adapt and win than by hopping on the offshore trend?

Timing is key, and with an offshore software dev company, you can evolve your business without the headache of hiring full-time employees. It's like having your cake and eating it too - recruit and scale without delay and watch your project and company thrive.

The advantage of difference

So, you know how when you're catching some Z's, the rest of the world is still up and about? Well, having a team from all around the globe means that while you're getting your sleep, the world's best tech talent is hard at work, cranking up your innovation and development!

To make sure things run smoothly, businesses that offshore successfully make sure there's at least 2-4 hours of time zone overlap. That way, you can hand over processes to your offshore team, and make sure everyone's on the same page by asking and answering questions. So, you are enjoying round-the-clock productivity.

Now, one of the biggest worries when it comes to offshoring is whether the team will blend in well. But fear not! A whopping 71% of businesses follow the trusty sprint model to ensure projects move forward smoothly. And it's not just a great way to manage external teams - it's like the perfect match for the offshore model! Following these models helps in making effective utilization of time-zone differences.

Catching up with fluctuations

Offshoring offers greater flexibility and helps with effectively managing changes. As you never know when things might shift, whether it's a sudden change in feature or building a new feature. That's why it's crucial to have an outsourcing partner who can roll with the punches and adapt to your needs.

The right offshore software development company won't just be flexible in their operations, but in their overall approach to business. They'll be able to pivot and adjust as needed, keeping pace with whatever new challenges come your way. It's a vital skill in today's fast-moving business world, and one that can make all the difference in the success of your outsourcing relationship.

Smoothness in support

Uninterrupted customer support is a hallmark of offshore development. When it comes to tech projects, it’s not just about getting the software ready for launch day. There’s a whole lot of work that goes into making sure it runs smoothly and stays up to date. From fixing bugs to answering customer questions, the job’s never really done.

That’s why it’s important to have a solid team in place to handle ongoing maintenance and support. If you’re working with an offshore development firm, this becomes even more crucial. You need a partner who can not only deliver great results on the initial project, but who can also stick around to keep things running smoothly.

It’s all about staying competitive in today’s fast-paced market. If you’re not constantly improving and updating your software, you’ll quickly fall behind. So when choosing an offshore company, make sure you’re looking for a partner who can handle both the initial development and ongoing management.

Final Thoughts

“Outsourcing was the bogeyman of the ’90’s. Protectionists portrayed it as an evil that would take American jobs away. Yes, some jobs did go offshore as people feared, but it made the global economic pie grow bigger,” noted Vivek Wadhwa, American technology entrepreneur and academic.

As we saw, the offshore option in software development is quickly becoming the go-to for many companies who are keen on optimizing their costs while maintaining quality.

And that's not all - offshoring means companies can now source talent from all corners of the world. With the tech market advancing at lightning speed, companies have got to adapt and stay flexible if they want to survive. So, offshore software development is just the ticket for those who want to remain competitive in this ever-changing landscape. If you are looking for a good offshore software company, then consider connecting our expert team to seek guidance in this direction.

View Source : https://www.finoit.com/articles/why-choose-offshore-software-company/

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3 Risks Of Outsourcing Payroll For International Employers

Outsourcing payroll can be an effective way for international employers to streamline their payroll processes and reduce administrative burdens. However, there are several risks associated with outsourcing payroll that international employers must be aware of. In this article, we will explore the top three risks of payroll outsourcing canada for international employers and provide tips for mitigating these risks.

Main risks of payroll outsourcing 

1. Compliance Risks

One of the most significant risks associated with outsourcing payroll for international employers is compliance risk. Payroll data is subject to numerous regulations and compliance requirements, such as data protection laws and financial regulations. These regulations can vary widely depending on the jurisdiction and can be complex and challenging to navigate.

When outsourcing payroll, it is essential to ensure that the payroll service provider has a thorough understanding of the regulatory environment in the countries where the payroll service providers canada operates. The provider must be familiar with all relevant regulations and be able to ensure compliance with them.

If a payroll service provider fails to comply with these regulations, it can result in fines, legal action, or damage to the business's reputation. International employers must be vigilant and ensure that their payroll service provider is compliant with all relevant regulations.

2. Data Security Risks

Outsourcing payroll can also increase data security risks for international employers. Payroll data is highly sensitive and must be kept secure to protect employees' personal information and prevent fraud or other malicious activities.

When outsourcing payroll, international employers must ensure that their payroll service provider has a robust data security infrastructure in place. The provider must have proper security protocols, firewalls, intrusion detection systems, and data encryption tools to protect against cyber-attacks.

It is also essential to ensure that employees of the payroll service provider are subject to the same background checks or screening processes as the business's employees. Insider threats can be particularly damaging, and it is essential to minimize the risk of malicious activity by service provider employees.

3. Communication Risks

Finally, communication risks are another potential issue for international employers outsourcing payroll. There may be language barriers, cultural differences, or time zone differences that can create challenges in communication between the international payroll processing companies and the payroll service provider.

Clear communication is essential to ensure that payroll data is processed accurately and on time. International employers must ensure that they have clear communication channels with their payroll service provider and that they understand each other's expectations.

Mitigating Risks of Outsourcing Payroll for International Employers

To mitigate the risks of outsourcing payroll for international employers, several steps can be taken, including:

Conduct thorough due diligence on the payroll service provider to ensure that they have a thorough understanding of the regulatory environment in the countries where the business operates.

Establish clear communication channels with the payroll service provider and regularly review and update expectations.

Use strong passwords and two-factor authentication to secure access to payroll data.

Train employees on proper data security practices and regularly review and update security policies and procedures.

Use data encryption tools to protect sensitive data, such as social security numbers and bank account details.

Monitor payroll data regularly for signs of unauthorized access or malicious activity.

Limit access to sensitive payroll data to only those employees who need it and regularly review access privileges.

Conclusion

Outsourcing payroll can be a cost-effective way for international employers to streamline their payroll processes and reduce administrative burdens. However, it is essential to be aware of the potential risks associated with best payroll services canada particularly compliance, data security, and communication risks.

International employers must take proactive steps to mitigate these risks and ensure that their payroll service provider is compliant with all relevant regulations, has a robust data security infrastructure in place, and has clear communication channels. By taking these steps, international employers can enjoy the benefits of outsourcing payroll while minimizing the associated risks.

Read more: 

Payroll Service Providers — Options to Suit Your Business

Top 5 Requirements of Global Payroll

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Top 8 Benefits of Outsourcing Data Entry Services to India

Processing and digitizing data are essential across most businesses these days. Digitizing data, either through manual data entry or document process automation, provides easy access to information and enhances operational efficiencies. While most business firms acknowledge the importance of data for their business operations, the scarcity of manpower to organize their own information bank poses a challenge. When data from over a million documents need to be captured and entered into an application, the requirement for personnel and resources would be considerable. Most often, companies hit a roadblock as this is not a viable option and it would hinder the progress of their core business strategy.

Numerous companies across the globe see value in partnering with a professional data entry services provider. Companies who outsource their data entry tasks have varied requirements: data entry from scanned invoices, scanned records, product catalogs, images, online research, forms, charts, data conversion, data processing, extracting data from various sources, and others.

According to an article on Forbes.com by Bain & Company, outsourcing and offshoring have gone beyond being just cost-cutting measures. They are used for more strategic ends by companies, for capabilities that are not possessed or which need to be strengthened.

Benefits of Choosing the Right Data Entry Outsourcing Company

Smart Partnerships: Experienced outsourcing companies have the flexibility to scale their services and customize them according to individual client requirements. Connecting with the right professional data entry service provider enables outsourcers to have an effective and sustainable relationship, that can grow over the long term.

Focus on Core Competency: Most businesses have the core and non-core processes. Implementing non-core processes, like data entry, in-house can add tremendous operational costs in terms of hiring process executives who need to have exceptional typing speeds, renting or buying more office space, recruiting managers, deploying new technology, payment of bonuses, and many more hidden expenses. Outsourcing data entry services relieves outsourcers from all the above hassles and enables them to focus on their core competency. This can result in higher operational profits and improved business efficiencies.

Access to Better Talent: By outsourcing, data entry outsourcers have access to the best talent available. Experienced BPO companies understand the importance of recruiting the right people for the job in order to offer exemplary service to their clients in this competitive market. A professional data entry service provider will ensure that the company has the best resources.

Access to Latest Technology: It has become essential for professional BPO companies to upgrade to the latest technological offerings in order to provide high-performance services. The right technology enables faster and quicker service. By investing time in finding the right service partner, outsourcers can save the cost of investing in technology in-house.

Mitigating Risk: A key reason that drives most companies to outsource is to mitigate risk. In this ever-changing business landscape, it may not be feasible for companies to invest in technology, resources, and infrastructure that could become obsolete quickly. Outsourcing smartly helps companies to mitigate the risk of obsolescence and seek sustainable growth. The risk of errors in data processing is also reduced when the task is handled by an experienced data entry service provider.

Improved Productivity: Outsourcing data entry services to a location like India, which is 10-12 hours ahead of countries like the US and Canada, has proven to be very efficient in improving productivity and increasing volumes of transactions. With the help of after-hours data entry support, global companies can accelerate their business and operational cycles and deliver quick services to clients.

Competitive Advantage: To keep ahead of the competition, businesses need to make smart strategic decisions. For sustainable operations, it has become imperative for businesses to outsource non-core processes, like data entry, scanning, payroll, bookkeeping and more.

Lower Operational Costs: Lowering operation costs is an objective all businesses work towards. Outsourcing data entry helps outsourcers to save costs related to labor, infrastructure, business operations, technology and more.

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PROGRAMS FOR MEDICAL ACCOUNTING

You'll need the right accounting and bookkeeping software and tools if you want to be successful in your medical practise. Using the right technology can help you provide better patient care, be more productive, save time and money, and require less accounting and bookkeeping work. Some of the most essential tools for your medical practise include the ones listed below: Intuit's QuickBooks Online:

Make sure a software package satisfies all of your criteria before choosing it for your UK outsourced accounting services. The QuickBooks Online programme is one of them. If you are in charge of a small private practise with only a few doctors, QuickBooks Online is a great option. This programme enables you to keep track of earnings, bill patients, organise your records, and employ accounting outsourcing in the UK to help your medical practise. It is regarded as one of the top software programmes for management accounting services available. It is a small medical office-specific cloud-based accounting system. You can communicate with your team, bookkeepers, and accountants online and have access to your financial data at any time and from any place.

Reconciling bank and credit card accounts with QuickBooks Online improves transaction accuracy and reduces fraud. You may generate invoices, collect payments from clients and insurance companies, and take care of your sales tax requirements with the integrated invoicing tool. QuickBooks Online has a "classes" or "locations" option that you can use if you have a lot of locations, want to keep track of your spending, and want to test the effectiveness of various strategies. If your practise offers a range of specialties, you can monitor the performance of each service line. An useful resource for tracking expenses and creating budgets is Text Prepare. Because the programme can photograph receipts and invoices and automatically extract the necessary information from them, you don't need to save physical copies of your receipts and invoices.

By requiring less human data entry for receipts and bills, Text Prepare enhances accounting and bookkeeping outsourcing services. Export the transaction to your accounting programme after you have verified the information. Simply said, every one of your documents is accessible via the cloud. This solution's integrated platform does a great job of compiling all supplier invoices. You are able to keep track of all payables at your clinic because your documentation is organized.

Plooto: Your business needs a variety of things, including medical supplies and personal safety gear. It will be crucial for you to be able to properly manage payables, interact with suppliers, and keep an accurate inventory of all the materials needed to treat your patients.

A great tool for managing vendor payments is Plooto. By enabling you to plan and approve vendor payments online, it streamlines your payables process. There is no longer a need for checks, and an audit trail is still available. Plooto assists you in making all of your payments on time and enables you to take advantage of early payment incentives, helping you maintain solid and advantageous relationships with your vendors.

Payworks:- Each medical practise spends a lot of money on labour. How much you pay your doctors, practise managers, and front-desk employees is entirely up to you. Regardless of the size of your practice, use a payroll software solution like Payworks to assist you in managing your payroll.

The likelihood of mistakes in deductions and penalties increases when manually computed accounting is outsourced. It takes a lot of time and is ineffective. By computing payroll deductions for each employee and submitting them on your behalf to the Canada Revenue Agency, Payworks helps you save time.

Your medical practice's bookkeeping will be lot simpler with the right equipment. To save time and money, think about integrating technology into your business. Mindspace is aware of all the techniques that could help your clinic get a better handle on its finances because we stay up to date with the most recent accounting software and technology. Please get in touch with us to learn more about how we can help your medical practise utilise cutting-edge technology while streamlining every aspect of your accounting procedure.

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Advantages Of Financial Outsource Accounting Services in Surrey

When you outsource your accounting services to one of the top outsourcing companies in Canada, you have the opportunity to get a plethora of benefits. Here are some highlights!

You drastically reduce your overhead costs.

When you work with an external accounting service provider, you save on employee hours, sick leaves, paid leaves, social security, taxes, and more. So, you will end up with lower overhead costs.

You improve data security & protect sensitive information.

outsourcing Accounting service providers spend a lot of money on sensitive data security software so you can be sure that all your sensitive information is safe with them.

Your decision-making process becomes faster.

Outsourcing accounting services gives you time for other important tasks and helps you focus more, making the decision-making process faster. In the end, it helps you grow your business.

You get many other advantages such as bookkeeping services, contract generation, and more.

With the best-outsourced accounting services in Surrey, you get access to many related services such as bookkeeping, payroll, tax calculations, and more.

Accurate and Fast Accounting.

Using a professional financial accounting outsourcing service allows business owners to understand their business and costs well.

Your accounting services become highly efficient.

Since you have outsourced bookkeeping and Accounting services in Surrey, it will help you have enough time to focus on other important things to grow your business. By removing the complexity of working with accounting services, financial accounting outsourcing services give you time to work on the creative side of your business and be more efficient.

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Looking For the Best Outsourced Accountancy Services? Contact Accountooze Virtual Accountants

Accountooze is a virtual accounting firm in India, a company that specializes in bookkeeping, payroll, and accounting. Even regular accounting and bookkeeping activities, we feel, need particular attention. Using modern technology, our aim is to be the international leader in providing the trusted accounting outsourcing partner for accounting firms and SME's throughout the world. The quality of service provided by a bookkeeping and accounting firm is well-known. Our firm's first priority is to maintain excellent standards for our clients in the United States, the United Kingdom, Australia, Canada, and anywhere else in the globe. Accountooze is a leading bookkeeping outsourcing company in India.

Accountooze has Accountants as part of a highly skilled and experienced team. With several years of expertise in US accounting, we are QB and Xero certified.  When a company hires an outsourcings firm to handle their accounts, the first thing they worry about is their data. Accountooze takes the responsibility of protecting your data at any cost. Our working is end-to-end encrypted. Safeguarding your data is extremely important to us. Our dedicated IT rules guarantee that information on servers, PCs, and messages inside the workspaces are secure, and that we consistently strive to best-practice structures. Our bookkeepers are well-equipped to assist you with all of your requirements. Get your books in order and remain on top of them with us. There are no contracts to sign, and we can handle all of your account outsourcing requirements without any fuss.

Accountooze promise to deliver the quality of work. Our experts are working 24*7 to deliver you the best. We understand the importance of bookkeeping, whether it is small firm or large, if the books are well maintained then the success is guaranteed. Accountooze is here to help your business in its path towards success. We aim to deliver the best services possible through our experts, at the most affordable price possible. India is known for graduating the superlative accountants with the knowledge of working of various countries, accountooze has the filtered accounting experts, this makes the company one of finest accounting and bookkeeping service providers from india.

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Payroll and HR Outsourcing Services Market 2021 | Covid19 Impact Analysis | Size, Share, Sales and Forecast to 2026: Faro Vietnam, Mazars, ANT Consulting, CEKINDO, PRTR, etc.

Global Payroll and HR Outsourcing Services Market 2021 report is comprised of an in-depth analysis of the global industry which aims to deliver comprehensive market intelligence study associated with major market components. The report includes an overview of these markets on different fronts such as market size, market share, market penetration of the product and services, market downstream fields, key vendors operating within the territory, market price analysis and more. This might help readers across the worldwide business industry to comprehend a lot about the regional as well as key domestic markets for Payroll and HR Outsourcing Services. Reports include an overview and examination of the major companies operating within the industry which are considered to be revenue drivers for the market.

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Top Key players of Payroll and HR Outsourcing Services Market Covered In The Report: Faro Vietnam Mazars ANT Consulting CEKINDO PRTR MSNA Group Pinnacle X MSNA Talentnet Links Key Market Segmentation of Payroll and HR Outsourcing Services:

On the basis of types, the Payroll and HR Outsourcing Services market from 2015 to 2025 is primarily split into:

Payroll Outsourcing Services HR Outsourcing Services On the basis of applications, the Payroll and HR Outsourcing Services market from 2015 to 2025 covers:

BFSI Government Healthcare Manufacturing Retail Telecom and IT Transportation and logistics Others

The Payroll and HR Outsourcing Services report includes the study of these ventures on parameters such as market share, company profile, revenue figures, sales data, market presence, product or service portfolio, past performance, expected performance, and more. This may assist those who are willing to enhance their know-how of the competitive scenario of the Payroll and HR Outsourcing Services Market.

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Key Highlights from Payroll and HR Outsourcing Services Market Study:

Income and Sales Estimation – Historical Revenue and deals volume is displayed and supports information is triangulated with best down and base up ways to deal with figure finish market measure and to estimate conjecture numbers for key areas shrouded in the Payroll and HR Outsourcing Services report alongside arranged and very much perceived Types and end-utilize industry. Moreover, macroeconomic factors and administrative procedures are discovered explanation in Payroll and HR Outsourcing Services industry advancement and perceptive examination.

Assembling Analysis – The Payroll and HR Outsourcing Services report is presently broken down concerning different types and applications. The Payroll and HR Outsourcing Services market gives a section featuring the assembling procedure examination approved by means of essential data gathered through Industry specialists and Key authorities of profiled organizations.

Competition Analysis – Payroll and HR Outsourcing Services Leading players have been considered relying upon their organization profile, item portfolio, limit, item/benefit value, deals, and cost/benefit.

Demand and Supply and Effectiveness –

Payroll and HR Outsourcing Services report moreover gives support, Production, Consumption and (Export and Import).

Payroll and HR Outsourcing Services Market Region Mainly Focusing: — Europe Payroll and HR Outsourcing Services Market (Austria, France, Finland, Switzerland, Italy, Germany, Netherlands, Poland, Russia, Spain, Sweden, Turkey, UK), — Asia-Pacific and Australia Payroll and HR Outsourcing Services Market (China, South Korea, Thailand, India, Vietnam, Malaysia, Indonesia, and Japan), — The Middle East and Africa Payroll and HR Outsourcing Services Market (Saudi Arabia, South Africa, Egypt, Morocco, and Nigeria), — Latin America/South America Payroll and HR Outsourcing Services Market (Brazil and Argentina), — North America Payroll and HR Outsourcing Services Market (Canada, Mexico, and The USA)

The Payroll and HR Outsourcing Services Market report concludes with sharing vital report findings with readers. Here on the basis of study of historical data, examination of the current scenarios overserved in various markets including regional and domestic and trends recorded, it delivers forecast of the market. This includes segmental forecast, regional market forecast, market size forecast, consumption forecast.

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Payroll and HR Outsourcing Services, Payroll and HR Outsourcing Services Market, COVID19 Impact on Payroll and HR Outsourcing Services Market, Payroll and HR Outsourcing Services Forecast, Payroll and HR Outsourcing Services Market Growth, Payroll and HR Outsourcing Services Market Sales, Payroll and HR Outsourcing Services Market Size, Payroll and HR Outsourcing Services Market Regional Analysis

[innovativeprosolution]

Online Payroll Services

Revolutionize your payroll process with Innovative Pro Solutions' Online Payroll Services. Say goodbye to manual calculations and paperwork. Our user-friendly platform streamlines payroll tasks, ensuring accuracy and efficiency. Simplify your payroll management today with Innovative Pro Solutions.

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Email: info@innovativeprosolutions.com

[rickysheikh92]

Payroll Outsourcing Services Market Forecast and Trends Analysis Research Report 2020-2027

The GMI Research expects the payroll outsourcing services market to expand at a higher rate. From a regional perspective, North America is projected to dominate the market due to the incorporation of advanced solutions, such as automated sub-processes, business analytics, and big data.

Request for a FREE Sample Report on Payroll Outsourcing Services Market

Payroll Outsourcing Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The growing requirement for cutting cost and operational efficiency globally are the significant factors surging the growth of the global payroll outsourcing services market. As per the payroll outsourcing services market statistics, the increasing benefits, including avoidance of penalties and reduction in the overall risk potential, are some other factors driving the growth of the payroll outsourcing market size during the forecast period. It is seen that around 40% of the businesses pay penalties due to incorrect or late fillings. However, this undesirable situation can be reduced by availing the third-party payroll services as the majority of the payroll outsourcing vendors also provide tax guarantees and ensure avoidance of fines. Advancements, such as technological innovations and the strong demand to standardize the processes, will further accelerate the payroll outsourcing services market growth in the upcoming years. In addition to this, the rising demand for multi-country and centralized outsourcing solutions is expected to fuel the growth of the global payroll outsourcing services market. Additionally, the vendors' rising emphasis on allowing affordable and accessible solutions is further augmenting the growth of the market. On the other edge of the spectrum, the factors hindering the growth of the payroll outsourcing services market include security and privacy concerns.

Type Segment Drivers

On the basis of type, the fully outsources services segment is predicted to grow at a higher rate as the fully managed payroll services are the correct fit for a company wanting to aim at the time on its core business. The specialists assist the enterprises by offering the services that aid in strengthening the relationship with a company's staff and delivering the right payslips on time. A fully outsourced payroll service provided all the benefits of an effective payroll department without any overheads or direct responsibilities.

Payroll Outsourcing Services Market’s leading Manufacturers:

·        Accenture Plc

·        Automatic Data Processing Inc.

·        HP Inc.

·        Infosys Ltd.

·        Gusto

·        OnPay, Inc.

·        Intuit

·        Paychex Inc.

·        Sage Group Plc

·        Workday Inc.

Payroll Outsourcing Services Market Segmentation:

Segmentation by Type:

·        Hybrid

·        Fully Outsourced

Segmentation by Application:

·        Mid-market

·        National

·        International

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: enquiry@gmiresearch.com Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: www.gmiresearch.com

[mercanstalks]

Outsourced Payroll Providers: Top 5 Benefits

Are you looking for the top outsourced payroll providers for your business? Is it genuine that you are looking for worldwide payroll services? The general payroll dominatingly rotates around payroll managing frameworks. As demonstrated by ADP's examination, 75% of business pioneers are ready to consider reevaluating all or a gigantic piece of their payroll processes.

 Engaging, too, is the survey that 97% consider payroll information as a fundamental idea in cost affiliation methodologies, with 87% investigating payroll as an urgent piece of their business and improvement targets. Re-appropriating your overall payroll relationship to a recognized outsider expert is an essential piece of this cycle. Why? Moving to the right as a rule affiliation provider invites with it many benefits that on-premise plans can't contact.

Benefits of outsourcing

19% of respondents found that recalling for house techniques began their business up to face a challenge while endeavoring to coordinate consistency themselves. This figure drops to just two percent for affiliations re-appropriating their overall payroll.

A versatile, cloud-based, joined methodology made with your business. Dependably it pays staff in a decent, steady, and talented way, giving overall payroll worldwide payroll suppliers Canada plans changed to neighborhood needs, got along with single view multi country payroll data for extra sharpened bits of information, and payroll experts to keep you reliable.

A survey worked with by Forrester Guiding for ADP found that the overall relationship with ADP's overall hr & payroll outsourcing plan saw a 134 percent benefit from the hypothesis, a lessening in payroll managing crafted by up to 75 percent, and avoidance of consistency costs of $1.8 million. There are so many overall payrolls dealing with relationships for your reference.

Why use an overall payroll affiliation provider?

Re-appropriating your overall multi country payroll outsourcing saves significant time by supporting your authoritative obligations, decreasing your consistency risk, further making deftness, and helping you with filling any cutoff openings without the cost of overall payroll supplier Switzerland. Joined with that, a worked-overall payroll process that is converged with your HR and cash structures diminish whimsies, yet next to lessening costs, for example, paying for silly programming.

As shown by a 2023 EY Overall Payroll Study, 65% of HR and payroll pioneers agree that an overall vehicle model would pass enormous benefits onto their associations. Buyers of an overall payroll associations provider saw north of 32% ordinary save assets from process smoothing out, over 20% hold maintains through payroll services in Switzerland, and a 50 percent resource decline from additionally created viability.

The onus is on affiliations now to experience each second unbounded and make an overall payroll structure that is deft and versatile enough to deal with any coming. Overall international payroll services, whether another thriving or cash-related crisis or the new best overall payroll suppliers.

Bottom line

With 60% of payroll specialists agreeing that a truly broad payroll model would help their association, everything is great and well to make a vital occupation for payroll, moving it from the regulatory focus to clear. This can help with driving the business forward - rather than keeping it above water.

Browse more: 

Ultimate Guide For Payroll In 2023

Things to Consider When Outsourcing Payroll Providers

What Do Payroll Outsourcing Companies Do?

[optamarkfra]

What Is The Most Profitable Franchise In The World?

We live in a dynamic world. As Heraclitus, the Greek philosopher, said, "Change is the only constant in life." This quote is so apt in the way the business world has evolved over the years. From retail stores to ecommerce, we have come a long way. As we are inching towards a new decade, new challenges lay ahead of us. Of course, the challenges have created many promotional products for business opportunities as well. Undoubtedly, the franchise is the most popular and profitable way of doing business of all the other business models. So, what does franchise mean?

A franchise is a license kind that a party or franchisee gets to permit them to have admission to a business's or the franchiser's proprietary processes, trademarks, and knowledge to allow the party to provide a service or sell a product under the name of the business. In return, the franchisee, after gaining franchise access, usually pays the franchisor an initial start-up fee, in addition to an annual licensing fee.

Over the years, several businesses have earned a huge turnover by engaging in franchising. Here are some of the most money-spinning franchise of the world:

McDonald's     – Every time we talk about the franchise, it     is almost impossible not to mention McDonald's. It is certainly the     biggest and most lucrative franchise in the history of franchising. As per     the data, this company generates more than $80 billion in sales annually.     The reason behind the huge sale is the network of over 30,000 outlets all     over the world. It is widely known for its hamburgers, cheeseburgers, and French fries.

7-Eleven – With a network of over 50,000 retail stores, 7-Eleven is the world's     largest convenience store and one of the most money-making franchises. The     company runs its retail stores in over 16 countries and has over 8,000     retail stores in the US alone. The key to this company's success is its     elite franchise model that focuses on maximum customer satisfaction.

The UPS     Store – It     is the world's largest     franchisor of postal, retail shipping, business service, and printing     centers. It provides convenient and value-added business services to     consumers nationwide. It ranks top worldwide as a retail shipping and     postal service operation with over 5,000 independently owned locations     within Canada and the USA.

KFC – After McDonald's, KFC is     undoubtedly the most money-spinning franchise across the globe. Popular     for its fried chicken, KFC has over 15,000 outlets all over the     world.  As per the data, KFC serves     more than 12 million clienteles daily in over a hundred nations. With such     a huge sale, it generates over 6 billion every year. Interestingly, it is     also projected that more than 100 million television viewers watch a KFC     commercial at least one time in a week.

Hertz – It     is one of the largest car rental companies. With over 30,000 employees,     this company operates in over 1,500 countries worldwide. Data shows that     its annual sales tops highs of over $8 billion on handling over 40 million     calls and 30 million reservations annually.

Ace Hardware – It is the world's largest and most money-making hardware retail     cooperative. The company was founded in 1924 and has expanded to over     5,200 locations. It generates over $4 billion in revenues annually. It is     ranked sixth in the Franchise 500! It has relationships with 3rd-party     resources, which offer financial support to cover various expenses such as     start-up costs, franchise fees, inventory expenses, equipment cost,     payroll, and accounts receivable.

Dunkin     Donuts – Dunkin' Donuts has its stores in more than 32 nations. They     provide 70 types of delicious doughnuts, in combination with cold and hot     coffee beverages, breakfast sandwiches, and bagels, and other bakery     eatables. The company generates over $1 billion in sales annually. It is     popular as the largest coffee and baked goods chain.

Dairy Queen – Dairy Queen has     an operating network of fast-food restaurants and ice cream joints.  The     company operates 5,000 franchises in the United States and another few     thousand on the international scene. It generates more than     $2 billion, making one of the world's most gainful franchises.

Taco Bell – It is a     fast-food restaurant chain. It is best known for the wide variety     of Mexican inspired food. Its famous brands include tacos, burritos, and     nachos. It generates over $9 billion annual revenues, making it the most     lucrative business. It has over 6,000 stores. Taco Bell is owned by Yum     brands that also owns Pizza Hut and KFC.

Subway –     This fast-food joint is widely known as the world's largest sandwich     chain. Founded in August 1965, it is one of the fastest-growing franchises,     operating in over 100 countries. More than half of its outlets are in the     United States.

Note: Over the last few years, marketing in every business's growth has increased significantly. No matter what business you are engaged in, you cannot succeed without proper marketing. The demand for promotional products franchise opportunities has increased significantly, resulting in a promotional product franchise setup.                                                              

A fully promoted franchise owner helps businesses in their community in developing a strong, well-researched marketing strategy for their growth. They help the business in creating, designing, and implementing the marketing strategy from top to bottom. After all, marketing brings customers and develops their goodwill all over the world. Since marketing is the most important branch of the business, and is outsourced in the hands of the most efficient professionals, it helps businesses sit back, relax, and focus on their other important aspects.

Printing products are playing a huge role in the success of promotional products franchises. Consumers love the cool and creative printing products such as backpacks, coffee mugs, notebooks & pens, outwear, hoodie, t-shirts, travel tumblers, water bottles, etc. With such a wide range of printing products, the prospects of earning a huge profit through promotional products franchise have increased a lot. If you are looking for a franchise sector with a market growth scope and huge profit, then a promotional franchise is one of the best choices. Moreover, this franchise allows you the luxury of creativity also.  

[laliacpa-blog]

Why You Should Consider Outsourcing Accounting Bookkeeping And Other Financial Requirements

Accounting is essential in the day to day life for the business to grow and flourish. It is the backbone of any business financial world. In medieval times it was created for the development of trade and commerce all over the world. Lots of things will come to our mind to figure out the need of the accounting firms.

Before choosing a particular accounting or CPA firm, we must prepare a detailed review of the market status. Ask our friends, partners, and colleagues to make a list of the best freelance accounting firms.

There are many perks of employing a freelance accounting firm. As many business owners are not excellent in their numbers, financial details, and taxes, it is better to have a team of Accountants and Bookkeepers. It can save organizational cost and overhead expenditure of the business in the long run and eliminate any expensive financial blunders.

It's always a smart thing to hire a CPA firm than to do everything on your own. It is the best way to boost business success. Due to the development of technology and communication facilitates, we can get the best professionals and experts suitable for particular jobs.

Apart from all things, the business's precious data and financial details are kept secret and confidential. Top CPA firms provide multiple services, assisting in finances and bookkeeping, and tax returns, profit, and loss statements, and many more.

Lalia Cpa offers the best accounting and bookkeeping services assisting companies across Canada in all areas and at every level of business growth. We are the top CPA in Mississauga, Ontario, Canada. We offer small to medium businesses of all types the chance to cherry-pick from a flexible range of services, including Accountant and Bookkeeping, GST, Payroll, Personal and Corporate Taxation, general office services, and many more.

Lalia Cpa offers more than 40 years of experience and pure expertise in streamlining systems and making substantial savings for all types of businesses. For a free consultation, call Lalia Cpa at 647-532-1413.

[placementandpayrollconsulta-blog]

payroll outsourcing company

Payroll outsourcing is a very common and growing practice these days. Payroll is an important business function that deals with the process of paying employees for services rendered. Payroll outsourcing can be defined as the accomplishment of a payroll task by some external agency. There are many reasons why companies outsource payroll, but the most prominent benefit lies in the fact that it often saves money. Basic payroll outsourcing services include calculating paycheck and tax obligations for each employee, printing and delivering checks, and providing management reports.

 Every business owner knows that handling payroll can be a headache. Preparing payroll internally can cost valuable hours of employee time every pay period, and require expensive accounting software and training. Besides, the person handling payroll of an organization internally needs to keep up to date with changes in personnel, deadlines, and tax requirements on an ongoing basis. Payroll outsourcing is an affordable way to take away these burdens, because it is a time-saving and cost-effective alternative to internal payroll processing.

 Payroll actually commences with the worker signing up with a company. A typical payroll report contains items such as gross hourly wages and gross salaries, bonus payments including stock given as a bonus, overtime pay, severance pay, per diem and travel allowance, and contributions to deferred compensation by employees.

 Today, payroll outsourcing is a vital part of an organization's payroll and benefits functions. This will improve employee satisfaction and enable the organization to focus its assets on mission-critical areas. The market for payroll outsourcing services is competitive and there are a number of key points, such as speed, accuracy and ease of use, to consider when opting using a payroll company.

 Though payroll outsourcing may prove highly valuable for many organizations, it also has many drawbacks. It is essential that every company precisely assess its requirements to determine if outsourcing is a feasible alternative.

  Payroll outsourcing services are the services provided by payroll outsourcing companies to their clients. Payroll outsourcing includes receipt and analysis of payroll data, reporting the payment of payroll taxes, issuing payment and reports to employees and reporting data to end user.

 Payroll outsourcing services provide a ready solution in areas that are critical to the success of a business. They undertake the back office accounting and payroll work for all their clients and create a local presence by providing routine consultation and tax return. Payroll software provided by the outsourcing company will enable you to transmit your payroll data securely, easily and efficiently through the internet. You can view a pre-check register to verify that the payroll is perfect at every time. The software also helps you to input data and receipt online.

 There are online services that provide additional options like web access, which allows you to view information and even make changes to such information online. The management and employees are allowed to access to view their benefits plans, enroll in benefits, read policies, and make changes to current data.

 The greatest advantage of payroll outsourcing is that it allows the management and employees to focus on the business and make improvements, instead of wasting valuable time in tiresome work. Payroll outsourcing services are a great boon to companies which have split from the parent company and are just building up a payroll department.

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[douglassmiith]

Top 5 Crisis-Response Steps for Entrepreneurs

April 24, 2020 7 min read

Opinions expressed by Entrepreneur contributors are their own.

A crisis is a time of opportunities. The deeper the crisis, the bigger the opportunities.

This crisis may be the largest we’ve seen during our lifetimes. Some experts expect it to be worse than the Great Depression as many industries are knocked-down by the pandemic which may last two years or longer.

Indeed, even if the governments lift the “stay at home” restrictions, the self-preservation instinct would continue to keep people away from cruise ships, airports, restaurants, theaters and stadiums until the virus goes away.

Viruses do go away, but it takes a rather long time. The Spanish Flu was killing millions of people for three years, from January of 1918 to December of 1920. We all hope that the vaccine or effective treatment of COVID-19 will be developed soon, but medical experts say it may take two years or longer. Then it’d have to be produced and distributed worldwide, and we’ve all seen that even such basic items as face masks or hand sanitizer remain in shortage long after the pandemic started.

Related: 5 Ways to Pivot Your Business During a Crisis

So, with a crisis so scary, how can we talk about taking advantage of it?

The answer is very simple: because history has shown us time and again that during recessions and other calamities, some businesses grow explosively fast and prosper. This means that every one of us has to decide whether to search for such opportunities or not.

If you decide that instead of resigning yourself to suffering you are willing to do your best to find ways to prosper during the crisis, you may find useful some of the observations I’m basing on my personal experience of turning crises into success.

For me, it started in a different era and in a different county. By the age of 25, I’ve built, from scratch, the largest commercial bank in Russia – a feat unimaginable in stable economies. But the crisis which brought down the Soviet Union was so profound that young entrepreneurs like me adjusted to the new reality much faster than the shell-shocked adults unwilling to extricate themselves from choices which had become roads-to-nowhere.

Later, in 1992, the KGB returned to reclaim the country and I had to start anew in the United States as a defector. That crisis allowed me to learn new languages, get familiar with international business and to live a life much more satisfying than I could possibly have in Putin’s Russia.

I later took advantage of the Dot-Com Implosion of 2001 to branch out from IT outsourcing to a more scalable software and multimedia production business and it was then that this magazine first reported about me (2005 and 2008). 

The Great Recession of 2008 resulted in me and my partner creating TransparentBusiness, the tool we needed to make our IT outsourcing and online visibility company more efficient, agile and competitive. By now, TransparentBusiness is valued at $140 million.

Related: How to Make Every Marketing Dollar Count During a Crisis

Many others have taken advantage of crises too and on a much larger scale. During a war, for example, the inventor of dynamite became so rich that U.S. Presidents and other top politicians have been competing for winning his Peace Prize.

Fortunately, we can benefit from crises without having to produce explosives. Below you will find five thoughts I can share with my fellow entrepreneurs.

1. Re-evaluate everything

Are you in the right industry? With the right partners? In the right place? With the right spouse?

If you were to start a new business now, would you start a business exactly like your current one? Or would it be better for you to move to Iceland and start a bitcoin farm? Or to move to Costa Rica and start a cloud-sourcing agency?

We rarely dare to ask ourselves such radical questions. When things go well, we stay the course under the “don’t fix what isn’t not broken” maxim, often missing much larger opportunities and ending up in a dead-end rut. Profound crises are rare opportunities for us to reevaluate everything. And by that, I mean EVERYTHING.

I’ve done it many times myself. Moving from construction business to commodity arbitrage, then banking, then IT. From Russia to Austria, United States, Antigua, Italy, Spain, Argentina, Canada and the back to the United States. Those changes have always proved to be for the better.

You don’t have to make changes equally radical, but now it’s the time to recall that sunk costs have no value. It matters not how much you’ve invested in your business, house, relationships. If they are no longer the best available options for you, move on.

2. A crisis is the best time to reform

So often we see ways to optimize our businesses and yet don’t act on them, as we know that changes would be met with resistance. Firing, reassigning or retraining people, for example. And every time we pass on an opportunity to optimize, our business moves from “cutting-edge” to “obsolete.”

Related: 3 Core Values to Lead Your Crisis Communications Plan

A crisis is the opportunity to change everything as everybody on your staff knows: changes during a crisis is unavoidable. Dismantle that division which stopped being productive. Change your product line. Promote that young bright lady instead of the old friend who expects that promotion based on seniority.

3. Switch to contingency workforce and telecommuters

One of the most profitable changes is to replace under-utilized full-timers with contingent workers.

In Hollywood, they don’t keep actors on payroll all the time. Actors get hired for the duration of their roles, and the same approach applies to other professionals involved in shooting the movie. Large crews are getting assembled and dismissed frequently.

Many companies are already relying heavily on the contingency workforce model, but most businesses have been hesitant to transition their W-2 workers to the role of as-needed contractors. A crisis is a rare opportunity to re-structure your business with minimal push-back.

You may also discover that many of your workers don’t have to commute to the office on a daily basis. Platforms like our TransparentBusiness make it easy to oversee and coordinate their work-from-home, saving you a lot of money previously wasted on paying for excessive office space and on indirectly paying for the workers’ commute time.

4. Hire globally

You can also slash your labor costs by selecting the best options for computer-based workers from the global pool of talent instead of having to hire locally. The savings on many professions often exceed 50%, especially for businesses located in NYC, SFBA and other expensive megalopolises. Hiring globally would also give much higher scalability. 

Related: Six Healthy Ways to Lead in a Crisis

This restructuring would have normally caused a lot of resistance but would be seen as necessary during the recession.

5. Restructure your portfolio

Move your money from the crisis-endangered industries to safety, FAST. Even better, move it to the projects which are likely to grow explosively fast in this crisis. The stock value of Zoom has more than doubled since the pandemic started and there are other technologies posed for fast growth.

Don’t feel bad about moving money from the industries which are hurt: you do good to humanity by moving your funds into what people need the most during these challenging times. Today they need Zoom and other work-from-home solutions more than sea cruises, air travel, sports events, restaurants and so many other businesses badly affected by the coronavirus.

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Via http://www.scpie.org/top-5-crisis-response-steps-for-entrepreneurs/

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