Category: Operations

As we draw closer to tax season, consider whether or not you need to hire a professional to help you with your tax needs this year. The answer to this question is highly individualized, and you can determine the right course of action for you depending on your answers to the following questions.

How Thorough is Your Tax Knowledge?

You may already possess the basic knowledge of the tax process; i.e. relevant forms including W2’s and 1099s. However, filing your taxes goes far beyond just this basic information, and this is where filing can get tricky. You’ll need in-depth information on deductible expenses, like student loans and charitable donations, and if you’re a business owner, you’ll have to provide records of your expenses and your income. If you have a single income, no dependents, and don’t own a house, your taxes will probably be pretty straightforward and easy to handle. However, if you have any complications or feel unsure about how you should file, it’s probably in your best interest to hire an accountant or get professional tax debt relief.

Do You Make Money from Freelancing?

If you make extra income from a freelancing position and don’t pay taxes on it throughout the year, then you’re required to pay self-employment taxes in April. Even if you have another full time job that takes taxes out, the government still considers you self-employed because you make an untaxed side income. With this side job, your employer will report your earnings to the IRS as a deduction with a 1099-Misc. form, and if you don’t report it, you may find yourself in a load of hot water.

Self-employment also comes with its benefits during the tax season. You have a variety of potential deductions available at your fingertips, and a professional can help you navigate the deductions that apply to your particular situation, and help you avoid making any questionable deductions that could trigger an IRS audit. In this case, a professional can save you money, make you money, and keep you out of legal trouble—three tempting benefits to hiring a tax service.

Are You a Financial Supporter?

This may seem like a cut and dried question, but it’s more complicated than you think. Do you have dependents that you support financially? You may think you do, and file as such, but in actuality said individual may not qualify for that distinction. For example, even if you support a relative, if they’re not your direct descendent, the government may refuse your claim. Talking to a tax professional can help you correctly file any and all dependents.

How Much Time Do You Have?

If you’re busy and don’t have a hefty chunk of time to dedicate to getting your taxes in order, then you should definitely consider hiring a tax professional. The IRS claims that the average taxpayer will spend 22 hours preparing their taxes with the correct forms. If an entire day sounds like way too much time for you to spend neck deep in tax information, then you may want to shift the responsibility over to a professional.

Do You Have a New Business?

Did you just start a new business? If so, a professional can help you seek out essential business deductions, and pay all the essential federal business taxes, along with state income taxes, sales taxes, and excise taxes. An experienced CPA can help you forecast the costs associated with your business and help you save hundreds to thousands of dollars come April.

Have You Recently Had a Status-Changing Life Event?

If you recently had a child, got married, or got divorced, then your filing status has changed and you may need the help of a professional to determine the appropriate status. Some of these statuses may have time-sensitive dates which could make things more complicated. An experienced CPA will understand the nitty gritty of this process. Working with a CPA as time goes on is also a good idea because tax credits and deductions in regards to your dependent children could expire depending on age and salary.

Hiring a tax professional may be essential for maintaining your financial security. While those with uncomplicated incomes, no mortgages, and no dependents may find it easy to file alone, if you have any complicated tax issues, it’s in your best interest to use tax filing services.

Article Contributed by Emily Hunter

Every company has a business process. That is, every company has a system in place for getting business and executing the work, and for evaluating how to keep doing those two things well.

When your company is a bank, you may need to advertise your services, treat potential customers like royalty, hire and retain employees, pay out dividends and paychecks, and run the bank efficiently. Once that’s done successfully on day 10, you have to keep doing the same thing on day 20 and day 365. And you have to do it well, or the bank will suffer.

Or when your company is a call center, you have to hire the right number of employees to answer the call volume, you have to train the employees, and you have to make sure the customers feel good about each call.

While these are just a couple of examples of business processes, the point is clear. In order for a company to conduct any type of business, there has to be a system in place. It can be informal and fly-by-the-seat-of -your-pants, or it can be a workflow that’s written out in a detailed manner. It depends on the size of the company, the number of employees and customers, the style of the owner, and any other number of factors.

Whatever type of business process your company uses, there may come a time when you need to make that process better than it’s ever been before. Maybe the bottom line is falling. Maybe there’s talk of a merger. Maybe there’s an expansion on the horizon. Maybe it’s just time to get things streamlined to avoid confusion in the future.

So how can your company optimize its business processes? It’s simple! Or is it?

1. Identify the process.

Before anything can be changed effectively, you need to know what exactly is going on. The first step can be lengthy, because it means monitoring how things are being done currently, and it needs to be objective, yet informed. Chances are some of the steps are already done. There is probably a hiring process in place, which might include a multi-step interview, complete with a personality assessment. When new business is possible, the people who need to handle that call or that walk-in prospect know what services to offer, and they are available immediately.

There’s probably even an employee handbook and a book of procedures for various tasks.

In other words, this step involves answering the question, “What do we do and how do we do it?”

2. Analyze the process

Next, it’s time to take a close-up look at the current process(es). Sure, we know that when a customer calls, the phone will be answered by a customer service representative. But how is that working out? Are the calls being answered quickly? Are the customers happy at the end of the call?  Are the problems being solved in an efficient manner?

When it comes time to rearrange schedules, are the employees satisfied about the changes, or is everyone grumbling under their breath? When it’s time for paychecks, is payroll being distributed on time? Are the customers getting their products shipped out in time for the holiday?

It’s a good first step to understand what is happening in your company, but it’s equally vital to figure out if what is happening is actually working.

This step answers the question, “How’s that working out for you?”

3. Make changes

Now you’re armed with how things work, and how those things are working out for your business. Finally, it’s time to do something with all of this reconnaissance. This step may seem obvious, but it isn’t always done. Sometimes it seems like changes are happening because a detailed analysis has happened. That analysis process can take months of work, and it sure seems like something big is going on. But now is the time to come up with solutions for some of the problems identified in step 2. And with those solutions in mind, they must actually be implemented.

This step is a bit more complicated than the first two. There may be multiple solutions to any given problem. The trick is to implement a solution, and then go back to steps one and two to figure out if the solution actually works. And if it doesn’t, or even if it does, you may need to try out an alternative idea.

Optimizing your business processes can be done in-house, but it’s often a good plan to bring in a set of fresh, objective eyes. You can hire an outside consultant, put cutting-edge software into place, or hire a team, depending on your company’s needs.

Simple, right?

About the Author

Emily Hunter has many years experience writing about business topics and currently writes on behalf of the business process management specialists at TGO Consulting.  In her spare time, she cheers for Spirit of Atlanta, Carolina Crown and Phantom Regiment, creates her own sodas, and crushes tower defense games.  Follow her on Twitter at @Emily2Zen

It’s no secret that running a business involves an overwhelming amount of paperwork. From job applications to balance sheets, finding a way to organize so many documents can feel like a losing battle.

Thanks to Internet technology, though, businesses are learning how to take the “paper” out of “paperwork” and go digital. More companies than ever before are using online services to prepare, modify and store their documents, but what about sensitive paperwork that requires authentic signatures?

The Importance of a Streamlined Hiring System

For some companies, having a reliable system for hiring job candidates can mean the difference between success and failure. Staffing agencies and large corporations are two examples, but every business could benefit from an evolved hiring process.

Finding new employees involves a lot more than evaluating each worker’s credentials; employers also have to obtain tax information and other data. New employees may also have to complete contractor forms, non-disclosure agreements and other verifiable documents. In these cases, you could benefit from using software that features digital signature for staffing agencies.

These applications make signing, sharing and organizing documents easy. They can save you money by reducing the labor costs involved in running a recruiting or human resources department. They can also speed up the process of acquiring signed documents, which can make your hiring process more efficient.

According to Nolo, however, not every electronic signature service is reputable. Many of them do not have the security features in place to protect sensitive data. Others may not have recordkeeping systems that complement your business.

These six steps can help you find the right eSignature service for your needs:

1. Evaluate the Security Features

Your digital signatures should have a security code that is only accessible to the signer. They should never be available to the public or third parties.

2. Research the Service Provider’s Reputation

The company that stores your paperwork – assuming you are not using your own servers – should have a reputation for secure document handling. Use the Internet to compare reviews of different eSignature services.

3. Check the Provider’s Hours of Operation

What hours does your company operate? If you are relying on a third-party service to handle your documents, then you need customer support during those hours. Make sure the eSignature service you use provides reliable support during the hours when you need it most.

4. Evaluate the Document Templates

eSignature services offer templates for different contracts and agreements. Make sure the provider you choose has templates that complement your particular needs.

5. Make Sure the Provider’s Site Is Mobile Friendly

Many companies employ business travelers who aren’t always in front of their computers. In these cases, it is important that the eSignature company has a mobile-friendly website for easy access to documents and features.

6. Investigate the Service’s Recordkeeping Systems

Be sure to review the comprehensiveness of the company’s recordkeeping systems. You may need to search for documents based on specific dates, times, days or other variables.

While eSignature technology can save your company money and help you stay organized, it is important to find a service that is secure and fulfills your particular needs. If you want to avoid identity theft and other potential disasters, use these six steps to find a reputable eSignature service.

The storage capacity of your warehouse has a direct corollary with the day-to-day operations of your business. If space isn’t properly utilized, your options can quickly start to become restricted. At this point, companies can find themselves in a situation where their employee’s actions are limited and your sales as a whole start toslowdown. This is when you’ll need to consider what you can do to increase your warehouse’s storage capacity.

Identifying the Problem

Optimum facilities should be operating with around 75-80% of total space utilized, yet many businesses find themselves stuck around the 50% mark. When faced with the problem of an overcrowded warehouse, many companies think that the only solution is to seek out a new facility with a larger square footage. Not only could this be expensive, but it could also cause significant downtime to your business. While any modifications that you implement yourself will incur a cost, too, the end result of utilizing your existing space will be a far more cost-effective solution to the problem.

The traditional warehouse is made up of a combination of bulk storage and pallet racks. Goods that are stored in bulk storage are generally held in their original containers on the warehouse floor, and ideal for fast-selling items that are regularly arriving and departing. For more specialized items that typically don’t sell as quickly, these can be moved onto to the pallet racks.

Finding the Solution

If directly increasing your square footage isn’t a possibility, you can instead focus on making the most of your existing space. Each area afforded by pallet rack shelving is often referred to as a “vertical cube,” and includes all of the space around the load, the space above the cross aisles, and the total building clearance. When making alterations to this space, it’s important to remember to leave enough space for equipment to safely load and unload the goods without the risk of damaging them.

By placing back-to-back racks across the ceiling of your facility, you could also convert the space over the cross aisles into tunnel racks. When this is implemented, you could increase your storage capacity an additional 5-10%. However, this type of modification also presents a serious health and safety risk so you’ll also need to implement some kind of safety netting to prevent any loads from falling over areas where employees may walk.

Many delays in the sales process are the result of a poorly constructed warehouse facility. Correcting these issues can be a large undertaking and, if you don’t have the resources to address these issues, it may be in your interest to work with a recognized third-party instead. From here, you can focus your efforts on the other core areas of your business to create a stronger overall company.

There are many options when it comes to buying material handling equipment, from fully automated storage and retrieval systems for expansive warehouses to simple hand trucks for small and light loads. Choosing the right equipment ensures that you are able to more efficiently handle the internal logistics of your warehouse or storage facility, without having to pay more than is necessary. Consider the type and amount of materials you move, how often and how far they need to be moved, and the skills and requirements of those that will be moving the materials, as well as the layout of your facility.

Storage Equipment

Storage equipment, as the name suggests, is used primarily for storing materials when they are not being used, or during downtime. Shelves, racks, containers, and pallets are among some of the most common forms of storage equipment, but these can take a variety of shapes and sizes. As well as considering the materials that will be placed within the storage equipment, also consider the equipment that you will be using to move the materials.

Engineered Systems

Engineered systems are typically automated and, as well as offering storage, they also handle the movement and transport of materials. Mechanised cherry pickers and other retrieval machinery is normally used to automatically collect materials from racks and aisles. This type of machinery is more expensive, but it can greatly reduce the ongoing costs associated with warehousing and storage facilities.

Trucks

Trucks, which can include both manual and mechanical trucks, are used to move materials around. There are many different types of truck available, and most are designed to move specific types or certain types of material around. Trucks may or may not include a surface for raising and lowering, and those that do include this facility like lift tables from European Handling Equipment Limitedmay be referred to as loading trucks, while those that do not provide this feature are usually only used for moving materials.

Bulk Material Handling Equipment

Bulk material handling equipment is specialist equipment that is used to move around large volumes of loose products. This group of machinery can refer to items that are used for storage, moving, and handling, so can include items like conveyors as well as silos and drums. Automated systems are also available that can deal with all aspects of the moving and storage of loose materials, while specialist items like grain elevators are designed with a very specific use in mind.

The range of material handling equipment available means that you can choose machinery and products that can be incorporated into an existing system, or you can refurbish a warehouse or storage facility around the equipment that you buy. Whether you need a single trolley to move a few items or something that will automate the whole movement and storage process, you can reduce workload, minimise costs, and maximise efficiency within your business.