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Top 5 Accounting Challenges and How Small Businesses Overcome Them

As the language and integral part of business, accounting plays a critical role in the success of every business operation. It allows you to keep track of your income, assets, liabilities, and expenditures and at the same time helps ensure statutory compliance. Accounting also helps you make important business decisions by providing you with quantitative financial information.

A business may fail due to the absence of a proper accounting system. The problem is, many small to medium business owners do not have a solid accounting background or accounting degrees. And given the fact that accounting can be quite tricky and confusing, even basic tasks can become a major challenge if operators don’t have formal or proper training.

Let us take a look at the most common accounting challenges that businesses experience and how they are able to overcome them.

Payroll Accounting

For large businesses, payroll services and preparations are handled by either the HR or finance department. But for many small to medium enterprises and startups, payroll is often taken care of solely by the accounting department.

Managing payroll entails more than just entering data on spreadsheets and computing each employee’s compensation. It is an error-prone and time-consuming task that requires you to keep track of the changes in the employment law and regulations. It also entails data management and reporting, record keeping, handling payroll taxes, and payroll cost management, to name a few.

One of the effective solutions businesses consider is payroll outsourcing. By using payroll outsourcing services, most (if not all) of the aspects related to payroll accounting are handled by a third-party contractor. This allows businesses to focus on other important matters in their daily operations.

Accuracy of matching revenues and expenses

If you are using accrual accounting as many businesses do, you have to adhere to the matching principle. This principle suggests that the expenses incurred and the associated revenues generated should be reported in the same period.

Matching revenues and expenses accurately can be quite challenging especially if it involves a large number of entries such as service contracts or sales.

One way to overcome this challenge is to establish an accounting system and prepare a written policy regarding the calculation of allocation and linking or matching expenses and revenues. This way, you can avoid confusion and ensure the consistency and accuracy of your entries. You may also hire an independent labor contractor or accounting agency to help you create and maintain an accounting system and written policy.

Managing, keeping, and organizing receipts

Tax-related records like receipts should be kept and organized. The problem is, receipts can quickly pile up and before you know it, you already have thousands of them on your file. Without a proper system in place, it would be challenging for you to manage and organize these receipts.

The best solution for this is to sort out receipts and other related records as they arrive according to different categories like type or date. With proper categorization, it would be easier for you to keep and organize your record. For paper-based receipts, it also helps if you have them scanned and stored in organized electronic files. You may also consider saving them in the cloud and keeping a backup file. Some companies partner with a manpower supplier that can provide them with the right talent for this position.

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Understanding The Basics of Labor Contracting

Hiring new employees can be quite a time-consuming and expensive process. This is why instead of going through the hiring process, many businesses choose to use labour supply services whenever they need additional manpower.

The manpower services in Gandhidham already have a database of talents who can render specific tasks based on what is required in the position. Working with a reliable manpower supplier allows you to find and hire workers who can are the best fit for your vacant position, or who can help you complete a short-term or seasonal project more quickly.

But before you decide whether you will hire additional employees and go through the hiring process on your own or partner with a manpower supplier in Gandhidham, you have to understand first the difference between these two.

What is a labor contractor?

A labor contractor, also known as an independent contractor, is an agency, business, or individual who renders specific services for another business, entity, or person based on the agreed term or contract.

Those talents who are connected with the manpower contractor and who will directly perform the work are known as subcontractors. They are not always necessarily an employee of the said manpower agency.

Major differences between an independent contractor and an employee

Though both an independent contractor and an employee will render services to your company, they differ in many ways. Below are some of the major differences between these two.

Employees work for you regularly. Contractors perform services based on what is clearly stated on the contract.
Employees are often hired for long-term positions. Contractors are hired to complete a short-term or seasonal project.
Employees often work for a single company only. Contractors are not an employee of the company they are providing work for. They are a self-employed and project-based worker, and therefore, can work for different clients or companies at a time.
Employees are paid based on their monthly salary or compensation. Contractors are paid for their work.
Employees are entitled to get employment benefits such as raises, bonuses, sick leave, and medical benefits. Contractors are not entitled to receive any employee benefits from the company they are providing services for.
The employees’ duties and responsibilities are based on the job description and on what is required for the position. The contractors’ duties, responsibilities are governed by a labor contract. How the work should be executed, the duration of the project, the amount the company needs to pay to the contractor for the services rendered, and the type and specifics of the work are all governed by the contracts.

Why you should consider labor contracting?

Partnering with a labor supplier in Gandhidham offers you many benefits. And to know whether you will hire new employees or work with a labor contractor, you have to determine first your company’s goals and needs.

You need someone to fill in a position that is temporarily left vacant because of your employee’s absence due to some reasons.
You quickly need someone to complete a certain task.
You need someone to perform less frequently needed tasks like payroll services or housekeeping services.
You need specific talents to work on your short-term project.
You need additional workers to boost your manpower during peak seasons.

If any of the statements above describe your current needs or goals, the best option you have is to work with a labor contractor.

Why Outsource Your Payroll?

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What Your Company Can Benefit from Using a Staffing Company

Recruiting new staff takes time, effort, and resources. The recruitment process involves a series of works and decision making, which makes it time-consuming and sometimes, expensive. This is why many companies nowadays prefer using staffing and manpower services in Ahmedabad more than hiring new staff from scratch by themselves.

Take a look at some benefits you can enjoy if your company, too, will consider using staffing and labor supply services.

It saves you time and resources

Every step of the recruitment process will require you to invest ample time and resources. When recruiting new members of your team, you don’t just randomly pick anyone from the list of applicants and let the chosen individuals start working right away. You need to select the candidates that possess the personality, skills, and experience that best fit the job requirements. To do this, you have to collect resumes and applications, carefully review them, conduct a series of job interviews, hold job examinations, trim down applicants, select the best candidates, and onboard new employees.

Why choose to go through this lengthy process if you can take a shorter, more effective route? Yes, by partnering with a reliable, staffing and manpower supplier, you can be able to find the right candidates you are looking for without having to spend much time and resources on the recruitment process. This is because the manpower contractor will do all of these for you.

Partnering with a staffing agency can also save you from the costly overhead costs of maintaining an in-house recruitment team.

Less to no training required

Oftentimes, you will have to train newly hired employees before they can start working. Depending on what industry you are in and the requirements of the job, you will have to train the new hires for at least a week to get them fully ready to work. By partnering with a staffing and labor contractor, you don’t have to spend this much time training new hires.

Staffing and labor agencies are often the ones who provide the necessary training for their talents. If the job includes specific requirements, you may need to conduct a quick training, though. You might also need to orient your new staff, to get them more acquainted with the specifics of the job and your company as well. This is way better than spending weeks training new hires from scratch.

You are getting candidates, not applicants

Trust that when you receive the list of names, you are receiving the names of candidates and not applicants. This means, anyone from the list can be a good fit for the position and has already an idea of what your company is all about, what the job requirements are, and how to successfully complete the project.

Quicker way of finding the right expertise and skills

Typical staffing and labor contractor maintains a pool of talents that possess specific expertise and skills. Unlike when hiring new employees using an in-house recruitment team, you don’t have to collect a handful of applications and trim down the list on your own to find those with the skills and expertise you are looking for.

You just have to identify the specific skills and expertise you are looking for and communicate them to your partner recruiting agency. The agency will then send you the candidates that possess the qualifications you need. This makes everything quicker, more convenient, less costly, and easier for your company.

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Why Using Staffing Agencies Getting In Trend Nowadays?

The use of staffing agencies and manpower services in Gandhidham is getting in trend nowadays. There are a lot of reasons why this is happening. If you are one of those curious about why more and more companies are now looking into using staffing agencies and labor supply services for their manpower needs, or if you are wondering whether this option will work for your company or not, you may please continue reading. Below we will outline the major reasons why this staffing option is steadily increasing day after day.

Using a staffing agency can save you time, effort, and resources

It is no secret that hiring new staff will take your company time, effort, and resources. This may not be a major concern for large companies with a dedicated in-house hiring and recruitment department. But, for small and medium-sized companies with limited budgets, this may consume a large portion of their time and resources.

Partnering with a reliable manpower supplier in Gandhidham can help you save time, effort, and resources by eliminating the need for you to go through the lengthy, expensive, tedious, and time-consuming hiring process and to train newly hired staff. By using a staffing agency, you don’t have to collect and review hundreds of resumes and application letters, qualify potential candidates, conduct a series of interviews, perform background checks, and more because the staffing and manpower contractor will do all these for you.

Staffing agencies can provide you with qualified talents whenever you need them

When in need of additional staff especially for a one-time task, short-term project, or seasonal work, companies often turn to a trusted manpower supplier. Manpower and staffing suppliers have a pool of qualified talents on their database who are ready to provide you with the necessary services you need.

Using a staffing agency can help you avoid the hassles and headache of handling payroll

Handling payroll and workers’ compensation can be expensive. Oftentimes, payroll preparation and processing are done once or twice a month only. It would be impractical for your company to hire, maintain, and pay a team that will only work a few days a month to prepare and process the payroll. Instead of hiring and maintaining an in-house payroll team, you can save more time and resources by either using payroll outsourcing services or a staffing agency.

Aside from payroll services, a labor contractor can also help you find the right talents who can handle other related tasks such as workers’ benefits, unemployment claims or benefits, and contractor payroll taxes.

Using a staffing agency can help you minimize expenses

Using a staffing and labor supplier in Gandhidham will not only allow you to save money by not going through the whole hiring process, but it can also help your company minimize expenses by eliminating the need for you to hire and maintain a recruitment staff.

Using a staffing agency allows flexibility

Trusted staffing and labor contractor can provide your company with talented workers who possess the right skills, training, expertise, and knowledge for specific tasks and who can meet your company’s wide range of needs.

Using a staffing agency allows your company to adjust your workforce and hire additional talents whenever needed. This makes it easier and quicker for you to find talented workers who can meet your evolving business demands.

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Different Types of Cleaning Services Your Business Might Need

The importance of maintaining the cleanliness and orderliness of your business office cannot be denied. The condition of both your office’s indoor and outdoor environment has a great impact on your business, regardless of what industry you are in. Apart from the fact that it can affect the health and productivity of your employees, it can also influence how your clients see your business. It mirrors your level of professionalism and the quality of your products or services as well. A clean and orderly office can help you gain a good impression from your clients. Not only that, it helps boost overall customer satisfaction and improve your brand’s reputation.

Simply wiping away dust, de-cluttering, and vacuuming is not enough to keep your office clean. You have to regularly deep clean your office to eliminate stubborn, hard-to-reach, and hidden dirt, allergens, and harmful bacteria and viruses. For this, you will need the help of a reliable manpower supplier that offers professional housekeeping services.

Take a look at some of the basic cleaning services offered by a professional labor contractor that your business might need.

HVAC duct cleaning services

Dust, dirt, debris, microorganisms, allergens, and other contaminants may accumulate inside your HVAC system over time. This can reduce the efficiency of your HVAC system and increase energy consumption. Not only that, it can also affect indoor air quality which in return can affect the health and wellness of your employees.

With regular HVAC duct cleaning, you can assure that your HVAC system can perform at peak efficiency. Regular cleaning also helps improve indoor air quality, making your employees breathe more easily, feel more comfortable, and safe from any allergens.

Restroom maintenance services

A dirty restroom is perhaps one of the most disgusting places people don’t want to go to. Dirty toilet seats, filthy floor, and lingering restroom odors are not only bilious to deal with but they can also seriously impact your business. It can even kill your business especially if you are in the food and drink industry like if you are running a restaurant, café, or snack bar.

Restrooms can easily and quickly get grimy. So, you will need a dedicated professional to keep your restrooms clean and safe at all times.

Corporate housekeeping services

Corporate or industrial housekeeping services, are a type of cleaning service that are designed for commercial offices. Housekeeping services in Ahmedabad typically includes cleaning dirty surfaces, vacuuming, disposing of garbage, organizing things inside a room or office, washing windows, and deep-cleaning, to name a few. Housekeeping services are much like janitorial services. The only difference is that the previous involves periodic extensive cleaning tasks while the latter involves small, daily cleaning tasks.

Carpet cleaning services

Carpets are among the best flooring for options. With many impressive design selections, installing an office carpet is perhaps one of the easiest ways to improve indoor environment and overall appearance. But, carpets can get dirty, stained, and foul-smelling over time. Dust particles can accumulate within the fibers which can make your carpet an excellent breeding ground for allergens, bacteria, and viruses. In this case, vacuuming the surface area is no longer enough.

Regular professional carpet cleaning can help keep your office carpet clean, allergen-free, and odor-free. Professional carpet cleaning services offered by a labour contractor can also help ensure that your carpet stays at its best shape, making it look beautiful and last longer.

5 Ubiquitous Benefits of Hiring Housekeeping Services in Ahmedabad

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Category : Manpower Supply Service