Robbin Davidson, Author at Ecommbits

In Tech

5 Essential Business Services you Can Outsource

June 16, 2022 No Comments

If you are looking to create a winning business formula, outsourcing will play an integral role somewhere along the line; indeed, most businesses simply couldn’t operate without outsourcing. Third-party providers offer the cheapest way to carry out many of the business services that you need and in this short article, we offer a few examples of services you can outsource to 3rd party contractors.

Accounting & bookkeeping – Even the smallest business can make good use of a local accounting provider and if you are on the cloud, the accountant can remotely access the data they need to keep your books up to date. Company accounts are not something you can afford to overlook and your tax returns can be filed on time, ensuring that you are in full compliance.
Human resources – Essentials like payroll services and recruitment can be outsourced to a leading HR agency and we all know that the employees are the most valuable asset of every organisation. In the event of any employee conflicts, your HR partner has a team of labour laws experts, plus they will make sure that you have very clear employment terms and conditions, which helps to avoid conflicts.
Digital marketing – If you want your business to have a strong online presence, you will need the services of a good digital marketing agency, where a team of SEO technicians can work on boosting your Google search ranking to drive organic traffic to your landing page. If you have a dynamic digital marketing plan in place, your business has firm direction and all online activity is closely monitored; let’s not forget social media – the agency can boost your Facebook following and that has to be good for business. They can help you develop an emotional connection with your customers.
IT Services – The managed IT service sector is booming, as they service many companies with cyber-security and VoIP communication services, empowering their clients. Migrating to the cloud offers many benefits and with 24/7 cyber-security, your data is always safe from hackers. The IT support company offers many services, including hardware support, something every office needs.
Logistics – Every e-commerce business has to hook up with a 3PL (third party logistics) provider for effective order fulfilment; they have the resources to guarantee rapid delivery across the globe. If you would like to learn more about 3PL services, search online for a local company and ask them to pay you a visit. Your order fulfilment worries are over and you won’t find a cheaper solution; all you do is deliver your products and packaging to the 3PL warehouse and forward all orders by email. You don’t even have to handle your products when you use a local 3PL company. If you are planning to do business in Vietnam, click here.

The Internet hosts a wealth of information about why outsourcing is a smart way to run a business and when you are ready, Google will put you in touch with a local 3rd party provider.

In Finance

Everything You Need To Know About ESG In 2022

June 15, 2022 No Comments

Sustainability is becoming the top priority for the corporate world. Modern corporate firms are tasked with more than just being profit-driven organizations and revenue-generating machines. People now expect more from them.

Businesses today are expected to have an extra layer of ethics and showcase a moral sense of duty towards society. In recent years, there has been a considerable shift of minds. Investors are looking to invest in companies that include sustainable growth with the primary goal of wealth creation.

The boardroom has taken notes of these things and has started embedding business practices that promote sustainability. In fact, some organizations have started preparing sustainability reports disclosing their performance on the social front, things that have been done to save the environment, and governance parameters.

While many governments have not mandated the creation of this non-financial report, it is strongly encouraged in the industrialization community.

What Is ESG?

ESG – Environment, Social, and Governance – refers to an area of the organization that describes its characteristics. These are three factors that define your organization’s ethical impact and sustainability.

Today, most socially responsible investors check a company for its ESG value before making any investment decision.

To put it simply, ESG is a generic term used in the capital market by investors to evaluate the behavior of the company and its financial potential.

The number of investment funds has been growing rapidly since the beginning of this decade. Moreover, experts believe that this will only continue to grow over the decades.

Seeing how ESG is becoming the new norm for the corporate world, you must start implementing ESG in your business operations. Visit this website to get quotes from professionals.

Why Is ESG Important?

The strong performance of your business across these three pillars shows your business’s resilience. You must understand that even a simple task of reducing office waste is as important as reaching out for social activity. Businesses must be able to demonstrate their progress to their audiences in their non-financial reports.

The idea here is to showcase that the business has the capability to take a risk and protect the longevity of the environment and society they are operating in. Hence, you can say that ESG has implications throughout the entirety of business operations.

Particularly the Supply Chain based companies.

After all, 90% of the GHG emissions are found in the organization related to the supply chain.

How Is ESG Measured?

ESG performance throughout the supply chain is measured and rated. The measurement is similar to the risk and performance benchmarking common amongst financial institutions.

However, there is some discretion regarding their method and framework governing the ESG scoring. Here are some best practices that you can look into.

Any verifiable disclosure related to ESG needs follows a specific set of mandatory and voluntary requirements.
Transparency needs to be clear in this matter. This is because the ESG report will decide which company comes out as a sustainability leader and the other as a laggard
For example, there might be a company that is not a carbon-neutral company but might be making efforts to become one. If the company is not transparent about its process, the investors and stakeholder might not show their interest.

Measurement of ESG is important to showcase your activity towards sustainability. This not only helps you become a better organization but also acts as a marketing tool to boost your company’s influence in the industry.

A Closer Look At ESG’s Pillars

Within each pillar, management firms and investors can evaluate different criteria. These criteria can be used to define how a company is performing on the sustainability front.

Here is what you can see when we dissect the three pillars of ESG.

Environment

To see the extent of your company on the environment, you must ask yourself – how is your company affecting the environment?

Admirably, it is a broad-based category. However, there are several issues that could risk the long-term sustainability of your business. This might include –

Dependence on fossil fuel for energy.
Poor management of water and other resources.
Pollution levels.
Disposal of hazardous materials.
How deep is the carbon footprint your company is leaving?

Social

As a company expands itself and holds influence over the customers, it becomes a social responsibility for them to guide them. This include –

Product safety and liabilities.
Employment quality.
Gender diversity.
Training and development.
Supply chain transparency.
Stance on various topics that affect social well-being.
Human rights.
Privacy issues.

Governance

The governance pillars support how the organization works internally. If every individual in the organization does not share the same goal, the company might not last for long.

The issues that might be considered while evaluating a company include –

Board and company diversity.
Actions were taken against bribery and corruption.
Compensation of employees.
Ethics and values.
Shareholder rights.
Transparency and anti-corruptions.

The Future Of ESG

The future of ESG is promising and challenging. Incorporating ESG in your corporate reporting is a powerful tool that helps you gain a competitive advantage over your competitors.

With the right implementation of ESG, you can strengthen your internal business operations and maintain a healthy relationship with your investors and stakeholders.

Companies that want to sustain their business for the long term are expected to increase their efforts toward ESG.

In Business

What to Remember When Filing Small Business Taxes

June 3, 2022 No Comments

Filing taxes as a small business owner can be challenging but it’s a familiar pain. As we speak, there are over 32.5 million small businesses in the US, all of which know the struggles of small business taxes.

Keeping track of your business finances and preparing for small business taxes can save you a fortune on your company taxes. Here’s what you need to know to prepare yourself and your business finances!

Don’t Forget Financial Records

You should have a clear record of all of your business expenses and revenue. There are many forms this could take, but you will need this for an accurate filing.

For example, you may have received 1099 forms or you may have a PayPal, Venmo, or payment processing account that saves these records for you. These will all need to be accounted for prior to filing.

After that, you’ll need a detailed record of your business expenses and potential deductions. This could be in the form of receipts, bank/credit card statements, or a detailed list of expenses. Regardless, some often overlooked examples include:

Business mileage
Insurance premiums
Software costs
Employee salaries and benefits
Charitable donations
Moving expenses

The list goes on. If you spent money on something solely for your business, then it should be deducted from your tax bill.

Find the Right Forms

1099-Misc, 1099K, or 1120s might be right for your business, depending on its structure of it. If you’re a freelancer or if you’ve provided more than $600 worth of services to a single organization during the fiscal year, then you may receive a 1099 form for your compensation.

For most sole proprietorships, you’ll file a 1040 tax form as a small business owner. However, there are plenty of exceptions to this, especially depending on your industry.

On the other hand, an LLC may need to file an 1120 or 1120S form. Just make sure you know which form is right for your business structure. Nonprofits, corporations, and other types of organizations will have to file different forms as well.

Have Professional Help

If this is your first time filing small business taxes or if you’re worried about a large tax bill this year, then it can really pay off to have professional help. In that case, talk to Silver Tax Group to get you the help you need, maximize your deductions, and give you peace of mind in the event of an audit!

Also, you won’t have to worry about making any costly mistakes on your taxes such as filing the wrong forms, accidentally filing inaccurate information, or overpaying.

File Your Small Business Taxes Today

Now that you know how to prepare for small business taxes this year, set yourself up for success and avoid overpaying. With the right business tax preparation cornelia ga and the right help, doing taxes will be a piece of cake.

Get started today and stay up to date with our latest business news for more information and financial advice!

In Insurance

3 Things You Need to Know About Medicare

June 3, 2022 No Comments

Medicare is a vital program that is deemed one of the most important social programs in our country. It acts as a lifeline for millions of Americans who are 65 or older, disabled, or suffering from end-stage renal disease. Given its importance, it’s no surprise that there is a lot of misinformation out there about the program. To help you sort through the noise, we’ve compiled a list of 3 things you need to know about Medicare.

What is Medicare?

Medicare is a federal health insurance program that provides coverage to seniors aged 65 and over and selected individuals who are under 65. This could be people who have been receiving Social Security Disability Insurance (SSDI) for about 24 months or are suffering from end-stage renal disease. This program is run by the Centers for Medicare and Medicaid Services (CMS). In a nutshell, the main purpose of Medicare is to provide health insurance coverage for individuals who are 65 or older.

Medicare reimbursement consulting portland me is funded by a combination of payroll taxes, premiums, and surcharges paid by beneficiaries. And it covers a wide range of health care needs, including hospitalization, doctor visits, prescription drugs, and more. You can also check out the introduction to Medicare to know more about what it is and what it covers. This will help you understand the different parts of Medicare and how they work together.

Top 3 Things You Need to Know About Medicare

1. Medicare Comprises Four Parts

Medicare Part A is hospital insurance covering inpatient care, including skilled nursing facility care, hospice care, and home health care. Medicare Part B is medical insurance covering outpatient care, including doctor visits, preventive services, durable medical equipment, and some home health care.

Part C, also known as Medicare Advantage, is a private health insurance plan that covers everything Part A and B do, and sometimes more. At the same time, Part D is prescription drug coverage. It’s important to know that you are not required to enroll in all four parts, but most people do because it provides the most comprehensive coverage.

2. You have to be enrolled in Medicare to Receive Coverage

You cannot simply sign up for Medicare when you turn 65. You must first enroll in the program. You can do this online, by phone, or in person at your local Social Security Office. You will need to provide some basic information, such as your date of birth and Social Security number. If you are already receiving Social Security benefits, you will be automatically enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance). Please note that you can enroll in Medicare three months before you turn 65 or three months after.

3. Medicare Comes with a Cost

While Medicare is a great program that provides much-needed coverage for seniors, it is important to note that it does come with a cost. There are monthly premiums, annual deductibles, and copayments/coinsurance that beneficiaries are responsible for. The amount you pay will depend on your income and the type of coverage you choose.

If you have a limited income, there are programs available to help you pay for Medicare costs. If you are not sure what you will be responsible for, you can consult with a professional for Medicare consultation in New York City to discuss your specific situation. They will help you determine what your costs will be and how to best prepare for them.

To Conclude

With the help of this guide, we hope you have a better understanding of Medicare and what it entails. So, if you or a loved one is turning 65, be sure to enroll in the program and take advantage of all that it has to offer. Remember, it is an important part of maintaining your health and well-being.

In Business

Small Business Management: 5 Tips to Improve Business Efficiency

June 1, 2022 No Comments

According to small company statistics, approximately 40% of small enterprises operating in the United States are profitable. Many businesses get lost in the shuffle and become lost to time with poor small business management practices.

If you want to ensure that your business doesn’t fall prey to this fate, knowing the right business efficiency tips can mean the difference between success and failure.

If so, you’re in luck! In this blog post, we’ll share five tips to help you streamline your business operations.

Define Your Business Niche and Target Market

By understanding your target market, you can better tailor your products or services to meet their needs. Besides, you can develop marketing and sales strategies that are more likely to appeal to your target market.

By zeroing in on who your ideal customer is and what needs or wants your business can fulfill, you can create a focused, efficient small business marketing strategy.

Know Your Numbers in Your Small Business Management

As a small business owner, it is important to know your numbers to make informed decisions about your business. Knowing your sales data will help you keep track of your progress and keep your company on track.

Also having your workforce numbers can allow you to assess your productivity and pinpoint areas where your company may improve.

This includes both your financial numbers and your website/social media analytics. If you don’t know how much money you’re bringing in or where your web traffic is coming from, you can’t make informed decisions about how to grow your business.

Create a Streamlined Work Process

There are a few key things you can do to help streamline your work process and improve business efficiency. You have to take a close look at your current process and see where there are any bottlenecks or inefficiencies. Then, work on streamlining those steps and making them more efficient.

In addition, make sure you have good communication with your team and that everyone is on the same page. Having a clear and concise process that everyone understands will help keep things running smoothly.

Invest in Automation

By automating repetitive tasks, you can free up employees’ time to focus on more important tasks.

Additionally, automating can help to reduce errors and improve accuracy. There are many different ways to automate your business, so it’s important to find the right solution for your needs.

Automating certain tasks can free up your employees’ time so they can focus on more important things. It can also help improve accuracy and efficiency.

Visit https://www.certus.software/en/ for software that can assist with small business management advice. It conforms with both laws and has the necessary infrastructure to wipe sensitive data and generate a digital encrypted erasure certificate.

Delegate and Build a Strong Team

One of the most important things you can do to improve efficiency in your small business is to delegate tasks and build a strong team. It can be tempting to try to do everything yourself, but this is not sustainable in the long run.

By delegating tasks to others, you can focus on the most important aspects of your business and make sure that everything is running smoothly.

Have an Improved Business Efficiency

There are plenty of small things you can do to make your small business management more efficient. By following these five tips, you can create a more streamlined operation that runs and helps you achieve your goals.

If you are looking for guidance on how to improve your small business management tips? View our page to learn more about what consulting firms can offer you.

Robbin Davidson