Is your finance department logging extra hours just to manage all the financial paperwork this tax season?
We know it is. And that’s why we highly recommend shifting to robotic process automation (RPA) to cut the clutter.
As an emerging technology, RPA competes with intelligent/cognitive technologies such as artificial intelligence (AI) and machine learning. But unlike most emerging tech, RPA is one of the most affordable options because it’s based on a cost-effective software platform. That’s why small-business finance managers should consider adopting it.
We understand that a key challenge for adopting any new technology is a lack of proof of concepts and use case stories that makes it hard to convince small-business owners and leaders to adopt RPA.
However, small-business finance managers who adopt RPA in accounting improve the accuracy of managing financial data by about 95 percent. This helps them process tax filing 3 to 4 times faster, with 70 percent more cost savings in the accounting process.
Note: This article is intended to educate small businesses on the international income tax landscape for remote employees. It is in no way intended to provide financial advice. For detailed financial advice please contact your tax consultant.
With 70 percent of global employees working remotely at least once a week, remote working—or telecommuting—is one of the key workplace trends in 2019.
As a result, small businesses must navigate the muddy waters of deducting payroll taxes based on international business tax regulations while hiring or sending employees abroad to work remotely.
Since international tax regulations differ from country to country, some key challenges that small businesses must address include:
- Avoiding double taxation
- Classifying remote employees as independent contractors or freelancers
- Deducting Social Security and Medicare
- International tax forms for a remote employee
Small-businesses owners not well-versed in international business tax regulations will see the above items as an obstacle.
If you think you’ve got your customers packaged up neatly in one place, think again: A recent study from Forbes shows that only 34 percent of executives feel like they have a single view of their customer.
Disparate data sources spread across departments are causing a fragmented view of the customer. When data from customer service, marketing, and CRM software is siloed, no one really gets an accurate or complete picture of who their customers are. Leads turn cold, and customers vanish into thin air.
The only way to get a holistic view of the customer is by creating a centralized customer database that has a strong architecture and pulls data from other sources. As the default home of customer data, your CRM is a great place to start. There are such things as dedicated customer database platforms, but if you’re just starting out, a CRM is your most accessible entry point.
Making your CRM the central hub of your customer data will give you a holistic picture of customers and will increase your customers’ lifetime value by providing more useful information to be able to target customers more accurately.
Here’s how to find your real target customers by creating a customer data hub.
Data is is not only your most valuable asset, it’s pervasive.
But how you churn data into actionable business insights is what will help you grow your revenue, increase your customer base, and cut costs.
So, how do you do it? Should you hire full-time expert data analysts or should you outsource it to professionals? Or will self-service business intelligence (BI) tools suffice?
By 2030, IT’s primary focus will shift to providing strategic business value by delivering innovative products and services. However, traditionally siloed and process-driven IT departments are not well suited for the speed and adaptability needed to take advantage of emerging digital business opportunities.
This means that IT and business strategy must be aligned to boost the responsiveness and agility that will be required to compete in the future. This can be accomplished by embracing collaborative management techniques and increasing autonomy among IT staff. To build context for the future of IT, here are a few of my predictions for information technology in the year 2030: