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Articles PayrollUnion Budget 2020-2021: Is your payroll software ready to handle India’s dual tax regime?
The Finance Ministry of India recently announced sweeping changes to the way income tax is calculated for employees during the Union Budget 2020 announcement. Union Budget 2020 offers individuals a choice: pay tax under the new regime's lower income tax rates by forgoing the tax exemptions, or continue to pay tax under the existing income…
4 mins read
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Articles Expense ManagementBusiness travel in the time of COVID-19: All you need to know
The World Health Organization (WHO) has declared the coronavirus outbreak a pandemic. By doing so, they have acknowledged that the virus is likely to spread to all countries around the globe. While many industries are feeling the blow, the travel industry has had the greatest setback. Owing to the pandemic, most firms have cancelled…
5 mins read
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Articles Payroll
Checklist for a successful year-end payroll
Fiscal year-end is a crucial and busy time for the payroll department. They must evaluate employee's taxes, initiate compliance processes to keep legal footing and make preparations for the upcoming fiscal year. If you are a small business owner, there is the additional responsibility of reconciling your accounts, analyzing the health…
3 mins read
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Articles Payroll
Union Budget 2020-2021: Decoding the implications of current vs. upcoming tax regimes
Introduction The Finance Ministry of India recently announced a new tax regime for the employees under the Union Budget 2020. This newly proposed tax regime will be applicable starting from the fiscal year 2020-2021. For the upcoming fiscal year, employees can choose to stick with the existing tax regime or opt…
3 mins read
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Articles AccountingMoving your data into a CRM system
Now that you understand the importance of using a CRM during succession planning, you're ready to take the leap and install a CRM to manage your client database. Before you make the move, you'll need to have a strategy for seamlessly transferring all your data from your various programs to…
4 mins read
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Guides AccountingWhat is Construction Industry Scheme (CIS)?
CIS is a scheme in the UK, issued by HM Revenue and Customs (HMRC), for mainstream contractors and deemed contractors in the construction industry. The difference between the two is that the principal activity of mainstream contractors is construction. Construction is not the core business operation for deemed contractors, but…
2 mins read
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Articles Expense Management6 ways your employees can get crafty with expense fraud
Where there is money, there is crime. Perhaps that is why expense fraud is prevalent in firms of all sizes despite being illegal. According to the 2018 report by the Association of Certified Fraud Examiners, expense reimbursement cases account for 21% of fraud in small businesses and 11% in enterprises. While it may sometimes be an honest mistake, it…
5 mins read
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Articles AccountingBest practices for filing your 1099s this tax season
Tax filing season has already begun in the US. It's time to get those 1099 forms ready as the deadline approaches. According to an IRS announcement, they will start accepting tax forms for the 2019 financial year starting January 27th. Form 1099 is also called an information return, which businesses file every year…
3 mins read