SUBSCRIBE
Home Blog Page 864

How Might Brexit Affect Interest Rates?

ABC Staff
-
0
How Might Brexit Affect Interest Rates?

It’s now over two years since the UK voted to leave the European Union and ‘Brexit’ became probably the most used word across the country. With it now even closer to happening in March 2019, a lot of people have been wondering, questioning and worrying about the impact it’s going to have on a lot of things. So much so that the term ‘what will Brexit do to interest rates’ is one of the top Google suggestions.

The short answer is that nobody knows for certain. But to try and make it clearer, this is what we currently know and can assume may happen.

What’s Happened Already?

Immediately after the Brexit vote, savings rates fell to record lows. Part of this was down to the Bank of England’s decision to halve the Bank Rate in August 2016, while the rest was mostly down to the uncertainty that the Brexit decision introduced. Another factor was that many investors sought out government bonds due to the instability, which pushed up their prices and reduced their yield. This is often used as a benchmark for other rates, which had an impact.

The Bank of England’s Role

The Bank of England (BoE) sets the UK interest rate and can increase or lower it as and when it sees fit, so it is pivotal in reacting to Brexit. After the vote the BoE did lower interest rates in an attempt to encourage spending and make debts cheaper. However, in November 2017 they raised the interest rate again, more to keep it in line with inflation.

BoE governor Mark Carney has said that Brexit negotiations will influence monetary policy and therefore interest rates. This isn’t surprising, and it’s expected that they will keep increasing the rate over the coming years. What remains to be seen is by exactly how much it will grow.

Impact on Mortgages and Loans

A great example of how hard it is to predict what effect Brexit will have on interest rates is with what happened to mortgages. Many expected mortgages to rise after the Brexit vote but in fact they fell. Since then they have started to creep up though, so in some ways these predictions were right.

Interest rates increasing is also going to affect loans. It will likely make them more expensive to access and could make borrowing a lot harder and riskier for many people in the coming years. A lot still depends on the Brexit negotiations outcome, but anyone who might need a loan in the near future could be better off applying now before the rates increase.

Future Changes

For the time being there’s not much we can do other than wait and see the Brexit outcome and prepare for interest rates to rise. Anyone with a mortgage could avoid risk by re-mortgaging onto a fixed rate one, as rates are unlikely to fall. Plus, it’s important to remember that wider economic factors both in the UK and abroad will continue to affect interest rates, it’s not all about Brexit.

5 promotional items to boost your marketing

ABC Staff
-
0
5 promotional items to boost your marketing

Promotional items for your company

Are you about to set up your own company or are you already running your own business? Then marketing is an essential thing to help you with attracting customers and generating sales.

A perfect way to get more customers and to introduce yourself and your company to customers to be are promotional articles. No matter what your budget might be or what kind of promotional articles you might search for, you will surely find something to suit your purposes and needs perfectly. First thing is to not underestimate the impact business cards have. A business card gives people a brief introduction of who you are and what you offer. They remain as a staple tool that is why most of the people prefer to use business card design and printing service to promote their business.

Take a look and decide what is most suitable for you and your needs!

Buying promotional items online

Almost any kind of promotional article is available online these days. So why wasting time in a store searching for something, when you can just scroll and order online? Here are a few examples for the right choice of promotional items.

1. Giveaways

These favorably priced items are affordable for almost any business. Lighters, notepads, ball pens or key holders are a low-priced and efficient way to offer your customers a little present in return for their loyalty.

2. Cups and jars

A promotional item that serves a certain purpose is more interesting than anything else. Cups and jars are also an ideal choice when looking for a promotional item that can be used on a daily basis.

3. Textiles

For those who can afford spend more than just a few cents on promotional items textiles are a great option, and comes in different forms:

– shirts
– caps
– jackets
– cotton bags
– towels

are only a few examples or textile items that will get you visibility to help your business flourish and bloom.

4. Office equipment and technology

Almost everyone owns a computer or a smart phone these days. Therefore, accessories for computers, smart phones and offices are a good way to show your appreciation to your customers. USB flash drives, mouse pads, power banks or smart phone cases are among the range of products available for marketing purposes.

5. Sweets

No matter what age, everybody loves sweets, chocolate and other goodies! Surprising your customers with peanuts, chocolate, licorice, gummi bears or a little bag of potato chips is also a perfect way to become more popular and will increase your monthly turnover. True to the motto “you will catch more flies with honey than with vinegar” sweets can make a difference when trying to reach out to new customers.

Logo print

Whatever the item or items you choose for your marketing campaign, do not forget to put your logo EVERYWHERE. Show your customers who you are and what you stand for, by putting this logo and even a marketing slogan on every product. This is a good way to stand out from the crowd and will make it easier for customers to remember you. Especially for hotel and restaurant owners, a logo can be very helpful. Print or embroidery on your service staff and employees’ uniforms has a subliminal marketing effect.

Viderium Expands its Operations into Latvia

Claire James
-
0
Viderium Expands its Operations into Latvia

Viderium Ltd is a firm that focuses on providing a range of data solutions, such as creating and operating data centres that facilitate high-performance computing, or HPC. Data centres typically store computer systems and related equipment, including telecommunications and storage systems, as well as security devices, environmental controls and backup power sources. Data centres have emerged as an asset class that attracts interest from investors. These centres are classed as ‘technical real estate’, which investors see as a hybrid investment that combines the traditional characteristics of property investment with the prospects of a fast growing computer company.

The company has recently announced that it plans to expand, moving some of its business operations to Latvia.

Currently, Viderium has facilities in Hampshire in the South of England as well as in Rotterdam in the Netherlands. The company, which offers a corporate bond to those investors who are qualified, will benefit from the move to Latvia for several reasons, including more diversified operations and lower outgoing costs.

Ross Archer, Chief Executive Officer at Viderium, notes that Latvia was selected as the third site for the company as it offers “some very favourable commercial terms which will only enhance our bottom line.”  Archer goes on to explain that high-performance computing is an ‘energy intensive’ activity, and therefore it is important to Viderium that it finds locations that are “the most cost effective and sustainable areas to do business.”

Latvia offers very competitive pricing. However, it also offers technical advantages such as fast internet speeds. Latvia was ranked as one of the top ten countries for internet connection speed and boasts the newly created Baltic Highway.

Launched in 2012, the Baltic Highway is a data transmission network that has seen an increase in the access speed for international online content. The highway has also facilitated the development of digital services that rely on the internet between the East and the West. Since its creation, the Baltic Highway has offered high capacity infrastructure to businesses in the area, which has created strong investment opportunities for companies that are data-intensive.

The combination of lower operating costs and a solid internet infrastructure makes Latvia a smart choice for Viderium. The company plans to ship equipment to the facility in Latvia by July 2018.

Follow news and updates from Viderium on:
Facebook, Twitter & LinkedIn

4 questions to consider when moving your company

Claire James
-
0
4 questions to consider when moving your company

You’ve looked around your increasingly tight squeeze of an office, reviewed your company’s forecast and realised the time has finally come. Your old office has served you well, but things are really taking off and you know it’s high time to relocate base.

But this isn’t something you can just do off the cuff—there are various things you need to take into consideration before making the move. In this piece, we’ll look at the main questions to consider when relocating your company.

What do you need for your new office?

Before you begin the process of leaving your old office, you should figure out exactly what you need from your new space. Firstly, you need to ensure your new office is the right size for your company, and not just for the number of employees you have today. If your business has lofty ambitions, you should think about how many more staff you want to employ in the future, and whether prospective offices will allow for this.

When you have an idea of how much office space you require, you’ll then have to ask yourself what type of office you’d like. Do you want to foster a collaborative and social environment with an open plan workplace, or are cubicles more appropriate for your business? Would you prefer a serviced office with a flexible lease? A serviced office may be more cost-effective by coming with equipment, furniture, and maintenance services, however, you should consider whether you truly need all of these. It could turn out the furniture doesn’t fit in with your brand image and you already own all or most of the equipment provided.

How will you actually relocate?

Once you’ve found your dream office, attention will turn to how you will relocate there. You have two options when it comes to this—either move your office possessions yourself or hire someone else to do so on your behalf. If you are only a small company with few office possessions, it may make more sense to organise the move yourself. However, if you have plenty to relocate it’s wise to hire a professional to do so for you. Man and van services are growing in popularity due to their keen prices and quality of workmanship https://www.themanwithvannetwork.com

Organising the move yourself could be costly—more items means both more trips and more chance of damaging your items, something experienced removal companies can prevent from happening. They also take the stress of physically moving out of your hands, something that additionally serves to reduce business downtime.

You have a few different options when it comes to hiring an outsider. You could look towards either a generic man in a van or an office removals company, both are good options that should help your move go smoothly. However, a dedicated office removal company is probably the best idea. Their experience in moving offices means they’ll know how to go about the operation in the best way, and remove risks specific to office moves. Some office move specialists even offer dedicated project managers as part of their service. This can ease the stress of the move by putting the organisation in the hands of someone who does this for a living.

How will this affect your clients? 

So, the moving date is now set in stone and looming on the horizon. It is absolutely imperative that you let your clients know about the move if you feel it could disrupt your business. It’s not just the moving day itself that can potentially wreak havoc on your operations, but the days around it where you’re packing up the old office and settling in to the new one.

As such, it might not be the best idea to call in clients to your office during this period, so you should either try and find a neutral location to meet, or postpone client meetings altogether. You’ll also need to update your clients with your new address and number, and remember to update your email signatures and footers, your website contact details, and Google listings.

How will this affect your staff?

Another consideration of moving office is ensuring your employees can continue working during this period, so it’s a good idea to schedule a few work from home days around the time. To smooth the transition to the new office, you should also make sure you have your new office’s internet services and phone lines sorted in advance. These can often take longer than expected to set up, so organising beforehand will help ensure your new office is up-and-running as quickly as possible, minimising disruption to your business.

Having a contingency plan for emergency scenarios, such as no heating or air conditioning (depending on the season) is also advisable. Think about buying or hiring portable heaters and fans so that your employees can still come to work.

Ask yourself the above questions when moving office to help the process go as smoothly as possible. Good luck—you’ll be settled in and looking forward to your future in a shiny new headquarters in no time.

4 Questions to Ask Yourself Before Trading or Investing in Cryptocurrencies

Claire James
-
0
4 Questions to Ask Yourself Before Trading or Investing in Cryptocurrencies

The increasing popularity of Bitcoin and other cryptocurrencies over the last couple of years reveals deep-rooted human propensity to embrace risk in the search for gains. Of course, in 2017, Bitcoin rewarded investors with 1,390% gains, Ethereum soared 8,981%, Litecoin delivered 5,572% gains and Ripple investors amassed an outstanding 28,963% by the end of the year. However, the cryptocurrency markets have been on a predominantly bearish trend for much of this year. Bitcoin is down 53.49%, Ethereum has lost 50%, Litecoin has declined by more than 71% and Ripple investors have lost a massive 84% in the year-to-date period.

Cryptocurrencies are massively volatile, and fortunes can be made or lost within a short while as seen above; yet, most people joining the cryptocurrency train tend to have a certain measure of megalomania that they’ll make money. Before you get started trading or investing in cryptocurrencies, here are 4 important questions you may want to ask yourself.

  1. Do I understand cryptocurrencies?

Cryptocurrencies are still in a nascent stage likened to the wild wild west. There are currently more than 1770 cryptocurrencies, altcoins, and tokens in the market. Some of them are innovative and unique, some of them are copycats, some are trying to reinvent the wheel, and some of them are worth nothing more than a landing page and whitepapers. You need to be sure that you understand the value proposition of cryptocurrencies, know how they are likely to change the world, and be able to separate the promising ones from the scams.

  1. Do I have the knowledge it takes to succeed?

Trading or investing in cryptocurrencies will requires lots of effort conducting due diligence on your path. You’ll need to become accustomed to fundamental analysis and you’ll need to embrace the multiple screens and squiggly lines of technical analysis. You’ll need to take the time to find an exchange that will help you reach your goals. For instance, this Binance guide by ChainBits takes new traders and investors through the basics and advanced modules of using a cryptocurrency exchange. You’ll also need to go out of your way to invest in the storage and security of your coins.

  1. Can I afford to take the risks?

When trading or investing in cryptocurrencies, it is often advised that you should only play the markets with money that you can afford to lose. The bulk or entirety of a cryptocurrency portfolio can be wiped out in a flash by bad news, regulation, or cybercrime. Hence, you need to be sure that the money you want to spend on crypto won’t be money that will take you closer to bankruptcy if things go south. Buying cryptocurrencies with credit cards might not be a good idea and you should think twice about holding all your investment as cryptocurrency or putting the kids’ college fund on crypto.

  1. Can I control my emotions?

Legendary investor, Warren Buffet is often quoted for advising stock investors to “be greedy when others are fearful, be fearful when others are greedy”. While the same might not necessarily hold with cryptocurrencies because of how the herd mentality moves the market; cryptocurrency traders and investors might want to be extra cautious about greed. Anybody can make money in a bull market, but it takes a great deal of experience, expertise, and discipline to consistently make money in a bear market. You need to be able to control the debilitating emotions of fear and greed so that you can cut off losers as soon as possible and allow your winners to run all the way to the top.

Making Your Income Go Further

ABC Staff
-
0
Making Your Income Go Further

We aren’t talking cutting your own hair, eating week old leftovers and spending every waking hour on your sofa in the pitch black to lower energy bills. While everyone sees their lack of expendable cash as a problem with their income, it is much simpler and easier to look at your expenses and make initial changes here. There are hundreds of ways to save money, but the few listed below are achievable ways to make our hard-earned money go that extra bit further.

Switch up credit cards

The interest rates on credit cards can be extortionate, and they count on users being uninterested in searching out a new provider that will be able to offer them better rates once the initial promotional rate has expired. Transferring from these high interest rates down to a lower promotional rate of a new card could save you roughly 10% of your debt. Pay attention to the length of the promotional rate and the transfer fee % to get the best deal for you.

Check up on old Direct Debits

Whether its old insurance plans, sim only contracts or that direct debit you may have been convinced into getting by those friendly people in the street it is easy for a ‘cancelled’ DD to continue to withdraw these seemingly small amounts. Take the time to ensure any cancellations you made in the past have not continued to take money from your account, and follow the due process to reclaim any money that has wrongly been withdrawn.

Fresh Cooking and Homemade Lunches

The benefits of this are completely endless. A) Fresh produce is cheaper than ready made meals and sauce packages. B) Health benefits from eating meals that only contain what you added to them and without preservatives. C) Your cooking skills will increase tenfold and you’ll be able to pass these skills on to your children and loved ones. You’ll also be able to find better solutions for leftovers and turning them into better meal.

Coffee Craze

As coffee shops have populated every corner of every town in the UK it is unsurprising that coffee has become an everyday, two-a-day or even three-a-day habit for many 9-5 workers who need their ‘fix’. However, with the main coffee franchises charging roughly £2.70 for a standard coffee that could cost you between £5.40 & £8.10 a day. Across the year that expense is mindboggling, especially when buying one less coffee everyday could save you £500 a year. Saying goodbye to that extra cup seems easy when you can say hello to a beach break instead.

Mobile Phone

Shop around for a new contract without the handset! Mobile phones continue to increase in price as the largest brands continue to push their new model prices higher and higher. This has in turn fuelled users demand for long lasting mobiles phone, this improvement in quality means they last beyond than the standard two year contracts demanded by most providers. This means that if you can avoid the marketing buzz of the newest handset that comes out every 8-10 months, you can save yourself an unbelievable amount of money by keeping with your trusted and already perfectly set-up old handset. Whether you are keeping your old phone and getting a SIM only contract or you can’t resist the lure of the newest release, then the price comparison website Moneypug will help show you offers from all the providers for both options. While the cheapest option for customers is to pay upfront, it isn’t always a viable option without increasing your debt.

Make date night a weeknight

The amount of offers from restaurants, cinemas, bowling alleys and any other entertainment venue to bring in numbers throughout the week can lead to costs being reduced by almost 50% compared with the same weekend activities. Along with the bonus of a cheaper night, you’ll certainly receive better service at dinner, reduced chances of cinemas being full, more chance of a babysitter being available and something to look forward to during the week.

Why is Health and Safety Awareness Important?

ABC Staff
-
0
Why is Health and Safety Awareness Important?

Health and safety awareness matters. Every workplace has the potential to expose employees to certain hazards, whether this is related to manual handling tasks or associated with the regular use of display screen equipment. Consequently, implementing an effective health and safety strategy is one of the best business decisions that you can make.

The way in which this strategy is developed and implemented will very much depend on the nature of your business and the level of risk, but a business without an adequate plan can leave itself open to accidents, illness and at worst problems with the Health and Safety Executive. As an employer you should actively promote health awareness to your employees to reduce the likelihood of accidents occurring and dangerous working practices developing. A business that involves employees in decision making about health and safety not only improves safety standards but helps to increase awareness, particularly if the process is combined with high quality health and safety training.

There are many hazards in the workplace and many of these can be reduced by training, increased health and safety awareness and ongoing support. Risks can include:

Falls – A risk that can occur in any working environment caused by anything from incorrectly stored items to unsafe working practices. Falls can result in lengthy periods of time off work and reduced productivity.  

Harmful Substances – Certain substances particularly those under the COSHH Regulations are harmful to health. Gases, chemicals and minerals such as asbestos are all harmful substances that employers need to risk assess.

Repetitive Movements – Many businesses have a significant proportion of the workforce who are office based which involves long periods using a computer screen. Sitting in the same position for long periods of time and the incorrect use of display screen equipment can cause injury. Similarly, in labour intensive industries where manual handling is commonplace, heavy lifting throughout the day can result in injury if adequate health and safety awareness strategies are not in place.  

Employers can reduce hazards by providing regular awareness training to draw attention to the risks, how employees can respond and who they should communicate their concerns to so that others are not put at risk. To supplement the development of knowledge, employers may also evaluate staff understanding either through assessments or routine evaluations. Furthermore, good communication and effective escalation procedures can help employers respond to incidents quickly and professionally. Without up to date training and processes, hazards can remain undetected putting the health and safety of employees at risk.

Employees are often in the best position to understand the risks associated with their working practices. Collaborating with employees helps to:

  • Identify effective solution
  • Develop a culture of health and safety where risks are sufficiently managed
  • Reduce accidents and illness
  • Instigate key organisational improvements across multiple areas such as productivity, efficiency and quality
  • Better meet customer requirements
  • Fully comply with legal requirements

Increasing health and safety awareness can help reduce accidents and emphasise the importance of good working practices. Through raising awareness, you can:

Reduce the likelihood of your employees becoming ill or injured as a direct result of their work

Develop and maintain a strong health and safety culture where safe working practices become second nature across all areas of the business

Better understand the risks and improve safety standards

Health and safety awareness training isn’t just about meeting your obligations as an employer. It is also about educating employees on their responsibilities. Educating them on health and safety requirements makes them aware of their obligations and consequently their level of awareness is heightened meaning that a culture of safety will naturally be adopted across the entire workforce.

Efficient procedures and practices not only keep your employees healthy and safe, they can keep people focused on what you need them to be doing.

When businesses are more aware of health and safety, they can make significant cost savings, not only in terms of their investment in e-learning but eliminating the need for unnecessary consultants and avoiding hefty fines from the Health and Safety Executive.

6 Ways to Cut Costs Without Missing Out on Fun

ABC Staff
-
0
6 Ways to Cut Costs Without Missing Out on Fun

Saving money doesn’t necessarily mean that you have to purge your life from anything that is enjoyable. There is a common misconception that it should cost a lot of money to have a good time. In reality, there are many ways to live and enjoy a life that is free from wasteful behavior and excessive spending. Today we are going to take a look at 6 things you can do to save money without missing out on having fun.

Draw up a Budget

This first thing you should do is to draw up a budget. This is important because, although you don’t want to spend a lot of money, you have to determine how much money you have that you can spend on activities that you enjoy. Drawing up a budget also forces you to find a place for relaxation and enjoyment on your list of financial priorities. You may also find that drawing up a budget and cutting costs elsewhere leave you with more money than you originally thought. When you have created a budget, you are able to do effective financial management.

Prepare Food at Home

Preparing food at home is a cost-effective alternative to eating out. The costs of eating at restaurants or buying food at takeaway places can accumulate to a significant amount of money. By making an event of preparing your food at home, you can have a pleasurable dining experience every weekend or even every night without breaking the bank. There are many recipes available online that are aimed at saving you money. By inviting a few friends over and telling them to bring wine or beer, you will be sure to have a good time.

No More Cable TV

Online streaming services have reached new levels of sophistication and they are nowhere near as expensive as cable tv subscriptions. Replacing your cable tv with an Amazon Fire TV will enable to you access online streaming services like Netflix or Amazon Prime in a way that is just as user-friendly and comfortable. Adding Kodi onto Fire TV can also save you tons of money while providing you with unlimited content that you can stream.

Sign up For Email Lists

Whenever craft beer breweries, restaurants, or entertainment venues ask you if you’d like to be a part of their email list, say yes. This is one of the best and most effective ways to get your hands on some coupons, vouchers, or free drinks. Check your spam folder every day for these freebies and file them on a drive or cloud where you can access them with your phone. When you plan your weekends, get these out to see where you can score the best times.

Buy a Bicycle

If there are regular cycling events in your area, it can be tons of fun to take part in them, especially if you have friends or family that are willing to join you. Local cycling events for charity or as a way to get the community together are usually affordable. It’s also a great way to get some exercise and you can save some money by canceling your gym membership.

Mystery Shopping

Using reputable websites for mystery secret shops can earn you as much as $150 per month or, at the very least, score you a free meal or one night’s free stay somewhere. If you don’t mind filling in surveys and if you have cash at hand, this can be a nice way to spoil yourself. You can also add the money you make to a vacation fund, which can be the ultimate way to have fun in a year or two.

How much data do I need for an efficient VoIP system?

ABC Staff
-
0
How much data do I need for an efficient VoIP system?

It’s hard to overlook the many merits of implementing a VoIP phone system in a workplace. VoIP unlocks many cost savings in comparison to a traditional, landline-based system and can be easily scaled up as the business grows while still allowing you to use local phone numbers. Still, it can be hard to pin down how much data you will need for it.

Though a VoIP system can deliver financial savings potentially totalling as much as 90%, placing VoIP calls still depletes data which incurs a cost. So, how much data will an efficient VoIP system burn?

Cracking the codec

When looking closely at the breadth of VoIP solutions available, you could understandably feel aghast about how exactly you are supposed to calculate your firm’s projected data usage.

Different VoIP systems can use different codecs. A codec plays a crucial role in VoIP data usage, as it is the compression engine that, during a call, converts your voice from analogue to digital format. In the process, it will remove silent movements to minimise data usage.

The differences in codecs between systems mean that those systems can consume data at varying rates. For example, the G.711 codec takes 87Kbps – kilobits per second – and the G.726 codec consumes 55Kbps, according to figures listed by Lifewire.

However, most good VoIP services actually use the G.729 codec, the data consumption rate of which is 32Kbps. This ranks it among the best performing voice codecs, so let’s use it as our basis for calculations of how much data a G.729-based system might use in a business context.

Crunching the figures

Given G.729’s data consumption rate, a minute-long call made with a system using this codec would require 1,920 kilobits of outgoing data. Since 8 bits make up a single byte, we should divide the 1,920 figure by 8 to see how much you would consume in bytes – and that’s 240 kilobytes.

However, each voice conversation of this duration would also use inbound data of the same amount. Therefore, the 240 figure should be doubled to 480 to show how many kilobytes in total this conversation would use. That is near 0.5MB per minute.

In light of this figure, it can be clearly discerned that even a mobile plan allowing for just 1GB of monthly data usage can still let you make and take hundreds or even thousands of calls, Best Reviews points out. Even a “hungrier” codec than G.729 wouldn’t cripple the data at your disposal.

You might still fret about the possibility of video calls significantly eating into your data allowance. However, this worrying would be misplaced – as, with the h.264 codec, video consumes roughly 64KB per second. That adds up to, on average, 3.75MB for each minute of usage.

Therefore, you would have to make 4 hours and 45 minutes’ worth of video calls to use up a 1GB data allowance. This impressive leeway could imbue you with the confidence to order a VoIP solution for businesses and have the system up and running just a few days later.

Expert Payroll Services in the UK can help your payroll management systems

ABC Staff
-
0
Expert Payroll Services in the UK can help your payroll management systems

The latest trends in technologies are making the world more interactive and closer to each other. Especially in the business world, the use of technologies like blockchain, cloud computing is helping with the expansion across continents.

When a company in London, opens its subsidiary in Paris, apart from different infrastructure, all other business aspects can be run on a shareable basis. For instance, using a blockchain technology, the financial system at both office can run in available real-time distributed data.

The payroll systems across the globe are one of the many sections of business who have a complete makeover while they entered the year 2018. For those who are still stuck in the traditional or outdated legacy technologies for managing the payroll services, here are few reasons why they might think of bringing the change.

Change in data protection rule (changes in GDPR)

Every business which uses internet for its internal and external functions have already implemented the new General Data Protection Regulation (GDPR) which is enforced since May 25, 2018. It contains modern laws to protect the rights of individual’s personal information, being shared and saved over the internet.

With the change in technology, updated GDPR was need of the time. It alters the way businesses and public-sector organisations can handle the information of their customers and gives them more control over their information.

When payroll is handled by third-party software, it is important that they should comply with the changes of GDPR to handle the business sensitive information. While approaching the expert payroll services in the UK, make sure the chosen company provides the GDPR compliance in their payroll management solutions.

Blockchain – a distributed ledger for accounting & payroll

The blockchain is a most popular technology of this century. In terms of its usability, Blockchain technology fits best in economic transactions as it is a digital ledger that is programmed to record anything which is quantified with a value. It is a secure distributed ledger that provides transparent and safest way of representing & storing financial values.The payroll outsourcing companies could use Blockchain technology at the back end for the high-end performance driven payroll systems.

More secure & robust cloud technologies

Tax and other legislation that affects your employees, your payroll and business are changing all the time.To keep these changes available to all the concerned entities (your company’s accountant, stakeholders, employees, HMRC) in real-time so that each of them hasthe latest version of payroll values and principles, is a job well-handled by technologies running on the cloud. The cloud offers advantages like high scalability, affordable infrastructure, data security and instant troubleshooting. All these advantages are much needed within a payroll system.

Artificial Intelligence (AI) makes its way into payroll systems

Payroll activities are repetitive in nature and each pay cycle demands accuracy, timeliness and well-planned coordination across multiple organizational activities. There are some dependent and few independent calculations that may be the result of contractual changes, permanent salary change, benefits, temporary changes like the bonus, expense, overtime payments, attendance records, reconciliation, and deductions.

The Artificial Intelligence (AI) when incorporated in a payroll system, tend to inculcate the efficiency of “self-learning”. Its success can be judged from the fact the on implementing AI within the payroll, the completion rate (work flowing straight through) on absence has become 87%. With self-learning, a payroll system becomes capable enough to identify problems, soon enough to prevent crisis management.

The year 2018 is a year of maturity, where the advent of technology has captured the attention of every business owner and strategist. They are convinced to invest more in their IT services to stay high up in the competitive market. We understand payroll is a sensitive internal matter of a company, but with improved GDPR in place, you can dive into the world of cloud services and payroll outsourcing.

1...863864865...991Page 864 of 991

ABC Money 2025 - 1st Edition

Magazine - 2025 Edition

Explore the latest insights, trends, and expert analyses in finance with ABC Money 2025. Stay ahead in 2025!

LEARN MORE

Leading news network for crypto, finance and business.

More from ABC

Contact

Contact: advertise@abcmoney.co.uk © ABC Money Team @ 2006

  • bitcoinBitcoin (BTC) $ 108,218.00 0.27%
  • ethereumEthereum (ETH) $ 2,517.37 0.17%
  • tetherTether (USDT) $ 1.00 0%
  • xrpXRP (XRP) $ 2.22 0.09%
  • bnbBNB (BNB) $ 655.81 0.17%
  • solanaSolana (SOL) $ 147.47 0.44%
  • usd-coinUSDC (USDC) $ 0.999870 0%
  • tronTRON (TRX) $ 0.283602 0.42%
  • staked-etherLido Staked Ether (STETH) $ 2,516.96 0.16%
  • cardanoCardano (ADA) $ 0.573990 0.32%
  • avalanche-2Avalanche (AVAX) $ 17.85 0.51%
  • the-open-networkToncoin (TON) $ 2.73 0.06%
Enable Notifications OK No thanks