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5 Ways Invoice Factoring Can Offer Quick Financial Solutions to Your Business

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StrategyDriven Managing Your Finances Article | 5 Ways Invoice Factoring Can Offer Quick Financial Solutions to Your BusinessSmall or established businesses need effective cash flow to run their operations. However, maintaining a proper cash flow can prove hectic with the market and economic changes. A business should seek alternative funding to keep its operations active and productive. Besides applying for a loan, businesses can utilize invoice factoring as an alternative financing option. Pointed below are the ways invoice factoring can offer quick financial solutions to your business.

Offers Financial Flexibility

It is prudent for your business to maintain flexibility in cash flow. Your business needs to fund its operations and sustain its workforce despite hard economic times. Invoice factoring financing becomes vital as it offers your business the flexibility it deserves. You can use the unpaid invoices to get the funds you need at any time. You, however, need to find and work with a reputable factoring company to enjoy the flexibility. Remember, invoice factoring makes cash available to your business and helps avoid financial struggles that might affect its operations in the end.

Helps You Save Time and Resources

Note that applying for a bank loan means waiting for days before getting approval. The approval chances are also minimal, and your business can get affected as you wait for the approval. Most banks and credit unions also dictate that you provide collateral to process the loan. This, in the end, can be inconvenient, especially to a struggling business. However, using your unpaid invoices to secure funds saves time and resources. You avoid worrying about collateral and wasting during the application process.

Easy Application Process With Higher Financial Approval

Financial history, credit score, and collateral determine your chances of getting a loan approved by the bank. You must meet the criteria and the requirements for your business to get the funds it needs. This is, however, different when you consider invoice factoring. You don’t need to worry about collateral or your financial history to get approval. You only need to show your financial history to the customers. The factoring company needs to be confident about the payment history before taking your unpaid invoices.

Credit Control

Collecting your payments and managing the credit can have different impacts on your business. You need to be effective with debt collection to keep your cash flow steady. It is, however, hard when you have to deal with sneaky customers. You get quick financial solutions by considering invoice factoring as you avoid the stress of dealing with your customers. Note that the factoring company you sell your invoices to handles the payment collection process and credit control. You get more time and space to manage your business.

You Use the Funds for Any Business Purpose

Unlike other forms of loans, invoice factoring provides you with the funds to use for any business needs. There are no restrictions or conditions on where and how to use the funds. You can improve your working capital, fund expansion, purchase new stock and equipment and add more staff with the funds you get through invoice factoring. You enjoy financial freedom by working with a reputable factoring company.

It is crucial for a business to maintain its cash flow for its operations. However, it can prove hectic when you lack a proper financing avenue. As much as applying for loans can prove beneficial, the process can be overwhelming. You need invoice factoring to get quick financial solutions and enjoy other benefits, as highlighted above.

Does the company supplying e-services need to register to VAT in Poland

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StrategyDriven Managing Your Business Article |VAT in Poland|Does the company supplying e-services need to register to VAT in PolandThere is no denying that every entrepreneur wants to reach as many buyers as possible. This is the reason why many of them decide to provide e-services. Thanks to that they sell their goods and services on foreign markets. This raises the question of whether you should register as a VAT payer in Poland.

There is no denying that every entrepreneur wants to reach as many buyers as possible. This is the reason why many of them decide to provide e-services. Thanks to that they sell their goods and services on foreign markets. This raises the question of whether you should register as a VAT payer in Poland.

There is no denying that every entrepreneur wants to reach as many buyers as possible. This is the reason why many of them decide to provide e-services. Thanks to that they sell their goods and services on foreign markets. This raises the question of whether you should register as a VAT payer in Poland. The sale of electronic goods or services to individuals from another EU country involves a number of tax obligations. From 1 July 2021, with the so-called VAT e-commerce package, regulations simplifying these settlements came into force. Read our article and we will certainly brighten up your Vat in Poland.

What is VAT OSS?

VAT OSS (One Stop Shop) is a VAT settlement prcedure that replaced the previous one – VAT MOSS (Mini One Stop Shop). As we have already written in the introduction on 1st July 2021 new regulations came into force. The previous VAT MOSS procedure, which concerned the sale to individuals from another EU country of electronic, broadcasting and telecommunication services (so-called TBE services), has been extended to include the sale of goods by mail order to these entities (so-called WSTO), creating the EU VAT OSS procedure.

The EU VAT OSS procedure can be used by both active VAT taxpayers and non VAT taxpayers. VAT OSS registration does not interfere in any way with VAT-EU registration. It also does not result in losing the right to VAT exemption, due to the fact that sales settled under VAT OSS are not taken into consideration when verifying sales limits for VAT exemption.

VAT OSS – when is it worth using?

Every entrepreneur should remember that registration for VAT OSS is fully voluntary and depends on the decision of the seller. When making mail order sales of goods or providing services to private individuals from another EU country, they must keep an eye on the sales limit.

What is the sales limit?

The limit for sales to private persons from another EU country under the VAT OSS procedure is EUR 10,000. In case of Polish sellers, converted into PLN, the limit amounts to 42 000 PLN. Until the sales limit is exceeded, Polish entrepreneurs tax their transactions as domestic sales – applying the Polish VAT rate. After exceeding the sales limit, they are obliged to tax the transaction at the VAT returns applicable to the buyers country. Until the implementation of new regulations, which took place until 1 July 2021, after exceeding the limit of mail order sales in a given EU country, Polish taxpayers had no choice and were obliged to register for VAT in the country of exceeding the limit. This involved not only the registration obligation, but also the obligation to keep records and reports, i.e. accounting for VAT in another EU country. At that time, it was necessary to use the services of accounting offices that specialized in the knowledge of tax laws of other countries, which entailed additional costs.

To sum up, the VAT OSS procedure simplifies the settlement process, because once the limit of mail order sales in the EU has been exceeded, the seller can still settle the VAT with the Polishtax.com.

What is turnover in business?

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StrategyDriven Managing Your Business Article |Turnover in business|What is turnover in business?What is turnover in business, and how does it affect the health of your company? Understanding how well your business is performing isn’t an exact science, but one of the indicators you may use to get a clear grasp is business turnover.

When running a business there are dozens of pieces of jargon to sort through, Indicators to analyze, and choices to make. They all assist you to realize how your firm is doing in precise terms. It’s probably one of the most significant and simple metrics to think about.

This article discusses turnover in simplified terms and walks you through the process of calculating it.

What is the meaning of business turnover?

It is a simple business metric that can be used to determine if a company is profitable or not. It’s frequently used as a quick and easy way to estimate a company’s size. HMRC, for example, considers turnover when deciding whether or not a company should register for VAT.

It refers to the total amount of money you made from selling your product or service in a certain period. It doesn’t take into account any expenditures or any other unexpected charges. It doesn’t even account for the profit you made during that period.

What is the significance of business turnover?

You can compare your existing turnover to other times of the year. This will help you indicate if your company’s revenue is increasing and if it is on track to meet your goals.

It’s also a useful figure for comparing to other metrics. If your gross profit is low in comparison to your turnover, it may be time to look into strategies to reduce your sales costs. If, on the other hand, your net profit is low in comparison to your turnover, you should consider increasing the financial efficiency of your company.

What’s the difference between profit and turnover?

Although both turnover and profit represent a company’s revenue, they are calculated using distinct parameters. Turnover, also known as net sales, is a company’s pure income from sales, whereas profit is the remaining total turnover after all variable and fixed expenses are deducted.

On their income statement, most businesses include both turnover and profit. Turnover is usually the first line item because it is the biggest figure and only accounts for revenue without any expenses. Profit is generally always the bottom line on the income statement, and it represents the entire income produced by the company after all operational expenses are deducted.

What is the method of calculating turnover?

Calculating turnover is as simple as combining all of your total sales for a particular time as long as your finance team keeps exact and accurate records. The gross profit (after subtracting the cost of products sold) and net profit (after deducting the cost of goods sold) can then be calculated using your turnover as a starting point (by then deducting all operating expenses).

Of course, turnover is not a metric of success. Every firm will make sales, but the size of the business, rather than the turnover, determines its success. However, when compared to other indicators, it can be used to determine success, and it is useful to know how well a company is growing

Tips for increasing your company’s turnover

You must make certain that your company’s turnover rises over time. Here are a few suggestions to assist you to increase the turnover of your company.

Aim for profitable growth.

Aim to sell as much as possible, whether you’re a product or service-based business. Increased sales will eventually result in increased profit, so be aggressive in your sales efforts. Use all accessible platforms to sell your goods as efficiently as possible.

Make special deals and promotions.

Offers and discounts are an excellent method to attract customers. You can always provide a supplementary service or decrease the price of the goods or service as an offer. This will assist you to attract more people to your goods or service, which will result in more sales.

Incentives are effective.

Your sales partners are your most valuable ally when it comes to growing sales. Make certain to motivate and incentivize them to perform better. Their improved performance will result in increased turnover for your company.

Final thoughts

So, this is about turnover and how it should be calculated. We hope you’ve understood the distinction between turnover and net profit. Turnover is an important aspect of every firm. It not only helps you assess your company’s success, but it also helps you plan for the future. Before the end of your first year of business, make sure you understand the various ways to increase your turnover and how to calculate them.

5 Reasons for Organizers to Take Event Registration Online

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StrategyDriven Online Marketing and Website Development Article, 5 Reasons for Organizers to Take Event Registration OnlineCreating a list of attendees for the upcoming event can be a lot of work for organizers. You need the list to be effective to save time and avoid inconveniences. Manual verification can prove hectic and time-wasting. However, the process is easy and effective when the registration is online. The availability of an online event attendee registration system and solution can help meet your expectations. Here is why organizers should take event registration online.

You Gain an Insight on Your Attendees

You get insight and know your guests better when you use the event registration system. Online event registration software has components that dictate the attendees’ key in specific details to help you know more about them. Managing the event becomes easier when you collect necessary information from your guests. You also find it easy to prepare and arrange the right meals and drinks as per your guests’ preference after gaining insight into them.

Secure and Effortless Payment Processing

Processing payments when registering to attend an event is among the hectic jobs organizers have to do. Using manual processing methods can have a lot of setbacks. However, taking the event registration process online comes along with several benefits. It is effortless and secure as the system provides the right avenue to utilize it. As an event organizer, you get access to an active and easy-to-use payment system that your guests can also utilize effortlessly.

Improves Event Efficiency

You want registration, seating arrangement, and other things need to be proper before the event commences. This calls for efficiency in your operations as the event organizer. You also need to save time, money, and resources for the event to succeed. When you consider online event registration solutions, the administrative tasks become bearable. You improve efficiency and prepare for more activities as you have the time and space to do more. Your guests gain more from the event when there is efficiency.

You Get a Customized Registration Process

Dealing with gate-crashers at your event can be overwhelming. You need to avoid embarrassing or confusing situations that might affect the event’s relevance. It is crucial to match the guest’s faces with the details you have on them. This is possible when you utilize the best online event attendee registration solutions as an organizer. The right system will help you customize the registration process and increase efficiency in the end.

Improves Your Marketing Efforts

The chances that your potential customers are on the guest list are higher. Utilizing online event registration solutions is one way to market your business and services. The central management system you utilize can help you send notifications for upcoming events, venues, and rates. You can also get feedback on previous events and understand where to improve. You can also reach a wide network of guests for the upcoming events through referrals and recommendations after using the event registration solution.

The event registration process can be hectic, especially when you have to receive payment and develop a proper list of attendees. While going manual can be helpful, the positive results are likely to be lower. As an event organizer, your efforts bear positive results when you take the registration process online.

How To Maintain Productivity Without Compromising Your Cybersecurity

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StrategyDriven Managing Your Business Article |Cybersecurity|How To Maintain Productivity Without Compromising Your CybersecurityWhether you are a small local business running a simple website, an ecommerce project with a steadily increasing turnover, or a growing international brand – any business can find itself the target of cyber criminals. It is naturally the case, then, that businesses need to invest properly in their cybersecurity, and put it at the forefront of their strategic decisions.

However, there is a potentially conflicting interest with cybersecurity – and that is productivity. It is often believed by business owners that they can’t improve one without compromising the other. For example, putting in place multi-factor authentication on log-ins certainly makes a company more secure, but it is also likely to be less time efficient and create scenarios where genuine log-in attempts fail and have to be resolved.

For those companies that have chosen to invest in their cybersecurity, it is important to establish ways that productivity can be maintained, and even improved, without making this investment a wasted effort and financial decision.

Here, we take a look at how your business can achieve higher levels of productivity without compromising your cybersecurity.

Invest in the right security technologies

The first thing to note is that the type of cybersecurity technologies you invest in can play a big role in how it affects your business productivity. For example, some cybersecurity strategies place a focus on reacting to attacks – and while this is an important facet of security, it can also affect productivity tremendously.

It can be a much better idea to invest in technologies such as managed detection and response. This is software that operates in the background as data is ‘collected from across your networks, endpoints, and cloud environments, analyzed using the latest machine learning and behavioral detection engines, then enriched with the latest threat intelligence’.

From this data the software understands what is normal, and can therefore recognise and react to abnormal behavior. This can then be investigated. This is far more effective than waiting for an attack to happen and then having to uproot the businesses in order to find and deal with the problem.

Find compromises

There can be a real temptation to maintain productivity and even improve on it by taking a lax approach to cybersecurity policies. This concept here is that reducing the strenuousness of cybersecurity provides employees with more space to breathe. There can be logic here, but it is important to ensure that you are relaxing measures in the right areas.

It is important to consult with your business’ cybersecurity specialists as well as those who manage data and data security across the organization. Working with these members of staff can allow you to establish where your company is potentially vulnerable and find ways to ensure that any changes you make do not negatively affect you from this perspective.

Be aware of insider threats

Many businesses assume that insider threats necessarily come from malicious actors – for example, disgruntled former employees. However, this is not always the case. In fact the vast majority of cybercrime that involves an ‘insider’ element actually relates to mistakes that have been made by employees.

The key thing to note here is that if employees do not understand why they need to follow a particular cybersecurity policy, or if they feel that it stops them from doing their job effectively, they may simply disregard it. It is essential, then, that businesses ensure that cybersecurity policies are adhered to and training is provided to help employees understand why they have to take it seriously.

Employees often want to find the most time effective ways to carry out a task in order to strive for higher productivity levels. But this comes at too high a cost if the company as a whole is put at risk of a data breach.

There does not need to be an inherent contradiction between productivity and cybersecurity. In fact, as both are becoming vital to businesses, leaders of organizations need to find a way to ensure that both are prioritized. The most important step is to ensure that staff understand the importance of cybersecurity and the procedures that have to be put in place. This allows them to establish ways to be more productive in spite of cybersecurity measures.