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The Best Ways To Modernize Your Business in [2020]

Modernizing the company can help satisfy the needs of the market, streamline the business, compete at a higher level, overcome modern-day challenges, and much more, but what are the best ways for a company to modernize?

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Every business needs to stay modern and adapt to the times, particularly in fast-changing situations like 2020. Modernizing the company can help satisfy the needs of the market, streamline the business, compete at a higher level, overcome modern-day challenges, and much more, but what are the best ways for a company to modernize?

It will depend on the industry that you are in, but there are currently a few key areas worth focusing on, which could help the business thrive in 2020 and beyond, so they are certainly worth looking into. Read on to find out more.

1. Implement New Technology

Technology is an open area if you want to modernize, particularly when you consider the remarkable developments that have been made in recent times. The different types of technology that are revolutionizing various industries right now and could help your brand succeed in several ways. A few of the key kinds worth looking into include:

Digital Marketing Companies

2. Remote Working

Many companies around the world have to work remotely due to the pandemic. Still, many progressive companies were already encouraging staff to work remotely (although often not on a full-time basis) before COVID-19.

It is certainly something that should be considered even when things start to return to normal because it can bring benefits to all and allows you to cast a much wider net when recruiting to your team.

3. Redesign Your Company Website

The company site is usually the first point of contact with a potential customer, so it needs to be modern, stylish, and easy-to-use. Web design trends can change quickly, so there is a good chance that your current website looks outdated.

Redesigning the site is smart to modernize and offer you the opportunity to update the message you are communicating. The website needs to be professional looking so you should find an experienced designer in your area, such as a website design Birmingham specialist.

Do Businesses Need an API-driven Strategy

4. Go Green

Environmental damage remains a hugely important topic, and the coronavirus pandemic has shown that the environment can heal when drastic changes are made. It is a good opportunity to make positive changes to your business about your carbon footprint, such as:

  • Remote working
  • Alternative energy
  • Using local suppliers
  • Using green materials
  • Increasing recycling

5. Upgrade Cybersecurity

Cybersecurity remains a huge threat to modern-day businesses, and there are always new threats that are being developed. This means that you need to stay up-to-date with cybersecurity, invest in high-quality defense, train your staff, and have a cybersecurity policy in place.

Every business needs to stay current, or they will fall behind. These are a few ways that a company can modernize in 2020 and help you succeed in several different ways while competing at a higher level.

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Business

13 Tips for Getting on Top of Your Taxes

It’s tax season! Whether you have only a personal return to worry about or that plus a business return, there are a few helpful tips to keep in mind while getting your tax forms completed.

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13 Tips for Getting Top of Your Taxes

It’s tax season! Whether you have only a personal return to worry about or that plus a business return, there are a few helpful tips to keep in mind while getting your tax forms completed.

Here are some of those pointers to keep in mind.

1. Decide whether you need help.

For many people, completing one’s taxes may seem pretty straightforward. For others, it may look like a daunting process. If an individual has an incorporated business, such as an S corporation or partnership, and multiple qualified deductions on their return, then a professional’s help is probably best.

2. Don’t forget to fund your retirement fund.

There are multiple financial vehicles available to save for retirement, whether it is a Traditional IRA, SEP-IRA, or Keogh Plan, to name a few. In most instances, money contributed towards retirement is a legitimate way to reduce one’s taxable income on paper.

3. Stay organized.

If you have deductions to keep track of, or if your income is cash, you should stay on top of it. This is possible to do manually, and if your situation is more complicated, you can sign up for programs to help you automate it.

4. Keep in mind the tax deadline.

Tax season typically begins on January 15th, with the IRS beginning to accept personal returns through April 15th. Business returns, particularly with S corporation and partnership returns, are due on March 15th. It’s important to file on time to avoid late penalties and fees.

5. Decide whether you want to itemize or take the standard deduction.

An individual is eligible to take a $12,400 standard deduction off their taxes. However, itemizing expenses, which entail taking deductions for qualified personal expenses, such as mortgage interest and charitable deductions, may yield greater tax savings.

Keep in mind the tax deadline

6. Consider the home office deduction.

Those who have a dedicated office area in their home for work might be worth considering the operating expense of that area for a tax deduction.

7. Remember to include any dependents on your tax return.

If one has any children or adult dependents, it’s important to remember to note this on one’s tax return. Doing so allows for certain tax credits to reduce one’s taxable income.

8. Consider setting up a taxpayer account and filing online.

If one uses self-help tax software, such as TurboTax or TaxAct, tax filing, payment, or refunds are automated online. If one is employing a professional to complete their return, then electronic filing may be set up by that professional on one’s behalf. Otherwise, one can create an account online directly with the IRS for quicker and more efficient filing.

9. Make sure you are filing all the appropriate forms.

If one uses self-help software to file a personal return, all the necessary documents should be included as part of the paid package. If one is filing directly with the IRS, with no middle party to help facilitate the process, it’s important to be careful to point the proper forms and double-check that all necessary documents are filed. For business returns and more complicated personal returns, it’s best to consult a professional to ensure that all the appropriate paperwork is filed.

10. Consider hiring your children (and paying them).

If one has a business, no matter how formal or informal it is, hiring a family is advantageous for both you and them. Any salaries paid to the family are tax-deductible. Retirement contributions and health benefits are also tax-deductible expenses for the family that is the employer.

11. Keep healthy.

If you are self-employed, the entirety of your health insurance is tax-deductible, as is even your dental insurance. If you are employed and purchase health insurance with a high deductible, opening a health savings account or a flexible savings account and using it can help you offset some of the monies spent on taxes.

12. Buy supplies for work.

If you are employed and purchase supplies relevant to your work, this may be deductible. If you are self-employed and make large purchases pertinent to your work, the cost may be deductible in full.

13. Make timely payments, if needs be.

Though many individuals may expect a tax refund from the IRS, some may wish to pay additional monies with their tax filing. Whether it be via an unincorporated status as a 1099 contractor, an LLC, or a corporation, those who are self–employed are expected to make quarterly payments throughout the year by the IRS. Suppose you are wondering when LLC Taxes are due in 2020. In that case, the IRS enables one to register on their website for quarterly estimated tax payments: January 15th, April 15th, June 17th, and September 16th.

Conclusion

Taxes are an unpleasant obligation for all of us who live in the United States. Even those of us who live outside of the United States and are citizens of the United States, staying abreast of tax filing with the IRS is an indisputable legal obligation. To make this obligation run smoother, there are a few pointers to consider. Though it’s not exhaustive, the above list is pretty thorough and a good start.

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Business

4 Ways Employees Compromise Security (And How You Can Solve Them)

Employee carelessness could lead to a data breach that can destroy your business. Read on to discover how workers can undermine your company’s security.

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cybersecurity is essential to the global supply chain

Employees, in a perfect world, would have great cybersecurity habits. They will make sure never to place their company’s data or network at risk.

This isn’t a perfect world, though. Although office workers can be trustworthy and loyal, the lack of IT policies and occasional carelessness could cause a harmful data breach that can ruin your business reputation and shutter your company.

How can employees compromise your enterprise data security?

Here are four ways they can put your sensitive private and customer data at risk:

1. Insider Malice

No business manager or owner likes to think that their trusted business partners or the people on their team have it out for them. Sadly, a few bad apples can sometimes get past human resources or talent acquisition. The worst part is that malicious insider attacks are incredibly difficult to detect.

You can prevent or mitigate insider malice by getting to know the mind of your attacker. Put yourself in the shoes of a dissatisfied worker looking to take down their employer. You probably wouldn’t launch an attack while you’re using the company computer and still on the corporate payroll.

You would, however, be likely to launch a cyberattack a few days before or after your last day. If you still have your company e-mail and VPN login (and they still work), you could get into your ex-company’s servers from the comfort of your home.

Small Size Businesses Here is What You Need to Know About Cyber Security

As a business owner, you should take measures to prevent disgruntled and malicious employees from compromising your company’s IT and network infrastructure. Start by limiting privileged access to sensitive data, such as intellectual property, personally identifiable information and customer details. Then, immediately revoke the access rights of employees who resign or leave your company without notice.

Also, try getting cloud software that can back up and protect your data. You could, for instance, purchase and download an Office 365 e-mail backup solution to make sure that your e-mail data stays protected and is easily recoverable in the event of a cyberattack or a security threat.

2. The Use of Weak or Lazy Passwords

According to a report from PCMag, the top three common passwords for 2020 are picture1, 123456789 and 123456. These passwords are so laughably insecure that you’re practically rolling out the red carpet for hackers and other cybercriminals.

When you have employees adhering to poor password practices, you need to create and implement a strong password policy to prevent an enterprise data security disaster. Make sure your workers receive a notification to change their passwords every quarter. What’s more, the new password must adhere to the following requirements:

  • It shouldn’t match the previous passwords.
  • It must contain at least nine characters (the longer, the better).
  • It needs to include a combination of symbols, uppercase and lowercase letters and numbers.

Changing and memorizing a long, complex password can be highly inconvenient for some employees. One trick to creating this kind of password is to learn a sentence only you can identify.

Take this sentence as an example: “My best friend munches a batch of French fries.” Turn that into an acronym, and you’ve got: MbfmabofFf. You could turn the letter “o” into a zero, then add the birth date of your best friend (or whatever special number you feel like adding). Finally, start or end the password with a symbol.

3. Web Surfing

Office workers often use the company’s internet to surf the web during lunch breaks or downtime. If your tech staff doesn’t protect and configure your systems properly, employees may come across websites with malware, which can cause machines and other devices to become infected.

As a business owner or manager, you can restrict access to specific sites that your company or tech team determines as dangerous or inappropriate. Although this tactic works well for known and distinctive destinations, it may be time-consuming and complex to administer.

If you insist on this strategy, make sure to supplement it by securing systems with anti-spyware and anti-virus software. What’s more, train your employees on the value of staying careful on the web.

Small Size Businesses Cyber Security

4. Malicious E-mail and Phishing

Fraudulent e-mails can destroy your company’s IT and network security, as well as compromise your data. They may contain harmful attachments, codes or links that give cybercriminals access to devices and data.
You can stop these malicious e-mails from harming your business by educating your workers about recognizing suspicious e-mails.

A few of the red flags they should look for include the following:

  • Offers and promotions that are “too good to be true.”
  • Unwarranted technical or customer support
  • Popular companies with deceptive URLs and misspelt names, such as amaz0n3 (dot) com.
  • Unsolicited or suspicious downloads or attachments.

You hired your employees to help grow your business – not destroy it with poor cybersecurity practices. Implement strict IT policies and use the right tools that can protect your organization from criminals.

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