Best Apps for Busy Entrepreneurs

best-apps-for-busy-entrepreneurs

If you’re reading this article, I’m pretty sure you’re not hoping to find out what the next Candy Crush app is. If you are, we’ll have a different blog post for that soon!

For now though, I’m assuming that you are an entrepreneur on-the-go. Or a busy CEO juggling through multiple hats at work.

You can also be a high level executive who’s embracing tech and the convenience it brings.

The good news? PayrollHero rounds up a few of the best apps for busy CEOs this 2015. This is part 1, and we’ll feature more apps real soon.

Let’s dig in!

Best Apps for Busy Entrepreneurs

Evernote

evernote-logo

We’re not saying classic notebooks are useless at this day and age, but leaving home without one is more and more common these days.

But you know what you never forget when you leave home? Your mobile phone.

And this is where Evernote shines.

An app that you can use in the comfort of your own phone, Evernote takes note-taking to a whole new level.

Whether you need to jot down quick notes during a meeting, or you’re attending a conference and you’re trying to take note of key points, Evernote gets the job done perfectly.

evernote-payrollhero-testing

You can literally take note of anything you want. Even writing a new campaign strategy, or projections for the coming quarter can be done with this productivity app.

Not only does it sport a user-friendly interface, it also syncs smoothly with your other devices. You can access Evernote in your laptop, PC, or tablet as well. So whatever progress you’ve made on your mobile phone, you can see it updated and syncing in real-time with your laptop.

Pretty fun stuff, huh?

Evernote is FREE, but if you like it so much and you want all your employees using it as well, you can consider their premium or business plan.

Pocket

pocket-app

Now this is a personal favorite of mine (author). Imagine your browser’s bookmark tool… on STEROIDS.

That’s how Pocket functions! Any article or content you read from your favorite websites, blogs, Twitter, Facebook, or even YouTube can easily be saved to your pocket.

pocket-dashboard

It’s a bookmarking tool that saves any form of content (webpages, articles, videos, tweets, etc.) so that you can read it later, OFFLINE.

Anything you save to your Pocket, you can read later on even without internet.

The best part is that Pocket integrates with so many other apps you use such as Twitter, and even via Email.

pocket-app-integrations

Now, how awesome is that?

I’ve been using Pocket for almost a year now, and it’s one of the apps I can’t live without. It’s free, and syncs with all your devices. You can “pocket’ an article using your mobile phone, then finish reading it later on your laptop – or vice versa.

I’m having a hard time convincing people that I’m not being paid by Pocket to promote them, because I find myself tweeting about how awesome they are every once in awhile.

Try it out and see for yourself.


HINT:
Pocket this blog post for future reference. 😀

Uber

uber-manila

Need to rush to a business meeting? Or are you just too tired to drive back home after a long day at work? Well, thank your lucky stars for Uber.

One of the top apps in 2014, Uber has disrupted the transportation scene in the Philippines. For a very affordable price, you get to enjoy a comfortable ride, with your own private driver, to literally anywhere you want.

If you’ve been living in Manila for a while, you’ll know how difficult it is to hail a cab or get around the metro through public transportation vehicles. But with Uber, all you need is a few clicks on your mobile phone and your vehicle will be arriving in just a few minutes.

uber-getting-started
Driving to your preferred destination isn’t always an ideal choice, so Uber proves to be a convenient way to go anywhere you prefer.

The PayrollHero team loves Uber, and I personally use Uber at least 2-4 times a week.

uber-booked-trips

With courteous drivers, affordable rates, and very friendly customer support, Uber is definitely one of the top apps for ANYONE, entrepreneur or not.

If for some reason you haven’t tried Uber yet, now’s the time. Go for it, and tweet us how your first ride goes.

Google Docs

Transitioning from Microsoft Word to Google Docs isn’t always easy, but it’s a jump I’m more than happy I made a few years ago.

With Google Docs, you can write any document and it auto-saves instantly. You literally never have to press “Save” again.

As you’re usually always on the go, it’s inevitable that you do forget to save your document from time to time. This won’t be an issue anymore with Google Docs.

What makes it awesome though is that it syncs with your entire Google account (Google Drive). So all you really need is a Gmail account, and you can use Google Docs (as well as Google Sheets), anytime.

Google Docs is free, in the cloud, and very easy to use. Give it a go today!

Spotify

spotify-must-use-app-payrollhero

Of course you need to unwind somehow! Spotify is a great way to just relax and enjoy good music.

Spotify is FREE, although there’s a premium plan if you don’t want to be bothered with ads. You can also use the offline mode if you avail of the premium plan.

With Spotify, you get access to a boatload of music, from almost any genre you can think of. Unless you’re a Swifty, there’s no way for you not to enjoy Spotify.

Even busy entrepreneurs deserve some good music!

CONCLUSION

That rounds up our top apps for busy entrepreneurs list. I hope you make good use of some (if not all!) of the apps listed here. Become more productive, and more awesome with these must-download apps!

Keep checking our blog for more of these as we’ll come up with part two of the best apps for busy entrepreneurs in the coming weeks!

Singapore’s Ikeda Spa Chooses PayrollHero

Ikeda Spa Singapore

Singapore’s first Japanese day spa, Ikeda Spa has moved their time, attendance and payroll needs to PayrollHero’s Singapore payroll platform. Co-founder Eric Tan said “I choose PayrollHero for my spa chain as I have stores across Singapore and I was in need of a complete, end to end solution that not only helped manage my time and attendance but my payroll. PayrollHero’s tool was exactly what I need. I wouldn’t hesitate to recommend them to other business owners in Singapore”.

PayrollHero’s platform is built with specific tools for multi-location restaurant and retail chains like Ikeda Spa. Want to learn more? Reach out anytime.

MUST-TRY Halloween Themed Restaurants 2015

Halloween-Restaurants-2015-PayrollHero

Ah… Pumpkins, lanterns, cute kids running around wearing superhero or monster costumes… That’s your queue that Halloween is right around the corner.

And this year, we @ PayrollHero feel that it’s going to be extra fun and exciting!

Why you might ask?

CASE IN POINT: Restaurants with Halloween Specials!

We’re featuring 2 of our favourite restaurants in this post: Que Pasa Naga and Krispy Kreme Philippines

These two have extra awesome Halloween themed gimmicks which aims to excite and bring a mixture of joy and FEAR (okay, not really) to Filipinos this time of the year. 

So… anyone ready for a spooky-sensational dining experience

¿Que Pasa?

que-pasa-naga-food-payrollhero

If you find yourself in Naga City, there’s absolutely no reason not to drop by and enjoy a mouth-watering meal at ¿Que Pasa?.

¿Que Pasa? is a food joint in Barlin Street, 4400 Naga City which serves delicious Bicolano Colonial Cuisine which is a mix of Bicolano and Spanish flavors. 

What they are most famous for though are their BARBECUES.

Here’s an excerpt from their Facebook page: 

que-pasa-naga-payrollhero

O-kay! Now we got that out of the way, here’s what they are doing this Halloween:

#DiaDeLosMuertos

Que-Pasa-Halloween-Promo-PayrollHero

If ever you’re in town on October 31st (2015), you can drop by to ¿Que Pasa? wearing your best Halloween costume and dine for FREE. This promo is only available for the first 155 customers so you better get ready! 

They will also be giving away prizes during the #DiaDeLosMuertos.

Que-Pasa-Naga-PayrollHero-Promos

P2,000!? That’s one Happy Halloween indeed! 

If you’re wondering what will be served… Aside from their must-try barbecues of course, they will also be unveiling 2 NEW dishes on the 31st.

quepasa-new-foodquepasa-new-food-2

There’s absolutely no reason to miss this event if you’re anywhere near Naga City.

But if don’t happen to be in Naga, and you still want to experience some awesome Halloween dining experience, you’re in luck because Krispy Kreme Philippines wants to SPOOKIFY (if that’s a real word) your dessert!

Yep, Krispy Kreme brings your favorite monsters to life, such as Frankenstein above. Who btw, somehow managed to take over the Twitter account of Krispy Kreme PH!

Take a look at some of their Halloween-themed donuts!

halloween-themed-donuts-krispy-kreme-payrollhero krispy-kreme-worm-donut-halloween

halloween-donuts-krispy-kreme-phmummy-krispy-kreme-donut

They have the Scarecrow donut, Mummy, Worms, Fangs, and the very iconic Pumpkin-themed donuts. 

And here’s my personal favorite, the Frankie donut – hiding inside my paperbag! Not only is it really cute (ironically!), It tastes really good. You should definitely try it! 

frankenstein-donut-krispy-kreme-halloween2015

Oh, and YOU CAN WIN A FREE Frankie donut (or any other Halloween donut of your choice) too! 

magic-money-krispy-kreme-halloween-2015-payrollhero

Just join Krispy Kreme’s “Magic Money” promo to enjoy their Halloween donut for FREE.

Here’s how: 

krispykreme-philippines-halloween-promo

Krispy Kreme Philippines sure know how to celebrate Halloween, and they want you to join in on the fun. Give them a visit while these Halloween-themed donuts are still available! They might not be in stores for long! 

Enjoy Your Halloween!

Aside from Que Pasa Naga and Krispy Kreme Philippines, there are other restaurants and food joints celebrating the Halloween vibes. Rest assured, you’re going to have an extra awesome Halloween this 2015, thanks to these cool Philippine restaurants who knows how to have some fun and celebrate Halloween.

The PayrollHero team wishes you an exciting Halloween! Tweet us and let us know how it goes!

16 Entrepreneur Interviews for you to Learn How To Do Business in S.E. Asia

southeast asia entrepreneur advice

BPO

BPO Executive: Stefan Vermeulen, CEO of D&V Philippines

Executive Interview: Horst von Wendorff from VKWInc.com

Executive Interview: Nicholas Sinclair, President of the Outsourced Accountant

Certified Profile: Clare Matchett, ServiceSeeking Manila

Executive Interview: Simon Meers, Managing Director, Wint & Kidd Inc (Philippines)

Restaurant

Restaurant Executive: Karla Campos, CEO of Dell’s Foodhall

Restaurant / Retail Executive: Claudine Chan-Cobankiat, Kichitora of Tokyo and Qrius

Executive Interview: Russell Yu, IKI Concepts – a Singapore restauranteur talks about bringing his brands into the Philippines and is unique take on attracting talent.

Restaurant Executive: Adrien Desbaillets, President SaladStop! – a Singapore chain talks about opening in the Philippines and his restaurant expansion.

Restaurant Executive: Andrew Masigan, The Advent Manila Hospitality Group – a Philippine restauranteur talks about his experience growing restaurants in Manila.

Carlo Buenaflor, the CEO of Bigg’s, Inc. Carlo operates 15 restaurants in the Bicol area of the Philippines and is the honorary consul of Spain in the Bicol Region of the Philippines.

Retail

Joey Qua, CEO, Collezione-c2.com with 25 branches nationwide and a growing restaurant business.

Eileen Grey, The Picture Company a 9 location retail chain in the Philippines

General

Executive Interview: Rob Nixon, CEO & Founder of PANALITIX

Executive Interview: Mike O’Hagan of Mike’s Manila Tours

David Elefant: Doing Business in the Philippines

Carlos Celdran on the Philippine Business Environment

Continue reading

BPO Executive: Stefan Vermeulen, CEO of D&V Philippines

We continue to profile business owners in the Philippines from all walks of life. From locals to foreigner across the restaurant, retail and business process outsourcing (BPO) industries, each sharing their experience and feedback of operating in the archipelago.

Stefan VermeulenToday, we bring you accounting and payroll BPO executive Stefan Vermeulen, CEO of D&V Philippines.

1. Where are you from and what brought you to the Philippines?
I am born and raised in Nijmegen, a beautiful 2,000 (!) year old small city in the east of the Netherlands, right at the German border. As an internal auditor for Sara Lee in 2000 I was sent to the Philippines to audit the local Sara Lee subsidiaries. I worked on this assignment together with an auditor from EY who 2 years later became my wife. Early 2003 we subsequently moved to the Netherlands. In 2011 we decided to move to Manila because of the business opportunities and to set up D&V Philippines.

2. What does D&V Philippines do? 
D&V Philippines is a professional services firm specializing in finance and accounting. Our clients are based in Australia (75%), USA (15%), the UK (5%) and various other countries (Canada, Germany, Netherlands, Sweden, Hong Kong, New Zealand). In addition we have a unit focusing on local Philippine based clients.DV-Philippines-logo-new

3. Who is your ideal client?
For our international business either a CFO looking to outsource part of the finance and accounting function, an accounting firm looking for an extension of their practice in the Philippines, or an entrepreneur seeking to outsource bookkeeping and accounting tasks.

For our local business, foreigners who want to incorporate and start a business in the Philippines. We serve as their gateway to the Philippines.

4. What common challenges do foreigners come across operating in the Philippines
Mainly cultural differences. In my opinion culture trumps everything so it is really important to understand the culture before you start operating in the Philippines.

5. What services do you provide?
Everything you would expect from an accountant or a bookkeeper. Day-to-day bookkeeping like accounts payable/receivable processing, bank reconciliations, expense report processing and payroll processing and the like, but also higher end services like monthly financial close, monthly reporting, management accounting, financial analysis, business analysis etc. In addition various compliance tasks for our target markets Australia, UK and USA. Our niche is finance and accounting so everything within that realm.

Our local unit also includes setting up a corporation or branch, advice on tax incentives and all (annual and payroll) compliance, except statutory audit.

6. What advice would you give an entrepreneur moving into the Philippines, that you wish you knew before moving to the country?
Understand the culture first prior to engaging and starting a business. Invest time to visit and learn about the country.

7. What do your clients like about using PayrollHero?
Cloud based and technology driven product. Easy to use.

8. What do you read to keep yourself up to date with your industry and the clients you are serving?
Professional literature in the field of finance, controlling and accounting.

9. How do you see your industry changing over the next few years?
The job of a bookkeeper will disappear. Manual data-entry, e.g. accounts payable and expense report processing, will be completely automated. The technology is already available in the cloud. As a result it is possible for startups, for instance, to automate all transaction processing from day one.

10. Any other tips for entrepreneurs opening up in the Philippines?
Philippines is a fantastic and great country with a huge amount of talented people…. I suggest that they visit, explore and take time to get to know the culture.

Continue reading

Best Ways to Send Money to the Philippines

money-transfer-philippines

Although industry leaders like Western Union, PayPal, and Moneygram have been dominating the money transfer scene to the Philippines, several startups are giving the incumbents a run for their money. Technology has gradually stripped these companies off of their long-held dominion of cross-border money transfers. These seismic changes, according to the World Bank, has saved developing countries such as the Philippines as much as $16B/year.

If you’re looking to transfer money to the Philippines, you have plenty of options now.

So… What’s the Cheapest and Fastest Way to Send Money to the Philippines?

The straight answer is: IT DEPENDS.

When considering what’s “best” or “cheapest” or “fastest” way to send money to the Philippines, several factors come into play. They include the following:

  • your current country of origin
  • the amount of money you’re sending out
  • your recipient’s preference of receiving the money\s currency (dollars, euros, peso or Bitcoin)
  • personal preferences of both sender and recipient (turnaround time, accessibility, pickup methods, costs, and customer service)

The crew behind Time Doctor created well laid-out tables comparing hidden fees, currency conversion costs, and the average processing time if you’re sending money from the US, UK, Australia, and Europe.

Your Options in Transferring Money to the Philippines

Whether you’re an overseas Filipino employee who’s looking for the best way to send money to your family back home, a foreign entrepreneur outsourcing local web developers in the country or a foreign firm with a local entity in the Philippines, you can explore the common money transfer options below.

The list is a mix of the most popular to newcomers in the money transfer scene in the country.

PayPal

logo-paypal

PayPal is extremely popular in transferring money from anywhere in the world to the Philippines because creating an online account is intuitively simple, fast, and of course, free. Having your account “frozen” for certain “suspicious” reasons is one possible drawback if you’re sending money through this route.

Also, keep in mind that not all banks in the Philippines support fund transfer from PayPal. It could take 2 to 4 business days for the funds to appear in the recipient’s bank account. Lastly, be on the lookout for the additional (often hidden) fees.

A Php50 fee will be deducted from the total amount for transfers to bank accounts of Php 6,999 and below, while it’s free for remittances of Php 7,000 and above.

Coins.ph

logo-coins.ph

Ron Hose, Founder of Coins.ph

Ron Hose, Founder of Coins.ph

Another efficient way for Philippines money transfer is Coins.ph. They make money transfer to the Philippines frictionless and accessible to everyone, even through the use of a smartphone! Based in Manila, Coins.ph is one of the easiest, and most convenient way to send money in the country.

 

Here’s what Founder Ron Hose has to say:

“With Coins.ph, employers can save up to 70% when paying oversea employee salaries by avoiding wire fees and costly forex charges.

 

They can send funds over web and mobile to all major banks in the Philippines and Thailand, as well as cash pick-up across 10,000+ retail locations.

 

With cash deposit facilities via partners across 30 countries, employers can conveniently add funds to their Coins.ph wallets and send payments directly to employees in their own local currency.”

Whether it’s for paying your employees in the Philippines, or for sending monetary gifts to loved ones, Coins.ph is a platform you can explore.

Rebit

logo-rebit

Banking on the fact that “no single corporation or entity owns the Bitcoin network”, Rebit offers low transmission fees when transferring money to the Philippines. Their how-it-works page provides an in-depth look of their rates and turnaround times.

In a Reddit post, one of the developers behind the Bitcoin-based money transfer method emphasized:

One important thing that we are doing with Rebit.ph is that we will not be making money off of the USD to Peso exchange rate and will be using the fairest published rate available in the market.

One of Rebit’s advantage is that their prepaid cards make Bitcoin withdrawal a breeze. If you want an easy and hassle-free method of transferring money to the Philippines, Rebit.ph is a good pick. 

Transferwise

LogoTransferWise

Taavet Hinrikus, co-founder and CEO of TransferWise

Taavet Hinrikus, co-founder and CEO of TransferWise

With backing from elite entrepreneur Richard Branson and developed by the same people who built Skype, Transferwise boasts of their extremely low transfer rates – 1% for transfers from the US in USD, 0.5% for most other transfers, and 1% for the Philippine Peso. This is definitely game-changing when pitted against other medium such as PayPal whose extra fees can go as high as 4.5% (currency conversion rates included).

According to Taavet Hinrikus, co-founder and CEO of TransferWise:

“When you transfer money internationally, banks and brokers often hide the real cost so you end up paying more than you thought you were going to. They might say it’s ‘free’ to send your money, but they’ll then apply a mark-up on the exchange rate that they often don’t tell you about.
At TransferWise, we’re always completely transparent about the total charge and we make that as low as we can. We use peer-to-peer technology to get rid of hidden charges entirely, making us much cheaper and faster than using a bank.

 

We’re making sure that it’s our customers that benefit and not the banking system.”

Xoom

logo-xoom

As another web-based money transfer player, Xoom allows your recipient to receive the funds you send through its partner banks in the country ( BPI, BDO, MetroBank, and PNB) and payment centers. They also offer door-to-door delivery or cash pick-up.

 

Payoneer

logo-payoneer

With Payoneer, your recipient gets a branded prepaid MasterCard and can withdraw the money on ATMs minus the steep bank fees. You can check their info page for businesses who are looking into paying remote employees. Like Paypal, we recommend verifying for hidden fees (for both sender and recipient.).

Western Union

logo-western-union

This option is ideal if your recipient wants to withdraw the funds instantly (money-in-minutes option). Additionally, with roughly 8,000 locations in the country, withdrawing funds is convenient. Money transfers (done via online transaction or in person by visiting agent locations) can be possibly sent to a bank account, Western Union location, or mobile wallet. Fees for each transaction will vary on the amount of money sent and your turnaround time preference.

Final Thoughts

As a business owner, there are many ways to transfer money to the Philippines. Thanks to the ever-advancing technology, plenty of online platforms allow money transfer Philippines to be done with ease.

What other money transfer methods have you used in the past to send money to the Philippines? Why did you choose that option? We’d love to know more about these options (and the rest of our readers as well!) so share ‘em in the comments.

5 Tips to Resuscitate Your Restaurant’s Dying Social Media Strategy

restaurant-managing-tips

Does this sound familiar? Your restaurant’s Facebook page has nearly 1K likes. You tweet whenever you feel like it.  People even post awesome photos of your bestselling desserts on Instagram. Yet for the past year, signs of revenue growth are nowhere in sight.

What exactly is going on?!

Asking people to like or follow your diner’s social media pages won’t give you the boost in sales that you’ve been hoping for. As a restaurateur, you have to be always a step ahead of the game in terms of social media marketing.

After all, dining out is a social experience in itself. After asking recommendations from family and peers, 8 out of 10 respondents will look for more information about a restaurant online. And oh, when Twitter recently struck a deal with Google and gave away their data to the search engine giant, your restaurant’s real-time tweets is now all over the search results’ front page.

The good news is you’re about to learn how to specifically leverage social media platforms to create a groundwork for your restaurant’s success. We outline the following road-tested social media tips for restaurant owners below!

1. Step back and reevaluate your existing goals for your restaurant.

What are you using social media for? Would you like to build a solid following? Or announce a change in the menu? Perhaps, you’re keen on cultivating relationships with existing fans and followers? No matter where you are in the customer journey cycle, a clear social media marketing goal is critical.

2. Establish a clear, distinct brand voice and be consistent with it across all platforms.

In her book Renegades Write the Rules, social media evangelist Amy Jo Martin wrote “People don’t connect with logos and taglines; they connect with other people. So you have a choice: build a business that doesn’t truly connect with its intended audience, or build one that does. The number one branding question today is not, ‘What is your brand?’ but rather, ‘Who is your brand?”

And if millennials make up a huge chunk of your target customers, all the more reason to get your act together and aim for consistent branding across channels. A survey by SDL asked roughly 1800 millennials about their purchases during the first quarter of 2014. The key findings, from the perspective of social media branding, is that these young consumers glide from one channel to another and more than half (60 percent) expect a consistent brand voice in all platforms, whether online or offline.

3. Ask and ye shall receive!

You’ve increased your likes, fans, or followers by 200 percent for the past month! Now what? The next step is to gather insights from these people and gain a better understanding of their needs and preferences.

Fortunately, with social media, you can be creative in your customer surveys! “Would you be interested in (insert new dish here or a possible promo)” is one simple yet effective way to solicit market perception on a campaign or idea you’re considering. The information you’ve gathered will act as your foundation for future marketing campaigns such as running a contest (which we discuss below) or coming up with your target marketing persona.

4. Figure out your restaurant’s target persona.

What’s a target persona? The folks at Buffer did a great job in explaining target personas in marketing. Imagine what it’s like to be your target prospects and customers. Are they young professionals? This is more likely if you have a coffee shop that is a short walk away from the business district. Or if you’re a vegan restaurant, yogis will fit your target persona more than Crossfitters. Often, crafting your target persona involves surveys, interviews, educated guesses, and competitor research.

Generally, a fictional marketing persona should provide a glimpse of your real customer base. Once you have a couple of personas in your toolbox, you can already proceed with your social media campaigns.

5. Run social media contests!

Who doesn’t want a freebie? Everyone does and social media platforms are the perfect venues to hold a contest. If you’re kinda on the fence about social media contests, these statistics from Hubspot prove that contests are a huge boost to customer engagement and carving out a loyal following:

  • Contests can increase new audiences by 34 percent on average
  • A third of entrants don’t mind receiving email updates from participating brands
  • Running your contest on mobile increases the number of entrants by eight times
  • Sweepstakes (e.g. Instant Win apps) is the most effective way to hold a contest if your goal is to increase fan base (entrants can turn into subscribers) while photo contests work best if you wish to boost customer engagement.

By and large, a social media contest can provide you with these two game-changing benefits:

  • Whether you get 50 or 500 entries, contests will generate buzz and drive people to your restaurant’s social media page.
  • Once you have this people’s attention, you can collect valuable data (such as email addresses for future newsletters or mobile phone numbers for weekly special reminders) from the entries. Be careful not ask for too many details though.

The Takeaway

By following the above-mentioned steps, you are more likely to increase fan base and engagement via your restaurant’s social media platforms. Stay posted for more of these tips!

Do you have social media insights to share? Or have you tried the steps we suggested? Let us know in the comments section below! 

44% of Small Business Owners Are Not Financially Literate

financial-tips-business-payrollhero

Modern day entrepreneurs and small business owners are touted as the new Renaissance men.

For one, Examiner.com hailed Elon Musk as the next Leonardo da Vinci. Meanwhile, serial entrepreneur Creel Price, considered one of the most brilliant business minds of our times, founded what he referred to as the Entreprenaissance movement. He believes that we are in the throes of a similar renaissance or revival of the entrepreneurial spirit, with small businesses thriving more than their corporate counterparts.

The unfortunate reality is that many of these modern Renaissance men have a flimsy foundation in terms of financial literacy.

Weak Financial Literacy Among Entrepreneurs

Small business owners and solopreneurs of the 21st century may have the most profitable idea or even the grit to persist after multiple setbacks and failure. Yet, weak financial literacy is one of the top reasons why small businesses don’t make it during the first couple of years.

Last year, The Financial Post reported the findings of an Intuit Canada survey on small business owners and their knowledge of financial basics. Below are the main points of the survey:

  • 44% of small business owners have below average financial literacy skills and only 18% could be considered above average.
  • Statistics Canada data shows that 85% of startups make it through their first year but only 51% survived for five years.
  • 8% of entrepreneurs make their debut with less than $5,000, mostly funded out of their own pocket in the form of personal savings, credit cards, and lines of credit.

In the same vein, the Association of Chartered Certified Accountants have the following key findings in their 2014 report on financial literacy among entrepreneurs worldwide:

  • Small and medium sized enterprises (SMEs), and particularly informal businesses or SMEs in emerging markets, face significant financing constraints that undermine their contribution to employment, productivity growth and innovation.
  • At 8–14% per annum, business mortality rates are substantial even in the developed world and were still on the rise until recently (OECD 2013b). An entrepreneur’s’ lack of financial capability is often portrayed as part of the reason for the substantial churn in the sector (New Vision 2011), even though many business exits are arguably not ‘failures.’
  • After controlling for other relevant variables, self-employed individuals in a sample of developing countries (Armenia, Colombia, Lebanon, Mexico, Nigeria, Turkey and Uruguay) performed worse than the general population on standardized assessments of their ability to monitor expenses, to budget, and to live within their means.

Financial-literacy-for-small-business-owners

Expert – Approved Financial Advice for Small Business Owners

Sure, there are hundreds of financial tips out there to help small business owners navigate the treacherous financial waves.

In a recent study by IGF Invoice Finance, it was found out that a third of the businesses they surveyed rely solely on Google and social media for sound financial advice instead of talking to experts. “Without (expert) advice, SMEs simply cannot make an informed decisions, and in business an uninformed decision is often a wrong decision,” said Tracy Ewen, managing director of IGF Invoice Finance.

The main takeaway of the report is to seek guidance from organizations and licensed professionals who know exactly what they’re talking about when dispensing financial advice, such as investment tactics or how to identify permanent assets.

Once you have set up an appointment with a financial advisor, you can also count on the following practical and expert-approved tips that we have curated from highly reliable sources:

  • Get to know the basics. Start with the basics to understand your accountant or financial advisor’s language. Learn how to read balance sheets, income statements, and inventories. Understand the cash flow and supply chain process.
  • Stop treating your enterprise as your personal piggy bank. This is one of the most common pitfalls of new small business owners. Often, they overlook the fact that what they have in the bank has nothing to do with their own spending power. Several experts recommend paying yourself a fixed monthly salary and to learn to live within those figures.
  • Have a separate business account. Aside from resisting the temptation to spend your business finances for personal matters, this will help prevent confusion once tax season kicks in.
  • Practice the lean methodology. Here’s what financial advisor Barry Glassman has to say about it in The Forbes:

Companies like Starbucks or Proctor and Gamble test new concepts on smaller markets before launching their products worldwide. Small companies can learn from this approach. Develop a prototype to get the product out, launch it in smaller markets, test it, get feedback, pivot, and then refine it.  By using this cost-effective process, you’ll have a refined product or service designed to the taste and needs of potential clients because they told you what they liked and wanted along the way.

 

  • Determine your business priorities. Growth happens when you have direction. What do you want to accomplish in the next 12 months? Do you want to expand with franchises? Or maintain the existing company size but come up with new products? Identifying your specific goals will also help you set a clear-cut business budget.
  • Embrace (rather than resist) technology. Financial management tools and payroll inventory software can make your life easier as a business owner. These technological advancements have even made it possible for both employees and employers to work effectively and be location-independent at the same time.

The aforementioned list is just the tip of the iceberg! We’re eager to hear your opinion and thoughts about advancing financial literacy among small business owners too.

The Dark, Ghastly World of Manual Scheduling and Attendance

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Psst! Are you still using punch cards, time clocks, or any other form of manual scheduling to track employee attendance and schedule? If you are, we have bad news.

Sit down for a minute and consider the following statistics:

  • A full 95 percent of employees steal from their employers through time theft. More than 30 percent of these employees perform time theft by writing in earlier arrivals or later departures, or having a co-worker clock them in or out,  – 2013 survey, Kessler International
  • Buddy punching accounts for 2.2 percent of gross payroll losses – Nucleus Research
  • Businesses lose an average of 4.5 hours per week per employee in time theft – that’s more than half the amount you pay for a regular employee in a day. – American Payroll Association
  • Each year it costs companies an average of $65 per employee to collect, calculate and enter payroll data. Unauthorized overtime adds yet another $292 per employee, and mistakes in time calculation and employee fraud combined cost an additional $430 per employee. Therefore, manual timekeeping methods cost companies an average of $787 per employee annually. – G&A Partners

The aforementioned figures are worth pondering, right?

Now let’s dig further into the dark, ghastly world of manual scheduling and attendance.

Behold the TERRIBLE TRIO!

The Deceitful Paper-Based Time Sheet

Paper-based scheduling and attendance can be as simple as jotting down everyone’s name in one column and putting in the number of hours they’ve done in a week on another column. Often, login and logout times are jotted down too. It sounds uncomplicated but here’s why this method is outdated:

  • Reconciling time sheets, accounting for vacation leaves and overtime, and adjusting schedules takes a lot of time! What if the staff doubles in number for the next six months? The horror!
  • There’s a lot of room for error, whether intentional or not. Garbled handwriting, anyone?
  • Since it’s taking you forever to go over the time sheets, pay is most likely going to be delayed. Delayed pay means unhappy employees which, of course, leads to a decline in productivity.
  • It’s not shareable. Sure, you can have neat photocopies of the time sheets but at the end of the month, most of them are lost or mangled into pieces.

The Abominable Manual Time Clock

Many businesses still stick to the manual time clock because of its low cost. In comparison to time scheduling software, it’s obviously less expensive. But really, how certain are you that the time clock is saving your business money?

It could take a few seconds for an employee to punch in and out, yet much time is required to record and compile the raw data. In short, you need to hire an extra pair of hands to do all these things. The funds that you supposedly save goes into the daily wage of the employee who collects and processes the data.

Next, you could be paying for work that isn’t done in the first place! Enter buddy punching. It’s not common for one of your employees to text a co-worker to kindly clock in for him because he may be running late for work. Or worse, someone from production got a nasty hangover last night, can’t get to work, yet one of the team members clocked in for the absentee today because they’re BFFs.

And there’s the costs of time cards. It may look insignificant at first but the monthly costs could quickly add up, particularly if you’re adding more employees.

Lastly, like it’s deceitful sister – the paper-based time sheet, the manual time clock is a vast magnetic field for errors.

The Sinister Spreadsheet

What’s so sinister about the humble Excel spreadsheet?

Let’s talk about dueling spreadsheets. While there’s no princess to be saved nor kingdoms to be claimed, dueling spreadsheets can be a waste of time, money, and effort in the long run. This occurs when multiple versions of the same spreadsheet do not reconcile with each other.

This Smart Data Collective post explains dueling spreadsheets well:

It happens because the data in a desktop spreadsheet is not bound to a single source that everyone is working from. It may be a single source, but the data may be collected at different times. There may be changes to formulas or additions or deletions that take place, and not everyone is on the same version. This is what happens when spreadsheets are used in repetitive, collaborative enterprise processes.

Research by Ventana on the dueling spreadsheets scenario revealed that 43 percent of their respondents reported that it happens frequently or all of the time, and one-third (31%) find it happening for the most important process that utilizes spreadsheets.

Despite these findings, organizations continue to embrace spreadsheets because “they seem to believe that, like the weather, you can complain about these issues but you can’t do much to change the situation.”

Put an End to the Terrible Trio of Manual Scheduling and Attendance!

Now that we’ve revealed the evil ways of the terrible trio, the PayrollHero team would love to help you prevent the above mentioned pitfalls!

Our ridiculously client-focused approach guarantee that we’ll be with you as you battle your way out of the dark, ghastly world of manual scheduling and attendance. Isn’t it about time that you seek an automated time and attendance system that provides real value for what you’re paying for?

Get in touch with us today and we’ll help your business transition quickly to a seamless time and attendance management system!