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B2B-Network:
Analysis
3 Major Factors in Managing Business Costs
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Cost cutting is a feature of business regardless of what is happening in the economy. To maximise profits, business owners need to not just control costs but reduce them. Even in thriving times, cutting costs should result in a more efficient, therefore more profitable business. Here are 3 major factors in managing business costs:

 

1. Assign Budgetary Accountability

Every department, division, and team should have a budget. Budgets should be set for whichever hierarchical structures there are within your business. This does mean there will be budgets within budgets, within budgets....

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Analysis
Digitisation Strategies to Help Banks Catch Up
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Digital transformation is happening across different industries, and banking is one that is steadily capitalising on the phenomenon. Incorporating digital systems in banking operations has allowed institutions to interact on a different level with their customers. As they immerse themselves further into the digital world, banks are forced to come up with products that cater to those demands. It is how mobile and online banking came to exist. Optimising digital processes allows banks to be more reliable, cost-effective and available to customers when needed. However, digitisation is not easy...

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Practical Advice
What Instigates a Tax Audit and How to Protect Yourself
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Tax audits are dreaded everywhere. When tax season arrives, with it comes the risk of a tax audit, which is a comprehensive analysis of a filer's tax returns to verify the information submitted. A review of personal or company taxes is not common, and most taxpayers may never have to go through one. Less than 1% of taxpayers are subject to tax audits and a good number of them sort out the issues without even having to meet with IRS agents. However, certain triggers can increase the chances of the IRS requesting a tax audit. Individuals and businesses must know these factors. 

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Analysis
Benefits of Paperless Expense Reports
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More and more expense reporting processes in companies are going paperless. This could be to protect the environment from the effects of using papers, or because of the efficiency of the paperless expense reporting software. Either way, there are dozens of benefits in the long run. Employees may travel regularly to take care of companies businesses; therefore, a good expense management system will track and record all the employees’ expenses to ensure immediate reimbursement of the incurred expenses. 

The old fashioned expense reporting that involved attaching receipts and...

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