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What EDI Can Do To Help Your Business

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Electronic data interchange is something which you may have heard about with regards to helping your business but few are sure of exactly how it will help. The reality is however that this is an essential tool for any business and it is one which you should be seriously considering. Not only will EDI support your business and help it to grow, EDI integration software makes it easier to set up than ever before.

In this piece we will give you the high level benefits which you can find when you employ this system in your business.

Huge Cost Savings

Let’s get started with the most important reason as to why so many businesses use this tool, it saves you money Those savings come in a number of ways, firstly there is the expense which can be associated to paper, printing, storage, filing and postage. There are also savings to be made on electronics thanks to less printing and faster processing of orders. And finally there are less errors made through EDI, which again helps to avoid unnecessary costs.

Increased Efficiency

Speed and accuracy are two key characteristics of this kind of system and those add up to seriously support your business with regards to efficiency. This happens thanks to shorter order processing times, better management of inventory levels, speedy processing of business documents and most importantly the assistance it gives your staff in terms of productivity. Those staff can be focused on much higher level activities than admin, aiding the business on a day-to-day basis.

Improved Green Performance

It is not just new business regulations which require us to operate in a way which is kinder to the planet, our customers are also expecting this from us. Customers want to put their faith in a company which is aligned with their values and with more people looking to use greener companies, this means we all have to seek change where possible. An EDI system is going to be greatly helpful in delivering that for your business. The complete removal of the need for printing, failing and using paper will significantly boost your green credentials.

Better Relationships

EDI systems have proven time and time again to be a key part of increasing relationships between businesses. his occurs based on the speed of communication between the two companies, the drastic reduction in potentially costly errors and because of the ease of operations which an EDI system allows. Ultimately this is a vital tool for inter-business relations and there is no doubt that you will see a marked improvement in dealings between your clients.

Installing an EDI system is easy to do and given the enormous range of benefits which it can offer, there is no reason why every business owner around the world shouldn’t have this tool in place. Ultimately this ticks every box, cost saving, increased efficiency and performance, and a tool which will offer enormous return on investment.

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Business

Countries Where Business Bank Accounts Have the Best Features

Trent Warner

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  • Banking regulations and offers has much to do with the country people decide to form their business in.
  • Countries such as the UK, Singapore, Germany and the US, are hosts to some of the best banks for small business worldwide.
  • Once you’ve chosen a country, knowing which banking features you want in a business bank account is key to choosing which bank is best for you.

When forming a business, it is always important to review the quality of different countries’ banking institutions and the features of their business banks accounts. Innovative and newly released banking features can have tremendous sway on deciding which country is best to form a business in, and knowing which features you are looking for in a business bank account can also assist in narrowing down your options.

A global comparison of the best banks for small business

In the UK, it is relatively easy to open a business bank account if a business has UK resident owners or shareholders. Most banks in the UK offer a wide range of features suited for most business banking needs, and most also have what’s referred to as ‘international’ accounts which are specifically designed for forgien businesses. However, business bank accounts in the UK may turn out to be expensive to open and maintain, with high initial deposits, monthly charges and requirements of a minimum money deposit to keep it open.

Hong Kong has long been considered one of the world’s best destinations for commerce and business, however it doesn’t have the ‘friendliest’ banking and financial sector for small business and startups. In Hong Kong the rule of thumb is to apply at several banks at the same time, to have cash saved up for the application fees, which isn’t cheap, and to apply and plan your trips to Hong Kong well in advance, as the process of opening a business bank account can last anywhere from one to six months.

In Singapore, opening a business bank account is reasonably simple and involves a straightforward process. Most banks in Singapore offer business bank accounts with a wide variety of features including credit cards, online banking, multi-currency accounts, trade financing, and the ability to move money anywhere in Singapore. Most countries around the world have a banking presence in Singapore which means that banks in Singapore will, in general, obligingly open a business bank account for any business, whether in Singapore or from aboard.

Germany is thought of as a very respectable and stable country for banking purposes, and because Germany is at the centre of the EU, its business bank accounts are some of the best in the world. Germany’s banking system is also renowned for their welcoming and accommodating dealings with non-resident customers looking to open a business bank account.

Is US bank accounts still the most desirable in the world?

In the US, banks have increasingly shifted their focus to newer and younger customers, and begun exploring avenues that will establish digital modes of communication and banking. Features such as online banking and instant banking and spending alerts are quickly becoming dealbreakers, and have really come to the fore of the list of features of business banking accounts. Finding the best business banking account for small businesses all depends on what features you are looking for in a business account. For example, for small businesses looking for a bank with a local presence in every state, Chase has the best business checking account from a national bank. For online businesses, dealing more with online banking, BlueVine offers checking business accounts that are serviceable from BlueVine’ mobile app and website. With digital modes of banking and communication now becoming one of the top features of business bank accounts, banks like BlueVine, are the reasons why the US has the best and updated business banking features available worldwide.

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Business

Which Businesses Can Be Sole Proprietorship?

Trent Warner

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As a small business owner, there are a lot of important decisions to make that can affect your business in a way. One of the most important things to consider is your business structure. It is important to understand as to whether you want to be solo as a business owner, or have partners to work with. Being a sole proprietor means that you solely own the business legally, without any separations that can protect you from any damages made to the business. Here we discuss the pros and cons about sole proprietorship  and which businesses can become one.

Who can run a sole proprietorship business?

In order to understand  what is a sole proprietor and who can run this type of business structure, we need to first define the term of what sole proprietorship is. It is considered to be an informal business that is liable to any risk or damages caused to the business, since the legal owner is tied to the business as an informal corporation. Any money that is lost or made is filed under the individual’s tax return.

In order to be able to run a sole proprietorship business, important factors have to be considered such as running a small business that won’t have any high risks or chances of losing out in profit, the target audience for your customers must be a small amount of clientele and it is a small business that usually starts out from a special skill or hobby such as graphic design or handcrafting.

What are the disadvantages?

The main disadvantage as a sole proprietorship business is that you’d be liable for any losses or damages in your business. This means that your personal assets are considered as your professional assets, since you’re legally tied to the business, without being able to separate your finances. This also means that any legal documents or business bank accounts that are handled under the business has to be done under the sole proprietor’s legal name.

Taxes will also be a problem, since you won’t be able to benefit from any incentives that other business structures usually get, which means that you may even pay a higher tax rate. Since sole proprietorships have limited clientele, so that there’s no risks for the business, this means that there can not be any opportunities for the business to expand and grow.

What are the advantages?

With so many disadvantages, you might be thinking what is a sole proprietor really beneficial for as a business structure, however, there is one advantage which is limited spending costs. As a sole proprietor, you’re not really required to invest so much money into the business since you already have a limited client base and you just mainly need to pay for any costs of your physical or online business. Another advantage is that you can always create a DBA (Doing Business As) which means you can create and register a fictitious name as a sole proprietor that you wish to do business under. This also gives you the advantage to open up a seperate business account that you can be paid under as your fictitious name.

Our say

Being a sole proprietor is mainly beneficial for business owners who have a really small client base and are more in the creative field such as blogging, photography or graphic design. However, another example of sole proprietors may also set up physical small convenient stores that solely rely on clients who come in to purchase necessities. Being a sole proprietor means that you will be running everything by yourself.

 It’s important to consider all pros and cons about setting up a sole proprietorship and whether it is actually suitable for your business structure or not. However, like every business, there will always be risks that we have to take in order to overcome obstacles and succeed.

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Business

Seven Legal Requirements For A Startup Every Entrepreneur Should Know

Trent Warner

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Entrepreneur

Many entrepreneur aspire to start a small business right after they graduate from school, but setting up a small startup business is today’s competitive market is not an easy thing to do. Entrepreneurs who have little to no experience when it comes to the legalities involved in setting up a small business are surely going to fail before even getting their feet off the ground. These entrepreneurs jump into the competitive marketplace with little to no research about the legal requirements of setting up a new business and end up getting drowned in paperwork with not knowing how to sort it out.

A piece of good advice for any entrepreneur out there is to write up a business plan, create a business structure, and then research the legalities involved in running his or her business without the fear of breaching any federal or state law. Today, in this article, we will share with you seven of these legal requirements. They will ensure that you cover all your bases and allow your company to run smoothly without any hiccups. These seven legalities are listed as follows:

Get Your Business Name Registered

The first step to take when starting a new business is to get its name registered with your state or local government. The name of your business is your identity, and people will recognize you with it. When registering your business name, you will most probably need to register it under the DBA (doing business as) or FBN (fictitious business name) category. For example, if your name is john smith, and you don’t register your name under the DBA or FBN category, your business will automatically become john smith.

It is necessary to let the state or local government know the name your company uses to conduct its operations. It does not provide copyright protection, but it allows you to use your desired name for branding and marketing purposes without the need for any incorporation.

Protect Your Assets

The best thing an entrepreneur can do for their startup is to protect its assets. No entrepreneur out there wants their company to collapse before it even starts to turn a profit. Even those who are successful might find themselves the victim of a lawsuit, which wastes their time and money.

To avoid being at the end of an unjust lawsuit and protect your company and personal finances, you must form an LLC. It will allow your company to stay away from being responsible for damages incurred by your clients or customers. You should know what decisions to make when it comes to your startup. Consider getting a msba online to gain the required knowledge to make such crucial decisions.

Get An Ein (Employee Identification Number)

Any company, be it a small or a large one, has employees on board need to get an EIN (employee identification number) from the IRS. It is necessary for tax purposes. Consider it as a social security number for your company. You can also use this number to file tax returns, open up a business bank account, and even apply for different business licenses.

If you are a sole proprietor with no employees, then there is no legal requirement to apply for an EIN. If you an entrepreneur who wants to know more about how taxation works, then consider hiring a lawyer who might have done an online LLM tax degree. By doing so, you will be able to navigate various tax issues, if there are any in the future.

Get General Liability Insurance

A general liability insurance plan will allow you to stay clear from claims of wrongdoing and make you stay on your feet when someone decides to sue you. For example, if you own a convenience store and a customer slips and get injured, your general liability insurance will kick in when the injured sue you for damages. If you sell someone a defective product that harms the customer, it will allow you to stay in business without rethinking the product’s manufacturing process.

Ensure That You Don’t Violate Any Copywrite Or Trademark Laws

Copyright and trademark violations are things that require close attention. So, every entrepreneur must ensure that the name they choose for their business is not already registered by someone else. Do not advertise your operations and start your marketing campaign without checking if there is another company with the same registered name as yours. If you do not do such a thing, you may get a subpoena or a cease and desist form in your mail.

Check Whether You Need A License From Your Respective Industry

In today’s world, there is only a handful of no-name businesses left in existence. It is down to the fact that many companies are required to get licensed from their respective industry. They need you to obtain a license from them before you even think of opening your doors. So, if your company caters to a specialized area, do your homework, contact the respective industry, and attain the required license.

Hire A Lawyer

Finally, all entrepreneurs need a good lawyer to take care of all legal matters for them. In today’s world, it is only a matter of time until your company finds itself buried deep beneath a lawsuit. When such a situation arises, you need to have legal help on board to guide you and provide you with their legal expertise.

So, it is a perfect idea to search for lawyers in your local community and ask them what they bring to the table if you hire them. It is something that needs time and investment. The more time you invest in finding the perfect lawyer for your, the better it will be for your company when that subpoena comes out of nowhere.

The Final Words

When you decide to start a new business, there are heaps of legal documents, forms, and reports you need to go through to maintain compliance and avoid being hammered by lawsuits. Before you even come up with a business plan, do some research on what legal requirements you need to fulfill to protect yourself and your business from legal action. Today, we have shared with you seven of these legal requirements. So, it is a good idea that you consider them before starting a new business.

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