OTUS Financial Solutions’ Post

Don't worry, it's not all doom and gloom! Our blog post doesn't just highlight the problem; it also offers practical solutions. Learn about the importance of standardizing your accounting practices and the benefits of outsourcing financial management.

72% of C-Suite executives report being stressed about personal finances. Who else can relate? My team of financial planners can help alleviate that stress and set you up for success in the future, and it’s free to speak with us! If you need action steps today, you can start by: 1. Implementing automatic savings 2. Saving percentages not fixed dollar amounts 3. Prioritizing regular exercise into your daily or weekly routine Give me a call today to set up a free consultation, and let’s take the first steps of dealing with your financial stress together. (803)319-7716 #funfactfriday #financialstress #csuite #financialliteracy https://lnkd.in/ee2uDixY

One of the things I see most often with small businesses is poor financial management, and oddly enough, the more money they make, the worse the issues can get. It’s strange, but when they’re making good money, there’s less emphasis on keeping track of it. One example I came across recently was a guy who buys lunch for his entire team every day. It’s just him and three other guys, but still, every day, they get in the truck, drive to a restaurant, sit down for a meal, then drive back to the job site and get back to work. We broke down the numbers: he’s spending about $40 on breakfast and $80 on lunch, every single day. That’s not even counting the time spent on the clock, at least an hour a day, plus the fuel costs for a large diesel truck going back and forth. They work six days a week, so if you add it up: Breakfast: $40 x 6 days = $240 per week Lunch: $80 x 6 days = $480 per week Labor cost for 3 workers (1 hour/day): $90 x 6 days = $540 per week Total weekly cost: $240 + $480 + $540 = $1,260 Total monthly cost (4 weeks): $1,260 x 4 = $5,040 So, just buying breakfast and lunch each day, plus the labor cost for the time spent driving to and from the restaurant, is costing him $5,040 a month, and that’s not even counting fuel. The solution? Give his guys an hour for lunch on the clock but let them do what they want. If they want to bring their lunch and eat at the job site, fine. If they want to go grab lunch somewhere, that’s up to them. This simple change would eliminate the cost of breakfast, lunch, and unnecessary travel time, saving him about $3,360 a month on meals and labor, since he'd only be paying them for their normal workday instead of eating into productivity time. That’s a big impact from a small adjustment.

🧠 Insights Thursday 💡 In the past 4 years I’ve witnessed many instances of 🔽 - employment tax failures - working time regulation breaches - benefits declared incorrectly earnings being reported incorrectly sometimes twice because of poor data integrity & effective data recording in systems - statutory payments processed incorrectly - pension compliance failures - cross border worker immigration failures as well as significant tax & social security errors - the list goes on! Employment tax failures carry significant penalties & consequences that businesses need to avoid at all costs. Not only can it lead to financial losses but also reputational damage, employee mistrust, investor concerns, staff retention, lack of funding to support training and knowledge acquisition initiatives to hopefully upskill your teams to mitigate these failures occurring again. Sadly many companies are knowingly making these errors and it’s not simply a lack of knowledge & expertise. To many business owners, they would rather take the risk and save money right now than lead their teams down the ethical, moral and commercially sensible road. I guarantee this road will generate a far greater ROI & achieve a far healthier balance sheet. Look at some of the examples I have shared - this is the reality we are seeing today. What could tomorrow look like? Let’s fast forward (hopefully not too much!)⏭️⏬️ ▶️ Business leaders who take responsibility ▶️ Budgets agreed for training & development of all teams ▶️ Compliance will be a key business driver ▶️ Teams will be empowered to voice concerns where they see errors without fear of retaliation ▶️ The scales will be tipped in favour of knowledge & competence ▶️ Payroll will have the power to influence, drive positive outcomes, be an enabler of organisational change ➡️ Payroll to shape the vision of a companies future success Wow this could be amazing right? 🤩 I am a firm believer in using knowledge & life skills as levers to build trust with all stakeholders, demonstrate competence and create a feeling of mutual respect. If you can consistently use these skills and share knowledge, you are more likely to encourage businesses to make this a key part of the employee value proposition (EVO) which will attract like minded employees. ❤️ In turn you will have created an business organism of information, progress, knowledge, humility, transparency, strength & liberation! 💪 Pete A. Tiliakos Norma Delgado Nathan North The Chartered Institute of Payroll Professionals (CIPP) Wendy Muirhead Barry Matthews Victoria Thatcher ChMCIPP https://lnkd.in/em3NRdJJ https://lnkd.in/eEYMf7b3 https://lnkd.in/ei6Qnmnv

Thinking about asking for a raise? It’s easier when you're prepared with data to back you up. Hubstaff’s time tracking and productivity tools help you build a solid, evidence-based case. 💪 Ready to take the next step? Check out our blog post for a step-by-step guide to asking for a raise: https://lnkd.in/gY3bQx2n #ProductivityTips #KnowYourWorth

Get in on the discussion about identifying and solving overstaffing issues with your friends at Accounting Complete via our new blog post. Just click below.

I would like to help business leaders understand shutdowns, how it can affect their business and what they can do to help prepare. Read more: https://hubs.li/Q02nwrgD0 Post written by Pete Tseronis, CommunityVoice.

How One CEO Saved Jobs and Doubled Savings During the Financial Crisis: A Lesson in Leadership One of the large companies had more than 7,000 employees. In 2008, during the global financial crisis, 30% of its deals were canceled in one day, which was, of course, a disaster. The company could not sustain the large number of employees and their high salaries, and they were forced to save 10 million dollars in expenses. The board of directors met and decided to lay off part of the employees, but Bob Chapman, the CEO, refused the idea. He kept discussing it with them for a long time until they reached a satisfactory program to solve the crisis, which was: Each employee, from the simplest worker to the chairman of the board, would take a four-week unpaid leave at any time they wanted, and it didn't have to be consecutive weeks. The brilliance was not in the idea of the solution, but in the way the company president announced the program to the employees. He said to them: "It's better that we should all suffer a little than any of us should have to suffer a lot." Meaning: "It is better for all of us to suffer a little than for some of us to suffer a lot." When the employees felt the safety and appreciation from their company and realized that they had value, they started implementing the required actions and more. Those who had enough money took 5 or 6 weeks off, while those with less took two weeks, and so on. The surprise was that the company saved 20 million dollars, which was double the amount they needed, and not a single person was laid off from the company. The difference is huge between... - The manager, who only sees numbers. - And the leader, who knows the value of people.

As we closed the financial year on a high note, we paused to reflect on the driving forces from the last 20-years of our journey of continuous growth and goal redefinition. What truly makes us tick? #ReflectingOnSuccess #GrowthJourney #HR #peoplestories

If you’ve been wondering, “how can I support my employees financial goals or improve their financial stability ?” Then mark your calendars for this event!