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Though things continually change and improve, especially in business processes, recruiters and hiring managers are continually meeting challenges. In truth, though computers are now used to apply for and hire an employee for a job, the roles technologies play are much bigger than can be initially realized. Fortunately, blockchain technology is here to shake that up.

How Blockchain Technology changing the hiring process

Here are eight ways in which blockchain technology can completely change the process of recruitment and onboarding:

1. Verifying Credentials

In truth, there are many applications that include false data. Not everyone who states that they have gone to college has gone to college. It is a sad fact, but it is true. In such a competitive world, it is no stretch that people do what they can to get a leg up, sometimes through dishonest means.

Unfortunately, it affects more than one person. It places the dishonest person in a position he or she does not know how to handle, the company is relying on him or her to get things done that probably will not happen, and it takes the position away from someone who did work to get to that point. With blockchain technology, this is not an issue. Yes, the applicant can try to be dishonest, but the employer can easily find the truth.

2. Verifying Employment History

Much like falsifying academic information, employment history is also falsified at times. And while blockchain technology can show the truth, it can do much more. No one must manually verify information if blockchain already has the information available. This takes one tedious task from the hiring manager’s to-do list.

3. Verifying Background

Blockchain technology can also more easily reveal any criminal or misdemeanor background information. While having a record does not make you a dangerous person, it is only fair that employees know who they are hiring. If the applicant has been involved in a lot of theft, harassment, or other activities, hiring them for a sales job is probably not wise. With blockchain, no one can lie about their background or minimize it. Employers have full information.

4. Faster Onboarding Process

The hiring and onboarding processes are tedious and take longer than most employers or employees would like. Blockchain can decrease this time, tremendously. First, the application can be as quick and simple as you choose since the applicant’s information is already available. As mentioned above, that also cuts down time spent verifying the information.

Beyond that, however, is the fact that with blockchain, much of the new hire paperwork can be completely skipped. Having them sign agreements for their new position is one thing. Having to fill out personal information and employment history is quite different. Additionally, the human resources department will not have as much information to enter into the system or as much paperwork to file. It simplifies the entire onboarding process for everyone involved.

5. Secure Data

With blockchain technology, data is decentralized so neither you nor your employees must worry about hackers. Your employees can fully trust that all their sensitive data is secure. Additionally, companies save money on some security features because it is already done for them.

6. Increased Productivity

When tasks such as employment verification and data entry are off your employees’ plates, they can do more and work more efficiently. Often, when important tasks are overlooked, it is because tedious, yet necessary tasks must come first. However, with blockchain technology, tedious tasks are simplified. Your employees can now focus on more important things.

7. Simplified Payroll Management

Handling payroll can be a tedious task and can be overwhelming with the sheer number of employees. Preparing and processing all their payments, especially with international employees, can be quite a complicated task. Blockchain technology opens a way for human resources to simplify this process by creating their own cryptocurrency and paying out from that. On top of simplifying the payroll process, it would decrease the time it takes to process all these separate payments.

8. Career Growth and Correct Placement for Employees

One extremely great way that blockchain technology can help is by putting employees into roles that suit them best. With blockchain, you can see all their previous education and employment moves. This means that if they apply for a lower job, you can hire them for a bigger opportunity. It also helps to pinpoint any internal employees who would fit an available position well. Overall job satisfaction would increase.

Though implementing blockchain to its full capabilities will take time, it is going to be largely beneficial for employer and employee alike. Do not wait until blockchain technology has completely taken over to learn how you can use it. Start researching its capabilities now. Begin creating strategies that will utilize all blockchain technology has to offer.

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Developed as a secure, decentralized way to exchange cryptocurrency like Bitcoin, blockchain has grown to be a technology that has the potential to disrupt industries. It often gets a ringing endorsement from most tech experts and gets a lot of people across various industries excited about its potential uses. Method Shop defines blockchain by saying this “In a digital world where anyone can edit a Wikipedia entry, start a fake news site or alter a photo, the blockchain could be a new technology to help us collectively trust what happens online.

The blockchain enables the digital recording of information in a distributed and encrypted list of record entries, called blocks, which are securely linked using cryptography. The decentralized storage of blockchain data is located across a network of user computers called nodes. No one owns or controls the data. There is no government or bank in control of the blockchain…The applications for blockchain technology is almost limitless. Any industry or organization that needs to log compatible and tamper-proof transactions can benefit from the blockchain.”

What are the most promising applications of blockchain technology?

The top applications of blockchain technology

1. Healthcare

Most people see several doctors, especially as they age. From specialists to mental health providers to primary care physicians, a person’s healthcare records can be disorganized due to no fault of their own. Blockchain has the capacity to streamline medical record-keeping while ensuring security and privacy, allow healthcare teams the best access to the same information and allow all parties to work from the same page. Additionally, blockchain could help solve counterfeit drug problems. Even the most respectable hospitals and pharmacies are at risk to distribute counterfeit drugs to their patients. Blockchain ledger technology can help to trace and verify a medications entire journey from the manufacturer to the wholesaler onto the pharmacists and physicians.

2. Logistics and supply chain management

Blockchain records are permanent and unalterable, making them a great fit for supply chains as a method for customers and businesses to be able to track and verify a product’s source of origin. Walmart has adopted IBM’s blockchain technology to track meat sales in China. Blockchain records show where the meat originated, how it was processed and stored when it was sold, and to what distributors. This is incredibly useful in cutting down on illness and death from contaminated food, as well as helping businesses locate anything effected by a recall and handle it more efficiently.

3. Transportation

Relatedly, blockchain has been referred to as “CARFAX on steroids” for the transportation industry. It helps to streamline freight transactions by increasing visibility, security, and data accuracy. Blockchain has the potential to work as an enhanced form of tracking for businesses who enable or work with transportation.

4. Voting and government

A digital form of voting would revolutionize people’s ability to participate in politics. No longer would be people who are eligible to vote to be left out of the process due to inflexible work schedules, being homebound or ill, or not having a convenient polling location. Blockchain could help create a secure system of digital voting that would enable more political participation and reduce the risk of voter fraud. Blockchain would handle votes like transactions to help log votes as real and also to verify that voters are legally able to and registered to vote. Blockchain would empower people to vote and disrupt and equalize the modern political process

5. Contracts

Blockchain is part of the long-growing trends towards paperless documentation that is both more organized and more earth-friendly. Contracts are part of this – blockchain contracts are just like traditional contracts but without the 3^rd-party need for monitoring and legalization. This is helpful in a number of places, including employee-employer relationships and even real estate transactions.

6. Digital IDs

Right now, identification varies from country to country and even from state to state. Blockchain technology may be able to offer a solution to universal identification that would break down barriers to citizenship, employment, and more. It would also help empower the 1 billion people who are currently living without any formal kind of identification. More than 1 billion people worldwide don’t have any identity. Having an ID is crucial to being able to participate in many workplaces, apply for loans, secure housing and more, and blockchain-enabled digital IDs would not only help create inalterable, fraud-free forms of ID, it would also help empower refugees and other high-risk groups and allow them more access to services and more mobility in their lives.

Blockchain is important to businesses

One industry leader noted, “Whenever there is a physical movement and a financial transaction that occurs with that physical movement, it is right for blockchain.” Blockchain technology gives industries the possibility of more security, more transparency, and more understanding. It can serve as a way to enhance business processes that already exist and help create better visibility into those processes.  Your better business is waiting with blockchain.

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In order for your business to be successful, you need your employers. Your company not only needs the top talent to support the needs of your business, but your employees also need to be on the same page about expectations, goals, and more. This helps maintain productivity, build culture, and create the most consistent workspace.

One of the responsibilities of HR is to set and maintain expectations for employees, from daily job tasks to overall company policies. Without these guidelines – and the communication of them – it’s impossible to maintain productivity or reach overall business goals. One of the best ways to improve accountability is through HR automation tools. Not only do automation tools help streamline HR tasks and improve the quality of business communication, but they can also make life easier for employees too.

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How can HR automation improve accountability in the workplace?

What are the ways that businesses can promote workplace accountability with the assistance of HR automation?

1. Onboarding

You have the first opportunity – and responsibility – to share expectations when you bring a new employee in. Making a company and position expectations part of every new hire experience is how you can more readily establish a culture of transparency and accountability. HR automation software helps you customize and streamline your onboarding process, ensuring consistency across the employee experience.

2. Training

Relatedly, HR automation tools help you outline and schedule employee training. Regularly training – in things like data safety, harassment, and more – are important to help keep employees on track and enable HR to improve accountability business-wide.

3. Employee feedback process

Communicating with your employees is foundational to helping establish and maintain accountability. Employees who know that they’ll receive regular feedback are more easily able to meet expectations. Using HR automation tools to monitor timeliness, attendance, time off requests, productivity, and more helps you give tangible, actionable feedback to employees to improve accountability, and using workflow process tools help guide employees through projects and keep them accountable to project timelines. Additionally, better employee-employer review processes will lead to better employee relationships – not only will employees understand what they are doing well (and what needs to improve), having a positive and communicative relationship with their boss might further incentivize them to perform to standards.

4. Empowering employees

HR automation tools – like those that allow employees to easily request time off, switch shifts, and even offer feedback to management or leadership – can help employees feel more empowered and involved. Employees who feel trusted or valued in the workforce are more likely to take ownership of their work, maintain productivity, and stay engaged, leading to better employee accountability.

5. Managing changes

In some businesses, the focuses will shift and change. For startups, especially, there are times when the expectations will change. Having the right HR tools can help you communicate changes quickly and clearly. Companies who have an employee self-serve dashboard that enables them to see their PTO, benefits, pay stubs, and more is a great place to automate process changes. In addition to emails and employee-manager meetings, using HR tools to automate certain company announcements is a way to improve accountability through consistent communication of expectations.

Cont. Reading…https://bit.ly/2KCafKv .

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TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

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Well, it seems the organization is back with another idea, one that may actually work. How does a blockchain-based handset sound?

Sirin Labs is ready to show off the new gadget that it named Finney, after Hal Finney, the man responsible for making the world’s first Bitcoin exchange. The makers of the phone said it has a number of pre-orders already.

The Finney runs on Android and has some features that you would expect any 2018 device to have including a 6” 18:9 display, a Qualcomm® Snapdragon™ 845 mobile platform, 128GB storage memory, 6GB RAM, and a 12MPx main camera among other features. Additionally, it contains Sirin Labs Cyber Protection suite which includes behavioral based Intrusion Prevention System (IPS) as well as a physical security switch (for wallet protection).

Aiming to make digital currency famous, the Finney has a second screen that slides up. In the event that the sliding piece helps users’ memory, it has also launched Oppo Find X. While idea is very novel, the shrouded screen fundamentally hides a chilly stockpiling digital currency wallet that supports various cryptocurrencies.

Security on the Finney is described as military grade. With even the best security in the world, no device is fully void of being hacked into. One major point to note is the price point. The phone starts off at $1,000. Not bad, considering the iPhone X has a similar price point.

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BusinessWorldIT is the most comprehensive online news website dedicated to delivering up-to-date news, trends, and opinions relevant to investments, startups, and developments surrounding innovative technologies. Covered topics include but are not limited to: artificial intelligence (AI), virtual reality (VR), augmented reality, automation, cryptocurrency, blockchain, and the Internet of things (IoT). Whether you are an information officer, developer, computer systems analyst or just someone who is interested in innovative technologies, Business World iT exists to help you stay up-to-date on how the current state of technology is evolving and how innovative technologies will shape the future.

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Narrowband IoT (NB-IoT) is a low-powered wide-area (LPWA) radio network that’s been hailed as the best solution to support the massive growth of new IoT devices, estimated to top 75 billons by 2025. With the wide-ranging global proliferation, NB-IoT is proving itself to be more reliable, cost-effective and efficient.

ADVANTAGES OF NB-IOT

NB-IoT is the standard of the future. It features longer battery life, lower-cost chipsets, and premium coverage. The power and flexibility of the evolving network of IoT devices are perfectly positioned to enable the deployment of new solutions previously unsupportable (and even unimagined). The real-world use-case scenarios for new IoT devices are virtually endless.

• Smart Cities: It sounds like the stuff of science fiction, brought to life in ways that are designed to improve lives. From smart lights and parking sensors to environmental controls, smart city sensor functionalities allow automated services and safety features to improve city life.
• Smart Buildings: The city-wide possibilities narrow down to a smaller, building scale, which supports better security options and automated utility coverage, with real-time monitoring and alerts for facilities management. That includes environmental control features, but the sensor technology also supports safety (fire and other hazards) considerations, as well as immersive space solutions.
• Individuals: Wearable devices are already commonplace; so, we already measure health and wellness. Now, the goal of NB-IoT application and service providers is to make the devices more cost-effective and sustainable for consumers and businesses alike. The widespread proliferation of these devices is part of why IoT devices outnumber the world’s population. Further inroads need to be made into making sure all IoT devices are cost-effective and available (economics of scale).

Beyond our homes and cities, NB-IoT improved tracking, safety, and efficiency across every IoT-integrated industry including healthcare, manufacturing, supply chain logistics, automotive, agriculture, IT and other innovations. The better connectivity and wide-spread sensor deployment also support ease in the remote management of devices.

DISADVANTAGES OF NB-IOT

The NB-IoT use cases are compelling and appear to offer even more possibilities for the seamless integration of IoT devices in the future, but there are a few drawbacks. Compared with LTE, NB-IoT offers lower data rates. It works well for stationary devices, but not so well for other use-case scenarios that require better/higher data rates. NB-IoT also does not support Voice Over LTE (VoLTE), which rules out speech transmission.

THE NEXT INDUSTRIAL REVOLUTION

Despite the disadvantages, NB-IoT part of what has been described as the next industrial revolution. We’ve already become so immersed in the sensor-driver, dynamic and immersive technology that the possibilities barely seem to faze us. So, where are we going from here? What can we expect, and how will the NB-IoT continue to affect the proliferation of IoT devices across industries and markets?

The easy answer is that wide-spread availability will continue to roll out around the globe with connection via T-Mobile, Orange, Vodacom, and Telstra. It’s the wave of the future, happening now with interoperable and scalable solutions across dedicated and secure networks. With the continued roll-out, it’s not a matter of when it is happening. Instead, companies, big and small, are discussing how they can tap into the cost savings, reliability and efficiency to streamline business practices and ensure long-term growth.

As the technology becomes more mainstream and standardized, consumers and businesses alike are exploring fast and cost-effective ways to renovate their businesses and their lives. With so much uncertainty in the marketplace right now and increasing international volatility, improvements to the bottom line and assurances of continued growth potential are vital considerations.

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BusinessWorldIT is the most comprehensive online news website dedicated to delivering up-to-date news, trends, and opinions relevant to investments, startups, and developments surrounding innovative technologies. Covered topics include but are not limited to: artificial intelligence (AI), virtual reality (VR), augmented reality, automation, cryptocurrency, blockchain, and the Internet of things (IoT). Whether you are an information officer, developer, computer systems analyst or just someone who is interested in innovative technologies, Business World iT exists to help you stay up-to-date on how the current state of technology is evolving and how innovative technologies will shape the future.

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Financial planning is the process of understanding your current financial situation as well as helping to plan for future spending. It’s an important part of starting and maintaining a successful business – it helps to predict earnings, plan budgets for marketing, payroll, and other business expenses, and also helps a business understand what investments, internal or external, are smart, worthwhile decisions.

Ultimately, financial planning helps you ensure that you’re tracking every dollar and making the most of each one along the way.

The steps to a successful financial planning process.

Here are some of the steps to a smart, thoughtful financial planning process that will help you build long-term success.

1. Establish your goals

To get going, you need to know your destination. What do your finances need to support? You can shape your policies and create a plan when you know what the plan needs to accomplish.

2. Gather data

After deciding on your goals – which can range from hiring new staff to grow sales to increase revenue to be able to sell the business to be able to buy another business – it’s time to start gathering data relevant to your goals. That data includes all current monetary assets, including debt, savings, projected income and revenue, and investments. Having this information gives your financial advisors and business leaders a solid starting point towards what process needs to be made and what guidelines need to be in place.

3. Analyze data

Much of the data will be related to your current financial standing, past debts, and investments. What does the data tell you? What answers does it offer? What questions does it raise? It’s important to interpret the data in light of how it will affect your goals.

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4. Create a plan

Now is the time to translate the data into actionable items. If you know the goal and you know the data that supports your decision, it’s important to start building the infrastructure that will help you meet your goals. Who will need to be involved in the planning and who will need to be involved in the execution? These are not often the same teams of people and sometimes don’t involve the people who gather and interpret the data. You’ll only know who needs to be involved in the plan creation based on your business and your goals.

5. Execute the plan

Make sure everyone knows what the goals are. The only way to work on a plan together is to make sure that everyone understands what the plan is trying to accomplish and what’s at stake. Make sure everyone involved knows what their role is and knows where to go with questions.

6. Assess the plan

Setting things in motion is important, but it’s important to have regular check-ins to see if you will need to adjust any part of the plan to meet your goals on time. You may need to adjust your timeline or make tweaks to your process to aggressively ramp up efforts in one area or pull back in others. Assessment is key to keeping your plan on track.

Financial planning is an ongoing process for every business at every size. Even Etsy shop owners need to have an understanding of how much raw material they’ll need to invest in to create their items or how much they will need to spend on finding antiques to list and balance that against what they’ll have to base prices on to turn a profit. Following a financial planning process is beneficial for anyone looking to understand the upfront cost, managing debt acquisition, and gain knowledge on break-even and profitability to continue the life of their company or brand. No matter what size business or industry, the financial planning process is an important one.

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TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

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Finding the best talent is one of the top priorities for businesses, specifically for HR. It’s important to find people who can support the goals of the business through their skill set and also mesh well with the business culture.

Recruitment has always focused on finding skilled employees and working with candidates to determine if they’re a good match. Technology can help with talent recruitment now more than ever, including the use of automated hiring systems for recruitment automation.

What is recruitment automation?

According to Entelo, a recruitment automation software company, recruitment automation is, “a category of technology that allows companies to automate recruiting tasks and workflows so they can increase recruiter productivity, accelerate time-to-fill, reduce cost-per-hire and improve the overall talent profile of their organization. Recruiting automation is a subset of Human Capital Management (HCM), a category of enterprise software-as-a-service (SaaS) used by companies to manage all aspects of their workforce…Recruiting automation enables talent acquisition teams to automate processes that were previously performed manually. These technologies leverage artificial intelligence (AI), machine learning and predictive analytics and can be found at all stages of the hiring process (pre-applicant, during the application process and post-hiring decision).”

Ultimately, recruitment automation software helps HR teams and recruitment personnel find the best talent faster, saving businesses time and money along the way.

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Will automated recruitment change how businesses approach recruiting?

The answer to this is yes and no. Recruitment will still focus on attracting the best talent and finding a fit for a position based on skills, experience, and a good corporate culture match. But the truth is that most companies need to improve and change their recruitment process to match the expectations of incoming candidates and compete with other businesses for securing candidates.

Recruitment automation, for instance, helps businesses same time in order to fill jobs faster. This not only leads to better productivity and reduced lost dollars at the company, it means drawing from a higher-quality talent pool because waiting too long during recruitment can mean the best talent gets brought onboard by another company.

How will automated hiring systems affect your

business?

Here are the ways that automated hiring systems can stand to change your recruitment process for the better.

1. Better resume screening

Using the technology of recruitment means that recruiters spend less time manually screening resumes and can reply on smart data to help them pre-screen the best and most promising applicants. Automated hiring software eliminates unqualified resumes from the stack and helps recruiters fill positions faster. According to Ideal, “intelligent screening software learns what the job requirements are and then learns what qualified candidates look like based on previous hiring decisions.” Many times of AI-powered recruiting automation software can also search public data sources and gather information about a candidate’s previous employer, social media, and more to give recruiters a more holistic look at a candidate’s history.

2. Improved candidate updates

Nothing is more frustrating for a candidate than to interview and hear nothing back for weeks on end. In fact, if candidates don’t hear back from potential employers in a timely fashion, they’re more likely to drop out of the recruiting process, potentially causing businesses to lose out on quality candidates who could have contributed to company success.

3. Better time management

Automated hiring means recruiters can spend less time reading the resumes of people who aren’t a good fit and spend more time interacting with more quality candidates and moving them through the process faster, to the benefit of the business and the candidate alike. Hiring a quality candidate faster saves the company money by filling a role and reducing lost productivity.

The good news is that automated hiring systems aren’t going to phase out recruiters. There is more to hiring than simply matching years of experience and skill sets to a job description. Automated recruitment works a little bit the way that a dating app might; it can lead people to each other based on mutual interests and preferences, but people still have to be involved, get to know each other, and decide. There is still the need for human conversations and reason to play a part in bringing people on board at a company. There is still a level of instinct involved in recruitment and the ability to discern a number of factors, such as “Will a candidate with a strong personality clash with their strong-willed manager or does their experience and personality dictate that they can take instruction?”

How your company interacts with potential employees is just as important as how it interacts with customers and clients. Your employee brand should be aligned with your candidate brand and you should bring strategy, consistency, and dedicated resources to both areas for your business to be as successful as possible. If your business is ready to be more competitive and efficient in your talent search, it’s important to consider recruitment software solutions. The ability to guide the hiring process will be better supported by automated hiring systems, enabling businesses to make smarter choices about their candidates and their company.

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TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

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You can add an extra layer of security to your home by adding smart devices.

The Internet of Things (IoT) has taken the world by storm with smart devices. Smart home devices are entering thousands of homes on a daily basis and helping with many tasks, including residential security, chores, and much more.

1. Energy Monitors
Curb Energy is hardware and software that monitors and manages energy in your home. This device uses 18 sensors that are placed in various locations in your home. These special sensors monitor your home’s power consumption and give you real-time reports. The Curb Energy app can attach to your breaker panel for accurate energy readings. This app allows you to monitor your solar power production. Curb Energy can be downloaded on your smartphone or iPhone.

2. Doorbell Surveillance
Are you fed up with standard security systems and looking for something more up to date, with more features, like the SkyBell HD? You should appreciate what SkyBell provides. This smart home device has a lot more to offer than your regular video surveillance. This video doorbell enables you to see and speak to visitors from inside your home. The 1080p video has color night vision and can capture more than 5 minutes of footage. SkyBell offers free cloud storage and can be integrated with a variety of other smart home devices.

3. Smart Wi-Fi Plugs
Are you ready to go the extra mile to make your home extra smart? The Smart Wi-Fi Plug from TP-Link HS105 can do the trick. This Wi-Fi plug is used to make your home more convenient and safe by providing more outlets and saving money. With this smart device, you can operate your home on a schedule you choose. You can control all your electronics on your smartphone or tablet. You can also keep outlets free because this device is smaller than other devices, so it will not block outlets above or below it. The Smart Wi-Fi Plug can be controlled with only one device, no hub is required, and the device can be controlled with your voice.

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4. Smart Smoke and Carbon Monoxide Detectors
Smart smoke and carbon monoxide detectors, like Nest, can keep your family safe by detecting smoke as well as carbon monoxide. With these detectors, you will receive clear direction in an emergency, alerts sent to your smartphone, and an early warning signal. These smoke and carbon monoxide detectors can also be used as nightlights. When carbon monoxide and smoke are detected, you will be notified there is a problem and where the problem is located.

5. Home and Business Smart Locks
Many smart locks work with Amazon’s Alexa, such as the August Smart Lock Pro. With these locks, you can monitor and control your doors from anywhere. Smart locks allow you to use keyless control access and monitor who enters and leaves your home, which can be viewed using your iPhone with iOS 9.0 or higher or a smartphone that uses a 5.0 or higher operating system. You don’t have to worry about changing your locks and making new keys. These smart locks are easy to install.

6. Garage Door Openers
No one wants to get out of the car to open a garage door or travel all the way home to close the garage door they may have left open. Smart garage door openers, like the Chamberlain garage door opener, can open and close your garage door from anywhere. You can receive alerts on your smartphone or iPhone when your garage door opens and closes. This device can be installed in minutes and operates using Wi-Fi.

7. Smart Thermostats
Smart thermostats like the Ecobee4 are available with Alexa voice and can be installed in minutes. These thermostats help manage hot and cold spots in your home, making it comfortable. Temperature and comfort settings can be adjusted using an iPhone or Android device.

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BusinessWorldIT is the most comprehensive online news website dedicated to delivering up-to-date news, trends, and opinions relevant to investments, startups, and developments surrounding innovative technologies. Covered topics include but are not limited to: artificial intelligence (AI), virtual reality (VR), augmented reality, automation, cryptocurrency, blockchain, and the Internet of things (IoT). Whether you are an information officer, developer, computer systems analyst or just someone who is interested in innovative technologies, Business World iT exists to help you stay up-to-date on how the current state of technology is evolving and how innovative technologies will shape the future.

Bython Media Inc.

D.B.A. Business World Innovative Technologies

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Bitcoin was the first cryptocurrency invented. A person can earn/trade for Bitcoins or can mine (create) them. Mining them is a process that uses specialized cryptocurrency mining softwareand computer processing power to make the complex mathematical calculations required to create Bitcoins.

Bitcoin transactions are recorded in a blockchain that makes a permanent record of all the transactions. Blockchains are managed on a peer-to-peer decentralized basis. The blockchain uses public encryption keys to identify the buy/sell participants in a transaction. Bitcoin users need to have a Bitcoin wallet with public/private encryption key pairs in order to make Bitcoin transactions.

Guide to Bitcoin Wallet

Encryption is the basis for protecting the information held in a Bitcoin wallet. There is a public encryption key that can be given to anyone and is the public information stored in the blockchain records. There is matching private encryption that is necessary to do any transactions with the public key.

A Bitcoin wallet is a storage medium that holds the Bitcoin information and the public/private encryption keys necessary to make Bitcoin transactions. A Bitcoin wallet may be information written on paper or digital information stored locally by a user on a hard drive or a thumb (USB) drive or stored online with a digital wallet or on a cryptocurrency exchange.

Bitcoin use is semi-anonymous because the public/private encryption keys do not give any other information about the users. This was one of the main attractions for using Bitcoins originally, especially by criminals. However, making Bitcoin transactions through a cryptocurrency exchange identifies the users.

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Best Bitcoin Wallet

There are many choices of Bitcoin wallets. The best one to use depends on the need. There are two basic categories of Bitcoin wallets. One type is self-managed and self-protected. The other is software that is managed online.

Self-managed wallets include paper wallets, desktop wallets, and hardware wallets, such as those stored on a thumb (USB) drive. Online wallets are web-based software systems connected to the Bitcoin blockchain records and/or part of a cryptocurrency exchange system.

How Do I Create a Bitcoin Wallet?

A self-managed Bitcoin wallet is a secure way to store information but does not directly allow any Bitcoin transactions. You will need a public encryption key with a public address to receive Bitcoins and a private encryption key that is used to spend or transfer the Bitcoins that are held at that public address.

This information can all be stored on paper and the things needed can be created by using BitAddress or BitcoinPaperWallet. Having a paper Bitcoin wallet reduces hacking risk, although the paper records need to be securely protected.

The Bitcoin wallet information can be stored on a desktop or laptop computer using local downloaded software such as Electrum and Exodus. The information can be stored on a hardware device, such as those offered by Trezoror Ledger Nano X. There are also mobile solutions such as Mycelium, Samourai, and Bitcoin Wallet.

To use a self-managed Bitcoin wallet requires sending the public encryption key to another person who wants to do a Bitcoin transaction and then using some intermediary who is paid a fee to get the Bitcoin transaction added to the public blockchain records. This is a slower method and the fee offered for recording the transaction may need to be substantial to get the transaction recorded on the blockchain.

How to Get a Bitcoin Wallet?

The fastest and easiest way to get a Bitcoin wallet and to be able to make transactions is to sign up for an account on a cryptocurrency exchange, such as Coinbase or Robinhood. Coinbase works online and for mobile users. Robinhood is only for mobile users and is popular because it offers all buy/sell transactions for free.

A Bitcoin wallet, managed as software on a cryptocurrency exchange, allows instant transactions for the published cryptocurrency exchange prices. There is no need to search for an individual to conduct a transaction. Like a stock exchange, a cryptocurrency exchange matches buyers and sellers at current market prices.

For beginners, this is the easiest way to get started; however, DO NOT keep significant cryptocurrency funds in a cryptocurrency exchange. Over $1 billion has already been lost this way. Keep only enough for transactions and realize your cryptocurrency is at risk on an exchange. Keep large amounts of cryptocurrency elsewhere, by using a safer, offline storage method.

Holding More Than Just Bitcoins

Bitcoins are the most well-known form of cryptocurrency; however, there are many other cryptocurrencies to choose from now. Most cryptocurrency wallets can hold more than just Bitcoins. Coin Time Machine lists 100 cryptocurrencies and their current values.

Here are the top 10 cryptocurrencies:

1. Binance Coin
2. Litecoin
3. EOS
4. Bitcoin Cash
5. Bitcoin SV
6. Bitcoin
7. Cardano
8. Monero
9. Dash
10. Ethereum

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About Us

TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

Bython Media Inc.

D.B.A. TechFunnel.com

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Automation and cloud-based software continue to make managing a business easier for small to medium-sized companies. From ensuring process quality control to better connect with customers and employees, automation software can help all businesses work smarter.

This can apply particularly to small businesses. SMBs make up a good number of thriving businesses and the right software in the right places can help empower them towards continued success. Sage is a payroll software solution that caters to small and medium-sized businesses, but there’s nothing small about their power to assist companies in handling their important HR responsibilities.

Sage’s roll in helping manage your payroll

Sage focuses on solving several business problems by offering several solutions, including:

• Accounting
• Startup
• Cloud accounting software
• Payments
• Business management
• HR solutions

They’ve also worked with many different industries, such as:

• Construction
• Manufacturing
• Wholesale distribution
• Chemicals
• Food and beverage
• Professional services
• Nonprofit

It’s this breadth of experience that makes Sage a popular solution for SMBs to use to manage payroll and solve for other HR issues. So how can Sage help your business?

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The benefits of Sage payroll

How Sage Payroll help SMBs to Manage their Payroll Operations? The benefits of using Sage payroll for small businesses.

1. Flexibility

In regards to payroll, Sage allows users to pay their employees through direct deposit, pay cards, or company-generated checks, which gives your business the flexibility to pay employees in a way that works for you and them. They also offer tailored solutions for businesses of different sizes. For companies with up to 20 employees, they offer tools to help take control of company finances including accounting software to help manage receivable and payable accounts, as well as inventory and payment management tool. Medium-size businesses with up to employees can utilize the same options and have the ability to invest in additional tools for finance managers and human resource tools including manufacturing and distribution tools that tie into the inventory capabilities, the Sage300 operations management tool that can take the place of a full ERP, and also people management performance capabilities.

2. Connectivity

Sage integrates with over 100 apps to help you streamline solutions, including Stripe, Veryfi, Expensify, Quickbooks, and DocLink. From CRM and e-commerce apps to debt tracking, time tracking, and expense and receipt software, Sage offers a level of connectivity that can solve for many small business problems and help create more efficiency.

3. Scalability

The cloud-based nature of this software means that it’s easy to scale over time as your business grows. If your business is experience rapid growth, you can add additional features and capabilities as your business needs them, but you never get stuck paying for solutions that your business isn’t using or can’t use. They also offer free trials so you can assure their platform is a good fit for your needs, as well as affordable, straight-forward pricing.

4. Reliability and accuracy

Payroll is one of those parts of the business where you can’t afford mistakes – literally. Payroll mistakes can be costly and include potential legal fees for not being compliant with various deduction policies or loss of employees and productivity due to missed, late, or incorrect payments. Sage makes it easy to get and keep your payroll organized and running smoothly. With easy integration into accounting tools, you can manage everything related to your small business finance from one place.

5. Time savings

The gift of automation is time. Whether it’s being able to access tools on the go from a mobile app or being able to reduce administrative efforts and manual input through automated processes, businesses who use automation products like Sage, complete with the ability to automatically update other business apps to keep everything current and accurate, have the time to focus on other areas of their business.

6. Expert support

Not everyone who has a business or is part of running a business is an HR expert or a payroll guru. Being a business owner or business-minded often means being innovative, creative, fact-oriented, connected, and good with people; being HR savvy or even having the time to learn about payroll management isn’t always in the cards. While they are necessary parts of a business (and important to get right), payroll and HR are complicated. In fact, the laws and codes surrounding payroll and employment can vary from state to state and change regularly. Having a software solution that not only can automatically manage things like employee deductions and taxes as well as update automatically based on any code changes but also has customer support available is an invaluable tool for most SMBs and small business owners.

The best businesses are built on smart systems by smart people and the most successful businesses put effort into taking care of their employees – Sage payroll and other software can help you do this. They’ve received a number of industry awards, including The SAAS Award, Temkin Group Customer Experience Award, PC Magazine Choice Award, and many other software accolades. If you’re looking for an online HR software and payroll management tool that can scale to include accounting, people management, and payment options, consider Sage to help you meet the needs of your SMB.

About Us

TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

Bython Media Inc.

D.B.A. TechFunnel.com

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Companies are always looking for ways to stay competitive in hiring the best talent. Finding the best hiring process for your business depends on several things, but it’s always a good practice to evaluate your policies and ensure that they’re working to bring in the best talent and make your team successful.

While Salesforce is known for its powerful business CRM platform, they’re also consistently ranked as the best place to work.

How to use the Salesforce for Recruiting.

Here’s what sets them apart and how you can utilize Salesforce for recruiting methods and culture to inspire your recruitment.

1. Transparency

Just from visiting their website, you can understand what their hiring process is like. They give applicants and potential candidates a window into their world and give insight into exactly how they approach hiring, from application all the way through onboarding. While you don’t have to follow their process, it’s comforting for candidates to know that there is an established path in place that helps get people into positions. They even have a section dedicated to compensation, demystifying the offer and raise process. You can ensure better interviews for both your employees and your applicants when the hiring and recruitment process isn’t a secretive thing. You can also ensure that you hire better applicants by fostering a culture of transparency, honesty, and preparation from the onset of the relationship.

2. Offer help

Salesforce calls out applicants in their hiring process landing page and lets them know “if you have questions about what your interview might be like, let us know. We’re here to help.” By offering recruiters as resources to potential employees, you can make sure you’re getting your candidate’s most-engaged and prepared effort every time. Recruiters have also been known to offer feedback to candidates if they weren’t moved on to the next round to help keep a connection and provide help.

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3. Keep your eyes open

Another thing that Salesforce talks only about doing is reviewing resumes by “talent segments”. According to their website, “Applications are read by real humans who are both experts in interpreting resumes and are familiar with our jobs within a talent segment—not just the one you applied for. This allows recruiters to route candidates across organizations. If our recruiters find a potential match, they’ll schedule a call to learn more about your skills and experience…In addition to recruiter review of resumes, our applicant tracking system also allows your profile to be discovered for any number of current and future job openings that might be a fit based on keywords, so even if the role you applied for isn’t the right match today – we may contact you regarding another role right away or as new opportunities open up.” This enables them to find and source the best candidates by matching up strengths and weaknesses across the board and not just per position. This keeps the focus on hiring the best people without getting hung up on the source of the applicant, and is another way that think about Salesforce for recruiting can grow your talent pool.

4. Practice Pareto’s Principle

Pareto was a 19^th century Italian who came up with the mantra that “20% of your effort is responsible for 80% of your success.” Salesforce uses this in their recruitment philosophy. By engaging in more conversational style interviews rather than riddles and brainteasers, Salesforce has more a narrative approach to their interviews that enables candidates to do more of the talking and helps the recruiters to better understand if someone would be a good fit. By asking the right questions, you can find out much faster if someone is the best fit, or as one firm puts it, “There are certain interview questions that cut through the noise and illuminate whether a candidate will actually be a good fit for your company (the 20%), and there are others that we ask simply because we’ve always asked them. If we focused more on the high impact questions, we could save time for everyone involved in the process from start to finish.” When using the methods of Salesforce for recruiting, it’s important to make sure that every assessment has some high impact questions worked in to truly understand your candidates’ chances of success.

5. Remember retention

One of the things that Salesforce prides itself upon is investing in people early on and then promoting from within. By nurturing a clear growth mentality in the business, employees are more likely to stay on them for the long term and invest themselves in your company the way you’ve invested in them. Salesforce also has an excellent work culture that offers benefits, collaboration, and, obviously, room for advancement. When you establish a good corporate culture and make people your priority, your people are more likely to work hard and stay on board.

Salesforce might not be known for a hiring software solution that can help your recruitment efforts, but their own recruitment process is something to be admired and using techniques used by Salesforce for recruiting might benefit your business. By adopting some of their principles, like transparency and cultural fit, into your recruitment policies, you might find yourself recruiting and retaining better talent.

About Us

TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

Bython Media Inc.

D.B.A. TechFunnel.com

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Without proper security, IoT devices can threaten the privacy and safety of your network. Learn how to secure your network from consumer-grade IoT threats.

Although most of the consumer grade devices are cheap and flexible in various work scenarios, they also pose a significant issue when they become a security disaster. For a long time, one of the main concerns with the Internet of Things has been its overall impact on network security. The primary reason why this issue has become major is that a substantial number of devices are always connecting to the network every day which results in a higher risk of hackers and crackers being able to access these devices and cause damage.

By now, you must have heard about the FBI’s plea that all users should consider rebooting their routers following claims that a notorious hacker group in Russia has created some malware that can efficiently harvest login credentials. It turns out that this malware specifically targets some of the IoT devices such as small business and home office routers and other network-attached storage devices.

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While this malware has been largely contained, there are fears that it still poses a significant threat since the hackers may have tracked the IP addresses of the affected routers and may use this critical information to redirect the malware to the specific routers. Here are some of the best ways of securing your network from consumer-grade IOT threats.

INVEST IN SECURITY SOFTWARE DESIGNED TO SPOT ANY MALWARE TRAFFIC

Sadly, most of us won’t take the whole issue of network security serious until something happens. In fact, IoT security recommends that you set aside a full budget dedicated to securing your network. One of the new security packages that was recently introduced is known as JASK. It is an autonomous network security operations platform that uses machine learning and artificial intelligence to spot any malware and other security events in what may appear to you as normal network traffic.

CREATE A DEVICE MANAGEMENT POLICY AND A VETTING PROCESS FOR NEW DEVICES

Make sure that you implement a precise policy that stipulates guidelines for IoT device addition and connection to your home or work network which will greatly help rationalize the device management process. For each connecting device, ask yourself whether your organization wants to permit that connection. Sometimes, there may be a lot of already known vulnerabilities that are associated with particular devices that you need to be aware of all the time. Take note of devices that request access to secure organization data before connecting and prohibit such devices from connecting to the network.

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About Us 

BusinessWorldIT is the most comprehensive online news website dedicated to delivering up-to-date news, trends, and opinions relevant to investments, startups, and developments surrounding innovative technologies. Covered topics include but are not limited to: artificial intelligence (AI), virtual reality (VR), augmented reality, automation, cryptocurrency, blockchain, and the Internet of things (IoT). Whether you are an information officer, developer, computer systems analyst or just someone who is interested in innovative technologies, Business World iT exists to help you stay up-to-date on how the current state of technology is evolving and how innovative technologies will shape the future.

Bython Media Inc.

D.B.A. Business World Innovative Technologies

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Credit unions are small to medium financial institutions that offer much of what larger banks offer, such as loans, direct deposit, savings accounts, retirement accounts, and more, plus certain benefits to members, better interest rates on loans or increased rates on earnings on savings accounts. Marketing automation isn’t limited to big brands – automation programs like HubSpotcan deliver a lot of value to credit unions and help improve their overall marketing strategy.

How to improve your credit union marketing with HubSpot.

Why credit union marketing automation?

Many credit unions have continued to thrive without putting big budget dollars behind their marketing. They are staples of local communities and many people trust credit unions more than larger banks and value their small-business feel. There is more of a focus on helping clients succeed than creating profits for shareholders. If credit unions already have so much going for them, what’s the point of marketing automation?

One marketing website notes that credit unions who use marketing automation successfully reach more of their community and connect their product solutions to more customers, effectively driving up membership rates. Many marketing automation programs can pay for themselves by acquiring only 5-7 new customers, which is even easier to achieve, of course, with the implementation of marketing automation. Plus, marketing automation can save marketers upwards of 70 days of work per campaign, saving credit unions even more and allowing them to continue to offer better benefits to their members, securing their reputation for customer-focused solutions.

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Can using Hubspot help your credit union marketing?

What are the most important benefits that credit unions can experience when using marketing automation like HubSpot?

1. New customers

Marketing automation helps you get found by new customers, as well as positions you as the best option for their needs. HubSpot itself recommends engaging with potential customers often, saying, “You don’t need to wait for a prospect to show behavior that indicates they’re starting to think about joining your credit union. If a prospect is active on your site and engaging with your content, you can push out calls-to-action (CTAs) that aren’t sales CTAs. Invite them to sign up for your newsletter. Send them content from your Facebook page and ask them to comment or like it.” These interactions can demonstrate the value of your content and increase the trust your potential customers have in your brand.

2. Member retention

Customers want to know that they’re more than just a transaction. Marketing automation helps you maintain relationships with customers. Not only can this increase the number of products or services participated in by current members, but can also increase goodwill in current customers who may then go on to share your credit union as a recommendation for friends or neighbors. A good amount of credit union business is word of mouth and good marketing automation that nurtures current client business can help grow that.

3. Expanded services and greater wallet share

Today’s business market is increasingly competitive and customers are much more particular where they spend their money, meticulously checking all the details and hunting for the best deals. That means they may have a mortgage with one bank, credit cards with another, loans with another institution, and on and on. Automation offers a way to reach out to customers and educate them on why their current credit union is a good place to keep their business. Marketing automation, like email campaigns, gives you an opportunity to remind members about your other offerings and increase the accounts they have with your institution.

Credit union marketing automation is a powerful tool to help better connect small and medium-sized financial institutions with the communities they’re a part of. Marketing automation can create value for your target market and programs like HubSpot can make it easier.

About Us

TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

Bython Media Inc.

D.B.A. TechFunnel.com

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Owning a small business can be both a challenge and a fulfilling opportunity. It allows you to be in control of your own operation but can present a lot of aspects that can quickly get out of control – cash flow, for instance. Having enough money to operate your business – from being able to keep inventory in stock to be able to pay employees – can be a struggle for some small businesses and most businesses that end up failing do so because of cash flow problems. What are the most common cash flow problems in a small business and what are the best ways for businesses to avoid these issues and stay successful?

The best ways to avoid cash blow problems in business

Here’s how to avoid cash flow problems in your small business.

1. Know your numbers

Conducting regular financial analysis is important. Analyzing and understanding financial statements is a crucial part of getting a handle on your cash flow. Having an understanding of how your money is being spent – on salaries and higher utility expenses like heating in the winter or cooling in the summer – as well as an understanding of potential revenue forecasts – like sales and investment payouts – is foundational in preventing cash flow problem.

2. Invoice your customers quickly and make it easy for them to pay

If you’re providing a service on an invoice basis, it’s important to get your invoices out quickly. Sending them through email with a link to payment is an easy way to encourage faster customer payment. If you’re an in-person vendor, having multiple ways to pay, like Venmo or through a tablet that enables payments from debit cards, credit cards, and cash, can bring in more customers. You can also offer a discount if customers pay invoices early or pay for something in cash, which allows you to not have to pay credit card processing fees.

3. Know your credit options

Sometimes cash flow problems can be alleviated with a good loan. Maintaining good relationships with your creditors is important, as is staying up to date on your vendor payments. Small loans can help tide your business over in an emergency or during periods of extreme and rapid growth.

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4. Stay organized

Staying on top of payments and expenses is key. You don’t want to pay bills late, as this may incur your business fees and late charges. You don’t want to file taxes late or pay employees late, because there may be fees, fines, and penalties associated with that. Essentially, staying organized can help save your business money through helping you avoid additional, unnecessary fees and expenses.

5. Examine your expenses

Are there things your business can live without paying for? If not, can you change vendors to save money or get by with less? This can seem like a hassle but might be instrumental in helping save your business money and avoid cash flow problems.

6. Keep the best people on the payroll

Salary expenses are likely the take up the biggest chunk of your cash, so make sure you’re employing the highest quality staff, particularly in finance or accounting departments. Salary might be one of the first places you’re tempted to save money and curb cash flow problems, but it’s important to continue to pay employees competitively.

Preventing cash flow problems requires a proactive approach. It’s important to know your current financial situation, upcoming financial expenses, and expected invoices, as well as have an understanding of your business goals and projected timelines. Cash flow problems in small businesses don’t need to be disastrous. You can prevent many of them by being educated on your expenses and market and handle many of them with planning on the forefront, including potentially getting more funding for your business through small business loans.

About Us

TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

Bython Media Inc.

D.B.A. TechFunnel.com

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

If you work in the payroll accounting department, a robot wants that job. There is a major disruptive trend of robotic process automation (RPA), which is being applied to routine, repetitive tasks performed by humans. Many think of manufacturing processes as the obvious place to deploy robotics. However, RPA in payroll processing is just as effective in replacing human effort in many repetitive accounting functions, such as payroll processing.

A payroll pay cycle is an event that is defined by calendar dates and rules. The input needed includes the data about human beings to pay, the tax calculation information, and a mechanism to verify the hours worked for workers paid on an hourly basis.

RPA in HR and payroll processing are new innovations; however, the adoption of RPA for payroll processing is moving forward rapidly. The Institute for Robotic Process Automation reports that RPA already has an impact on about 40% of back-office administrative functions for enterprises.

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Benefits RPA in payroll processing

Here are some major benefits RPA in payroll processing creates for many organizations:

1. Improve Process Efficiency

RPA is far less susceptible to errors that human beings make while doing the same work. RPA processes payroll functions according to the rules. The only vulnerable area for introducing errors is if the rules are not entered properly and not updated when the rules change. If the rules are accurate and updated as necessary, a payroll processed by an RPA system may approach 99.99% accuracy, which is far superior to human efforts.

2. Lower Payroll Costs

Executive management sees payroll processing as a necessary function since they need to be paid by the system as well. However, the payroll process does not contribute added value to the business. Therefore, payroll departments are usually working on low budgets to keep the cost of payroll processing to the minimum.

One solution many businesses employ is outsourcing the payroll function to a service. If the outsourcing company uses human beings to do payroll processing, there are still significant opportunities for human errors. Moreover, there is a security risk for the exposure of confidential payroll data to a third party.

The current best practices are to use an RPA system for payroll processing. This improves process efficiency, keeps confidential information in-house, and lowers costs at the same time.

3. Machine Learning Using Artificial Intelligence

An RPA system does more than simply process the payroll. It becomes possible to analyze the data and uncover useful insights to help maximize workforce resources. Unplanned events, which disrupt the pay cycle, are used as machine learning inputs for artificial intelligence programming. This helps improve responses to similar events in the future.

4. Better Regulatory Compliance

Businesses may operate in different jurisdictions within one country as well as may employ workers in multiple countries. Keeping with regulatory changes that modify payroll processing is a complex endeavor for a human being. An RPA system is rule-based. The parameters of the rules can be adjusted at any time. This makes compliance with regulations far easier to manage than relying on human expertise to follow all the complex regulations and changes.

5. Easy Deployment of an RPA System

Even though an RPA payroll processing solution may handle complex global payroll for multi-national corporations, an RPA system is easy to deploy. There is no need for custom software coding or IT infrastructure changes. The investment in RPA solutions for payroll processing is modest. There are SaaS offerings of these solutions available on cloud networks.

6. Automatic Error Correcting

One thing that has the potential to waste plenty of human work time, is the error correction of data records. RPA excels in automatic error correction that requires no human intervention.

An example of this error correction methodology might occur for a worker at a U.S. location that starts as a new employee. If the new employee data is entered in the system with an address that does not contain the proper zip code, the RPA system automatically checks the address.

The RPA system uses the master list of all known U.S. Postal delivery addresses to find the correct one. It changes any mistake in how the address is formatted and adds the correct zip code to the file.

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About Us

TechFunnel.com is an ambitious technology media web property dedicated to technology news, product reviews, and analyzing how technology affects business, finance, human resources, marketing, government, and everyday life. At TechFunnel.com, you will read the latest news and learn our opinion about product releases that are right for you. Watch videos about the latest trends in software, apps, games, AI, and virtual reality. Connect with a growing community of writers and editors who ask questions, seek answers, and innovate along the way in the realm of technology. In a medium that is meant to be effective and efficient, we strive to be both.

Bython Media Inc.

D.B.A. TechFunnel.com

8668 John Hickman Parkway

Suite 1004

Frisco, TX 75034

Phone: +1 (214) 295-7705

Businesses are hard to run, and they can be especially true for start-ups or small businesses. Handling all the tasks can be challenging, and you, therefore, need the right kind of tools to help with the operations.

One such job is payroll; you have the option of doing it yourself, delegating to an employee, or using one of the many cloud-based payroll software available.

Many businesses are employing the use of online software as a way of streamlining their processes. We will explore why such software can be beneficial for a company below. 

1. Increase in Productivity

Since the information is in Cloud storage, anyone with access can quickly get the relevant documents. This will result in greater efficiency because everything is within easy reach. Depending on what you’re looking for, you can get functions such as HR management, administration of benefits, employee self-service, among others.

2. Storage of data

Gone are the days of needing large cabinets to keep relevant documentation. Now all you need to do is install cloud-based payroll software, and you no longer must worry about the safety of your data.

Whatever employee information you need to keep, including Tax information, employee records, and pay rates among others will be available to you anytime.

3. Avoiding Problems with IRS

Many software companies offer tax filing as part of the package. Every time you’re on the payroll, it takes care of this vital requirement. If you incur any penalties, the cloud-based payroll software company will absorb it.

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4. Everything Is Under One System

With cloud-based payroll software for accountants, you can easily integrate many of the back-office functions. Such include payroll, benefits administration, time management, among others. You are therefore able to keep track of everything from one place and provide necessary updates quickly. You will save time, as well as reduce the risk of costly errors. You also do not have to deal with so much data because you eliminate repetition.

5. You Do Not Need to Deal with Paperwork

People are becoming more conscious of anything that impacts on the environment negatively. The elimination of paper with cloud-based software solutions will help to eliminate waste and end up freeing up a lot of space.

6. Allows for Scalability

No one starts a business to stay in the same place. Cloud-based payroll software will eliminate any bottlenecks that come with sophisticated management practices. It will also help save money, which the business owner can plough back into other areas of a company. The system will also allow for secure handling of many employees while meeting their needs.

7. Accuracy in Reporting

The online payroll software operates in real time, thereby eliminating the time an employer wastes waiting for reports or updates. The employer will also always know what is going on, thus allowing for quick decision making. The result is higher efficiency with regards to how the business runs.

The payroll system is also a great way to let employers know what is happening concerning human resource laws. The company is, therefore, able to comply with the statutory requirements immediately.

8. Accessibility of Information

Cloud-based databases will make it possible for the business owner to access information wherever they may be. Unlike a physical cabinet, the data exists online, and even if you are not within the country, you will still be able to get it.

Office functions do not need to stop just because you are away. With internet connectivity, you can easily carry out your activities.

9. Cost-Saving in the Long-Term

While the initial cost of getting the cloud-based payroll may be a bit prohibitive, especially for small businesses, in the long run, it is worth it. If you take into consideration all the factors we have highlighted above, you will quickly see that having the system will help you run your business efficiently and effectively. You eliminate a lot of time wastage, which will result in the loss of revenue.

The modern business can no longer afford to operate in traditional ways. Cloud-based payroll software is a great way of increasing efficiency in the running of the company. Loss of data will be a thing of the past, and only those with access can see whatever information is in the cloud storage.

The result is that employee information remains confidential while giving the business owner an easy way to track everything that is happening within the organization. Employers also have the option of providing employees with some level of access so that they can manage some of the information. By giving employees access, it will take the burden of the business owner from having to handle everything on his own.

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