by ObiTechie's Team | Jun 3, 2023 | ERP Software, HR
As the head of the human resources department in your organization, you have many responsibilities to manage simultaneously. Utilizing one of the highest-rated HR software options can streamline your work and personal life.
If you’re evaluating HR software options and still need to decide which one to choose, it’s crucial to consider the potential cost and time savings the software can provide for your organization. Look for comprehensive software that can easily handle routine tasks like payroll calculations and sending onboarding emails.
Understanding the Need for HR Software in Small Businesses
Before we can look at each software, we need to evaluate an important question: why do small businesses need HR software? Primarily, HR software helps eliminate repetitive tasks and procedures, eliminates repetitive HR procedures, and helps the company comply with labor laws and regulations on time. HR software aims to enhance efficiency and assist businesses in saving time by prioritizing strategic tasks.
Top HR Software Solutions for Small Businesses:
Bamboo HR this HR software is an all-inclusive solution designed to care for all the needs of medium and small-sized businesses. It provides a comprehensive HR functionality, an intuitive interface, and advanced reporting capabilities that help in saving time.
Features:
- Applicant Tracking System (ATS): This system streamlines the recruiting process by tracking applicants and automating job postings. Job postings are timely, and the system can track the number of applicants expressing interest and their qualifications.
- Onboarding Tools: The tools ensure the uninterrupted transition for new employees, improving their initial experience
- Time-off Management: This function helps track employee leave, reducing human errors.
- Performance management: The solution provides a platform for performance evaluations and consistent employee feedback
Benefits:
- Assists in enhancing the quality and efficiency of employee recruitment.
- Enhance the experience of onboarding new employees.
- Simplifies performance appraisal and leave management processes
Zenefits is a cloud-based solution. The software provides centralized HR processes. Besides, the solution offers a robust HR platform that caters to the different needs of small businesses.
Features:
- Payroll Management: The software offers automatic salary calculations, tax deductions, and benefits, reducing the chances of human error
- Benefits Administration: Also, the software aligns the process of managing each employee’s benefits, such as their health insurance and retirement plans
- Time and Attendance: Also, tracks employee working schedules and overtime hours, ensuring payroll accuracy
- Compliance: The software helps businesses stay compliant with labor laws and regulations
Benefits:
- Helps in streamlining the issuance of benefits and payroll administration
- The software is accurate in tracking attendance
- Ensures regulatory compliance, reducing the chances of legal issues
Gusto is primarily designed to assist small businesses. The software has user-friendly hiring, payroll platforms, and benefits administration tools that are effective and efficient.
Features:
- Full-service Payroll: The software automates payroll calculations, filings, and tax payments
- Health Benefits: It offers some health benefit options and manages enrollment processes
- Hiring and Onboarding: Provides practical tools for job postings, background checks, and digital onboarding
Benefits:
- The software simplifies payroll operations and ensures tax compliance
- It provides flexible benefits options to attract and retain talent
- It streamlines the hiring and onboarding process, improving new employees’ experience
Workday has robust and comprehensive HR functions that cover time tracking, payroll, and talent management. The software also provides unified applications developed for human capital and strategic financial management.
Features:
- Talent Management: This great feature helps businesses to recruit, onboard, and retain top talent effectively, creating succession plans and developing leadership within the organization. The feature also saves the time and resources required for repetitive recruitment processes.
- Human Capital Management (HCM): With Workday’s HCM solution, businesses can effectively manage the entire employee lifecycle, from hiring and onboarding to compensation, benefits, and performance management
- Payroll and Time Tracking: Workday’s payroll system handles complex and specific payroll calculations. Its time-tracking feature accurately tracks employees’ working hours and other related records.
- Workforce planning and Analytics: This feature offers insights and predictions that help businesses make sound data-driven decisions about their workforce
Benefits:
- The software offers streamlined recruitment, onboarding, and talent retention processes, enhancing employee quality and reducing turnover.
- It improves management of the entire employee lifecycle, fostering an engaged and motivated workforce.
- It provides an automated payroll and time-tracking function that reduces errors and ensures proper employee compensation.
- It provides insights and predictions from workforce planning and analytics, which aid strategic decision-making and future planning.
SAP SuccessFactors is among the most trusted and leading HR software that offers several services that cover the entire employee lifecycle. The software is known for its comprehensive applications that best fit small businesses.
Features:
- Employee Experience Management: This software allows businesses to collect timely employee feedback, analyze it, and make sound decisions from those insights
- Performance and Goals: This feature helps match employee activities with organizational goals. Besides, it aids in continuous performance management.
- Recruiting and Onboarding: SAP SuccessFactors’ recruiting feature simplifies the hiring process. In addition, its onboarding tool makes the transition process for new employees seamless.
- Learning and Development: This feature offers learning management systems, collaboration tools, and skill-building programs to help employee growth and development
Benefits:
- SAP SuccessFactors provides an enhanced understanding of the employee experience, leading to improved engagement and productivity
- The software supports the alignment of performance with organizational goals, ensuring everyone is working towards the same vision.
- The solution provides streamlined recruitment and onboarding processes that improve the quality of employees and the initial experience of new employees.
- The software fosters continuous learning and development, promoting a skilled and adaptable workforce ready for future challenges.
Selecting the Right HR Software
When considering HR software for your business, it’s important to take into account various factors before making a decision. Your budget, specific business needs, and plans for long-term growth should all be carefully considered.
Implementing HR software for your business comes with several benefits. The solution helps enhance HR efficiency, contributes to strategic decision-making processes, creates an engaged workforce, and creates sustainable business growth. If you’re considering implementing HR software, it’s a worthwhile investment for your small business. It can give you a competitive edge in the market and help you maintain efficiency and effectiveness in the business environment. Don’t hesitate to move forward with it.
Article Sources
A Complete Guide to Small Business HR Software: Features, Benefits, and Best Options ‣ Crocodile® HR Software
7 HR software tools ideal for small business – Small Business UK
by ObiTechie's Team | May 30, 2023 | FinTech, PayTech
Throughout centuries, payment systems have undergone a gradual evolution to reach the advanced stage we see today. From the era of barter trade, where goods and services were exchanged for other goods and services, to the introduction of coins and paper money, we have witnessed continual improvements aimed at enhancing efficiency.
In today’s world, we rely on modern technology to process payments through digital methods like mobile wallets and cards. It’s expected that we’ll soon be using digital currencies for payments as well. The need for faster and more secure payment options has led to ongoing advancements in this field. This article gives a comprehensive historical overview of how payment methods have evolved. We focus on the step-by-step from barter trade to the current cryptocurrency systems.
The Dawn of Trade: Bartering Systems
The interesting history of payment systems dates back to the historical barter trade payment methods. The method involved the exchange of goods for goods and services for services. The payment method appears primitive. However, it was necessary, and it helped our forefathers obtain the goods and services they needed to survive. Despite its extraordinary advantage, the barter trade method also had drawbacks because it lacked a standard measure of value. In addition, fulfilling the trade required a coincidence of wants.
The Emergence of Commodity Money: The Introduction of Standardization
Over time, there was a need to overcome the limitations. Therefore, society introduced commodity money, a vital breakthrough in the evolution of payment systems. In the past, people used silver, gold, salt, and livestock as a currency because they were highly sought-after and had inherent value. The transition provided a standard measure of value. In addition, it facilitated trade hence boosting economic activities.
The Birth of Coinage and Paper Money: Formalizing Exchange
The next milestone of payment systems was the introduction of coins. The Lydians produced the first coin around 600 BC. This significant step marked a new beginning of formalized currency. In addition, it allowed the society members to exchange smaller and specific values, increasing trade efficiency.
During the Tang Dynasty, the invention of paper money by the Chinese further revolutionized the payment system. Payments became easier, and paper money was easier to carry around, could represent larger values, and brought forth significant development of complex banking systems to facilitate the production and storage of money—notably, the paper bills required verification and validation systems to establish trust.
Check and Credit Cards: The Shift to Cashless Payments
With time, societies became more complex, with more and more daily transactions. People needed safer and more convenient payment systems. In the 17th century, checks were introduced. Initially, only the wealthy used the checks. Checks allowed people to carry huge sums of money without carrying it in cash.
In the mid-20th century, the Diner’s Club founded the first universal credit card. Credit cards marked a vital shift towards cashless transactions, making payment more straightforward, safer, and convenient. The ability to extend credit made the cards more popular, boosting commerce even more through the digital era.
Electronic Payments and Online Banking: The Dawn of the Digital Age
In the late 20th century, electronic payment systems emerged. ATMs and EFTPOS systems were introduced for automated banking and electronic transactions. The machines made money transfer very convenient. Customers were no longer required to visit banks or carry large amounts of money to make payments.
Further, the PayPal payment system evolved following the rise of the internet. PayPal supported immediate, remote transactions changing the way businesses operated.
Cryptocurrencies and Mobile Payments: The Future of Payment Systems
Currently, we have the most advanced payment systems; mobile payment and cryptocurrency payment methods. Mobile payment apps such as Venmo, Zelle, and Apple Pay have improved the convenience of immediate, peer-to-peer payments directly from users’ smartphones. Also, the sender and recipient can be in a different location.
Cryptocurrencies such as Bitcoin have established a new form of digital asset-based payment. Cryptocurrencies use Blockchain technology, offering a decentralized, secure, and anonymous method of value transfer.
Embracing the Future of Payment Systems
The evolution of payment systems represents humanity’s endless drive to achieve convenience, security, and efficiency. From barter trade to Bitcoin technology, every stage has made payments more effortless, secure, and faster, accelerating global economic growth and connecting people to their desired businesses like never before.
New transaction technologies, such as contactless payments and digital wallets, have emerged as we approach the future. Besides, biometric payment systems are redirecting commerce even more. The continued evolution of payment systems indicates the ingenuity and adaptability of societies, serving as evidence that with trade, innovation is inevitable.
Ultimately, the history of payment systems and their evolution is fascinating. As we advance from one era to the next, we get closer to the seamless, instantaneous, and universally accessible world of transactions. As we anticipate more discoveries in payment systems, the future holds more possibilities in commerce.
Article Sources
https://www.investopedia.com/articles/07/banking.asp
https://www.investopedia.com/ask/answers/061615/what-difference-between-barter-and-currency-systems.asp
https://www.investopedia.com/articles/financialcareers/09/ancient-accounting.asp
https://www.feedough.com/the-evolution-of-payments/
by ObiTechie's Team | May 24, 2023 | ERP Software, FinTrack
The climate for start-up businesses is highly competitive. Several companies are competing for a better chunk of market share. However, it takes a truly outstanding business design to rise to the top. Unfortunately, you will be off the market if your accounting books are not in good shape. You will need much time to catch up with filing taxes, sending pitches to investors, or applying for business loans.
If you want your business to be more effective in its operations, faster, and more efficient, investing in cloud accounting software is an excellent investment. If your organization still uses desktop software or manual spreadsheets for accounting, it may be time to shift to cloud-based accounting software. Cloud-based software has tons of benefits compared to on-premise software. The solution allows workers to work at any time in any location, automates time-consuming manual tasks, improves compliance and accuracy, and accelerates financial processes with fewer efforts.
Popular Cloud-Based Accounting Software
Accounting software simplifies the bookkeeping process. The software helps businesses keep close tabs on finances and prepare for tax season, which is an easier way for small businesses and freelancers than employing a full-time consultant. Now there are cloud-based accounting solutions. This software uses remote servers to host data and secure sensitive financial information from criminals. Cloud-based software typically has a backup to the cloud to avoid losing any information stored in the server. The following are the most common cloud-based accounting software suitable for businesses:
QuickBooks Online: The software is one of the most flexible cloud-based accounting software. Intuit designed the software. QuickBooks Online offers various features such as invoicing, tracking expenses, and reporting, making it suitable for businesses of all sizes.
Xero: The software is hosted in New Zealand and is famous for its user-friendly interface that makes it easy to use. Besides, Xero has robust features, including detailed financial reports, inventory tracking, integration capabilities, and diverse business applications.
FreshBooks: The software is cloud-based, developed primarily for freelancers and small businesses. FreshBooks provides easy expense tracking, invoicing, and time tracking capabilities.
Sage Business Cloud Accounting: The software was previously known as Sage One. Sage Business Cloud Accounting is comprehensive, offering several accounting solutions such as invoicing, cash flow, and inventory management.
Zoho Books: A section of the Zoho suite business application is a cloud-based accounting solution offering time tracking, invoicing, banking reconciliation, and expense tracking, making it suitable for small and mid-sized businesses.
Wave: This cloud-based software is free. Wave software offers basic accounting features, including expense tracking, invoicing, and financial reporting, making it excellent for sole proprietors, freelancers, and small businesses.
NetSuite ERP: The software is scalable and comprehensive, offering advanced features, including revenue recognition management and financial planning, making it great for large businesses.
Melio: The cloud-based software is user-friendly and established to simplify business transactions. With Melio, small businesses can manage their accounts payable digitally, having features such as invoice management, data synchronization, and payment scheduling.
The Benefits of Cloud-Based Accounting Software
The following are the outstanding benefits of cloud-based accounting software;
Cloud Accounting: Elevating Accessibility
One of the highly recognized benefits of cloud-based accounting software is its accessibility. Unlike on-premise software, which requires physical access to a particular network or computer, you can access cloud-based software from any location, anytime. You only need internet connectivity to access your financial information regardless of where you work.
Moreover, cloud accounting software permits multi-user access. This function encourages collaboration between employees and other external partners, ensuring all team members have up-to-date and consistent information and eliminating misunderstandings and errors.
With time, your business will keep advancing, and so will your accounting needs. Fortunately, cloud-based accounting software fulfils these needs.
Unlike on-premise software, where you must invest in additional hardware or software licenses to accommodate the expansion, a flexible payment plan is all you need with cloud-based software. You can easily update your packages as the business grows and add users or downgrade when your business is in its slow season. The software allows you to pay for only what you need.
Your business may also expand across geographical borders. In that case, cloud accounting software will support multi-country operations while seamlessly supporting multi-currency transactions.
Scalability: Growing With Your Business
With time, your business will keep advancing, and so will your accounting needs. Fortunately, cloud-based accounting software fulfils these needs.
Unlike on-premise software, where you must invest in additional hardware or software licenses to accommodate the expansion, a flexible payment plan is all you need with cloud-based software. You can easily update your packages as the business grows and add users or downgrade when your business is in its slow season. The software allows you to pay for only what you need.
Your business may also expand across geographical borders. In that case, cloud accounting software will support multi-country operations while seamlessly supporting multi-currency transactions.
Cost-Effectiveness: Streamlining Your Finances
Cost-effectiveness is one of the most enticing benefits of cloud accounting software. As often stressed, the software operates on subscription plans making them affordable with little or no upfront costs. In addition, as the business expands, there will be no need for extra IT support; you will only update your subscription.
The Future of Accounting is in the Cloud
To sum it up, the benefits of cloud-based accounting software attractive to businesses are scalability, accessibility, and cost-effectiveness. The software enables immediate access to real-time financial information and caters to evolving business needs. The software helps you save both directly and indirectly.
If you are considering transitioning from traditional on-premise software, you are making the right decision. The process may seem daunting, but the long-term benefits are rewarding. Your business will be more efficient with the emerging trends and will surely stand the competition.
Article Sources
Best Cloud Accounting Software (May 2023) – Forbes Advisor
Accounting Software: Definition, Types, and Benefits (investopedia.com)
Message from FreshBooks
by ObiTechie's Team | May 19, 2023 | News & Trends
The European Union has taken a bold step to enforce strong regulations on artificial intelligence. The regulations include drafting new guidelines meant to prohibit complex use cases. Besides, they also prohibit mass facial recognition programs in public areas and predictive policing algorithms that attempt to expose future offenders using personal information.
The EU’s courageous move emphasizes the balance between ethics and technological progress the world is witnessing. In the long run, the consideration will likely have profound implications for using AI in security and law enforcement.
Understanding the Proposed Ban
The European Union is taking a necessary step towards regulating artificial intelligence and associated technologies. It’s crucial to prevent the misuse of AI that could potentially compromise civil liberties and privacy rights. The proposal will prohibit the use of AI for indiscriminate biometric surveillance, like facial recognition in public areas, predictive policing, and the use of AI to anticipate and prevent possible crimes. This is a bold move to safeguard the rights of individuals and ensure that AI is used ethically and responsibly.
Reason for the ban
The proposal is mainly motivated by concerns over the potential misuse of artificial intelligence. The EU’s decision mirrors the increasing worldwide apprehension regarding the ethical consequences of AI, particularly how it could affect human rights and privacy.
For example, mass biometric surveillance, where AI automatically identifies individuals according to their biological characteristics, infringes on privacy rights. The EU has identified AI technology could be misused for unjustified surveillance, compromising individual privacy rights.
Predictive policing utilizes artificial intelligence algorithms to forecast potential criminal activities. While this approach may prove advantageous for law enforcement, it also opens the door to inequity and prejudice if the algorithms contain any inherent biases.
The Potential Impact on Law Enforcement and Security
If the ban is enforced, it will have a significant impact on the way law enforcement and security agencies operate within the EU. Agencies must reassess their use of AI in their operations and explore alternative methods of crime prevention and surveillance. However, it’s important to note that this ban doesn’t mean AI will be completely prohibited in law enforcement. The proposed ban specifically targets indiscriminate predictive policing and surveillance. Therefore, AI will still be permitted in certain controlled circumstances.
Balancing Technological Progress and Ethical Considerations
We must consider the ethical implications of AI as we strive for technological progress. Misusing this powerful technology can have severe consequences. The proposed ban raises important questions about how we can balance these concerns. Fortunately, the European Union is taking steps towards creating a regulatory framework that promotes responsible AI use. By protecting human rights and promoting trust in AI technologies, we can harness their potential to benefit society in meaningful ways.
Looking Forward: The Future of AI Regulation
The proposal represents a crucial step towards a more comprehensive AI regulation. Although it is just a proposal and would need a lengthy legislative process before it can become law, it defines AI’s path in the future.
There will likely be more discussions and laws regarding the ethical use of AI in the future. It’s essential to strike a balance that promotes ethical advancement and technological innovation.
In conclusion, the European Union’s proposed ban on AI use for predictive policing and biometric surveillance will likely affect future AI use. Its emphasis on the need to balance AI use will help realize the intended benefits of the technology while addressing the possible ethical concerns.
by ObiTechie's Team | May 17, 2023 | News & Trends
The digital landscape is fast evolving, and businesses must constantly look for fresh and innovative ways of keeping close touch with their audiences. Considering this need, Meta has introduced additional AI (Artificial Intelligence) features, a new AI-powered product designed to aid advertisers in building better ads to improve the impact of their advertisement campaigns.
In a post blog on May 11th, 2023, the company announced: Meta continues to take bold steps to advance and deploy state-of-the-art AI and deliver a step change in our ads system performance. We’re rolling out more powerful AI models to improve performance across all ad types and ad surfaces. We aim to achieve this through deeper alignment with advertiser objectives and utilizing the rapid expansion of high-growth areas, like short-form video, to provide enjoyable experiences to people — all while working to safeguard privacy.
Understanding Meta’s Generative AI
This Meta’s generative tool will create and optimize digital advertising content. The AI tool will make digital advertising more personalized and relevant, and compelling to each viewer. Hence, the advertisements will automatically be customized to fit the preferences and interests of every individual user.
Meta’s Generative AI tool is strictly not designed to create variations in fonts, colour schemes, or images. Conversely, it will make fresh, unique content that resonates with each user. The technology used in developing this tool consists of a complex machine-learning algorithm that accurately analyses diverse data to help understand user preferences and behaviour.
The Impact on Digital Advertising
Introducing Meta’s Generative tool is a remarkable milestone in the current digital advertising industry. The ability to automate the ad creation and optimization process makes the tool excellent for businesses. Business owners can now concentrate on other tasks while leaving the repetitive functions of ad creation and optimization to the AI tool.
In addition, this tool could enhance ad effectiveness, generating more impact. Furthermore, each ad the tool will create matches the specific interests of each viewer, increasing relevance and engagement. The tool’s personalized approach will enhance the user experience by displaying only the most compelling and pertinent advertisements.
Embracing AI in Advertising Strategy
With this new Meta’s Generative AI tool, businesses can review and potentially redefine their advertising strategies. Organizations can experiment with diverse styles and ad formats without engaging a professional or extensive manual work. Besides, the tool allows businesses to understand their audiences better, and the AI will learn their preferences and behaviour and continually adapt them based on their engagement.
Nonetheless, this AI tool should only partially replace human efforts in ad creation. As much as this tool can create and optimize ads, businesses will still need human creativity and strategic thinking to ensure that the created ads match the specific brand’s goals and identity. Therefore, companies should only use the tool to enhance their processes rather than to replace the existing advertising strategies.
Looking Towards the Future
Introducing Meta’s Generative AI tool takes digital advertising to an exciting new era. The tool implies a step towards more personalized, data-founded advertising strategies that cater to individual user preferences.
Even so, we must be conscious of the potential challenges of new tools. There are always issues with data privacy, the originality of the content created by the AI tools, and the possibility of losing the human touch as we make the ads. The challenges need valid concerns that every business should consider to avoid risks that may prevent business success.
Generally, Meta’s new generative AI tool has great potential for revolutionizing how companies approach digital advertising. The tool is a crucial breakthrough that exemplifies the power of AI in moulding the future of digital marketing. As we explore more about what the device can accomplish, it is already clear that it will take a vital position in the next era of advertising strategies.
