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Top 3 Blunders Of Excel – Why You Should Not Use Spreadsheet For Payroll

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Excel was the tool introduced my Microsoft that revolutionized the field of spreadsheet management tool which was the primary replacement of the traditional payroll management techniques that included manual data entry system. These techniques tend to be more vulnerable when considering the security aspects and data integrity of the organization. Excel is a very robust and powerful spreadsheet software offers excellent performance on single system management. It incorporates many automation functionalities such as building up macros through which repetitive daily tasks can be easily rolled out. Excel is the most widely used spreadsheet software cant be trusted blindly while dealing with a large number of employees for processing their payroll. Previously there are many reported cases which suggest that using such a kind of system can cause havoc resulting in a great loss to an organization. Even a simplest functioning mistake in this software can unleash a chain which will temper all the important data. It took a very expensive mistake for the world to know that a dedicated payroll software cant is a substituted with mere spreadsheet software. In this article, you will be having a look at the top five blunders that caused the business tycoon to suffer a heavy loss by relying on excel for their HR related task.

Company: TransAlta

Year: 2004
Loss: 24M

TransAlta is an electric power generation company which also deals as a wholesale marketing company situated in Calgary, Atlanta. It is a well-reputed company which is providing its services in Australia, the US, and Canada. This company in the year 2004 incurred a heart sobbing loss of 24 million US dollar due to a simple copy-paste mistake in excel. This mistake made costed a company of dealing for wrong bids which were assigned to contracts in a miss sequential manner. This was a drop of mistake which made a devastating wave of loss for the company. In a small organization these type of will not cause you millions but will surely leave you with disappointed employees which might affect your employee retention rate. Payroll and statutory misalignment will lead you to inappropriate tax filing due which most of the time will be consumed for rectification of these errors.

Copy – Pasting data, unintegrated sorting of the rows and columns, pasting without formulas are some of many scenarios where working with excel will be welcoming a number of possible errors which will ruin your payroll cycle. This system was very much prone to error where the number of employees to be managed were much more. A large number of HR team members which were required to manage these sheets along with other aspects like leave & attendance which played a crucial role in the field of payroll management.

Company: Kodak

Year: 2005
Loss: 11M

Kodak is a New York-based company which had a great name and history in the field of making photography equipment. Its research department had greatly contributed to the development of cameras and related peripherals. Back in those days, many financial statements were managed through the spreadsheet and in this company also. The accrual system was being managed by excel in Kodak and in the year 2005, a simple typing mistake was done in that sheet by which zeros were added to a figure which resulted in a great loss of 11 Million. It created an approval for 11M of office supply bill which was a huge blunder. An independent system who smartly tracks all the expenses will never face these kinds of issues and it would have a crystal clear report of all the expenses and its details. An Expense Management system will only process the claims which are approved by the authorities and provide a detailed reporting statement regarding the same.

Company: Barclays

Year: 2008

It was the time when the Lehman Brothers bankruptcy was declared and Barclays has applied the document which had details of purchasing amount which was in excel sheet. The sheet contained many hidden rows which were shown when the excel sheet was exported as a pdf document and these rows were unveiled at that time in front of the judiciary. There was the mistake which proved that Barclay legally purchased Lehman and was accused of certain penalties. So if your sheet has certain things you are not sure to show then in some cases it is feasible to delete but doing that all with excel will result in many mistakes.

This was the reason due to which excel use was merely avoided in any kind of monetary calculation in a big company. Excel was also vulnerable in terms of security and this created an impression of using cloud-based payroll processing software which was designed to carry out these functionalities. They replaced excel spreadsheet use for HR management as it was a solution with less prone to any kind of errors. Nowadays even in small companies payroll dedicated software is preferred which will help the HR to focus on hiring while the other tasks can be automated.

Automating the Payroll is the best solution:

There are numerous examples of the company which have successfully implemented cloud-based payroll software in replacement of management of payroll with the spreadsheet. This has to lead the company towards more productivity and efficient payroll processing and that too on time and without any kind of errors. There are many systems which are practically performing best for many firms and recommended by the HR and experts. Implementing such software will definitely have a good impact on your payroll processing. Following are the advantages over excel spreadsheet which you will get in dedicated payroll software.

Typing mistakes:

The payroll software will take care of any kind of typing mistakes as there are defined workflows which ensures the correctness of the data and only approved information will get processed. The structure is robust and designed in a way that any kind of error will be eliminated before the actual execution which will be helpful in saving companies monetary transactions.

Payroll Software features auto-generated reports and application types through which the changes of miss typing any kind of information is ensured not to be present. There are spelling check and calculation algorithms which will not allow any data to be wrong or manipulated.

Copy Mistakes:

The data is sourced from automated and reliable resources which eliminate the need to copy paste information, unlike excel. The pasting format of excel often creates many errors which are if processed un-noticed will create a huge loss for the company.

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Bitcoin Revolution – An Introduction

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  • What is the Bitcoin Revolution?

It is an Automatic trading system established by a  group of established blockers of Bitcoin industries in 2017 is known as “Bitcoin Revolution”. According to the signal emitted from the “Crypto” market trends, it is claimed to perform trades 0.01 second as compared to its traders.

Rumour has found that it interconnects a group of brokers with each other and they create multiple software’s. They make the platform user-friendly because they well know how to trade the products within their platform. According to many users, Bitcoin Revolution is very easy and simple to use. 

Bitcoin Revolution is an effective platform that is available automatic revolution.  It differs from most of the platforms that are lying around the internet. This Provide the software for you that can trade efficiently. 

  • How the Bitcoin Revolution Works?

Bitcoin Revolution provides us with free software’s that are free for its users. It is because the creator of this platform earns a lot of money by their trades. The creator of the Bitcoin Revolution believes in the trading system of algorithms. They said that you just need only 1st investment to connect with the users then you have to set up the recommended settings and can start trading. It takes only twenty minutes daily. The whole process of a trading system is very simple. It gives steps of the Bitcoin Revolution below!

  • First, create an account. 
  • Then you have to make an initial deposit with your broker.
  • After this step, choose the setting and then turn on the auto trading.
  • Place A Trade With Bitcoin Revolution:

You need to be registered and have to create an account on the website for the Trading system. You need only a first investment,  after this, the software is free of cost for its users. 

Steps for Open the account:

It comprises three steps like as!

1.Registration

2.Demo Account 

3.Live Account

  • Registration:

First, you go on the website of the Bitcoin Revolution. To create the account, you just need to fill the form available on the b Bitcoin Revolution’s website. Put the first and last name, then enter the email and your phone number. For the security of your account and data, have to create a strong password on the account. When you complete the registration, it will automatically connect you with the broker available on the Bitcoin Revolution’s platform. 

  • Demo Account:

The demo account is also available for the users of Bitcoin Revolution. When you chose the demo account, you will visit the functionalities of the account. The software will provide you with the credit of 1,500 dollars to test either the software is full extent.  To start your own trade, you can use the amount on the software. You need not worry, you just click on the ” auto trade” button and then the software will run automatically. 

  • Live Account:

When you want to create the live account you just click on the trading room. Here some features of Bitcoin Revolution will be available. 

  • Open transaction: is helpful to test the robot performance. 
  • Trading history: is helpful to search the history of the positive and negative transaction. 
  • Control panel: is helpful for setting and progress your portfolio.

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Know How to Avail an Additional Income Tax Deduction of Rs.3.5 Lakh on Home Loan

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By 2025, real estate sector in India is expected to contribute 13% of total GDP of the country. To live up to this expectation, various affordable housing schemes and tax benefits are on offer for prospective home buyers.

Income tax benefit on home loans can help buyers substantially reduce the income burden. The income tax act of India, 1961 has dedicated provisions for this cause, with various tax exemption clauses. These include –

  • Section 80C of ITA states that the funds used for repayment of the principal home loan amount can be exempted from income tax. The exemption is applicable for up to Rs. 1.5 Lakh every financial year. Any amount exceeding this is subject to standard taxation.
  • Section 24(b) provides a tax exemption on the interestrate payable on the total loan amount. This benefit is given for interest payments of up to Rs. 2 Lakh every financial year.
  • Section 80EEA is also dedicated to reducing the burden of interest on the borrowers. You can get an additional Rs. 1.5 Lakh on your total disposable income as the tax is exempted. Note that this tax waiver is only applicable till 31st March 2020 for properties of up to Rs. 45 Lakh.
  • In case of top up loans, an additional tax waiver Rs. 30,000 can be availed on the interest liable.

You can easily calculate the total tax waived on your home loan repayments using a home loan tax benefit calculator.

However, several other criteria need to be satisfied to avail these policies for tax saving on home loans.

  • Exemptions are only applicable if the property has already been constructed, and is utilised as a residential property.
  • If the borrower sells the property after 5 years of ownership, the tax benefits will become invalid. If the returns are already disbursed, the exemptions are reversed and added to the following year’s income.
  • In case the house is given on rent, the entire home loan interest is waived off from tax exemptions.

Ensuring you fulfil the above mentioned restrictions, you can easily apply for the returns – by yourself, or through your employer. Having the home loan interest certificate at your disposal will smoothen this process by a significant amount.

The number of home loans acquired is increasing in number, mainly due to these benefits of tax waivers, reasonable housing loan interest, and subsidised rates at which you can avail home loans via government sponsored policies.

If you are a prospective home buyer, you should make a note of these exemptions to benefit from them. Additionally, you should also follow up on pointers which can help you avail a home loan at the most beneficial terms and features.

Home loan eligibility and documentation

You can quickly calculate your home loan eligibility by checking whether you satisfy the following criteria. Note that applicants should be between 25 and 65 years of age. A CIBIL score of 750 and above can help individuals avail competitive interest rates as well as other beneficial loan terms and features.

Also, salaried applicants must have at least 3 years of working experience while self-employed individuals must showcase a business vintage of 5 years.

These are among the few things you must know before taking a home loan. Avail the tax benefits for substantial savings over the repayment tenor. Refer to lenders who provide not only attractive rates of interest but additional repayment-friendly terms and features as well.

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What Can an Online Marketing Company Do for Your Business?

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The ways in which businesses choose to promote themselves are constantly changing. Twenty years ago, very few people used the World Wide Web to promote their company; ten years ago, very people understood the importance of social media as a marketing tool, but in the current business climate, it is important to try to utilise both. In a constantly changing business environment, it can be hard for small business owners to keep up-to-date with the latest internet marketing strategies, and it can be even harder for them to implement these strategies competently. The whole process can be very time consuming. If you are not fully trained or do not have much free time, it is a great idea to use an online marketing company.

Most good marketing companies will provide each business customer with a dedicated account manager, who will ask questions about the clients’ specific aims and will try to learn as much about each individual business as possible. Working with an account manager can help to give the customer as much input as possible, whilst allowing the online marketing company to understand the needs of the individual client. Account managers can also help to develop a strategy which can be implemented within your budget. They help to give each user a personalised service and having an account manager who knows about your company means that you won’t have to re-explain yourself every time you contact them.

Online marketing companies also use experts in search engine optimization (SEO), who are trained to understand the ways in which major search engines work. They will be able to make sure your webpage is highly visible and that it will be one of the first search results that are returned for when certain keywords are searched for. These experts will help you rewrite and re-format your website so that it is full of SEO-rich content, including the appropriate Meta tags and keywords for your company. In order to create a successful website with a high volume of traffic, it is essential that you hire somebody who understands how to use SEO.

Whilst some online marketing companies specialise solely in internet marketing strategies, it is also possible to find companies which will be able to come up with a marketing strategy that incorporates traditional marketing strategies as well. These marketing companies can be a good choice for growing local businesses who want to make their physical presence known in the local area, as well as over the internet. Traditional and online marketing companies are paid to think outside the box to develop new strategies which will help your company to stay ahead of the game.

Online marketing is far more complicated than simply creating a company website containing information about your business. An effective strategy can include targeted emails, viral videos advertising and article marketing, amongst other things. Online marketing strategies can be very differ to traditional marketing strategies and if you have not had any experience in marketing a company over the internet you should always turn to an online marketing company to promote your business.

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